9845008439EUED140282 2023-01-01 2023-12-31 9845008439EUED140282 2022-01-01 2022-12-31 9845008439EUED140282 2021-01-01 2021-12-31 9845008439EUED140282 2023-12-31 9845008439EUED140282 2022-12-31 9845008439EUED140282 2021-12-31 9845008439EUED140282 2022-12-31 ifrs-full:IssuedCapitalMember 9845008439EUED140282 2022-12-31 ifrs-full:SharePremiumMember 9845008439EUED140282 2022-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 9845008439EUED140282 2023-01-01 2023-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 9845008439EUED140282 2022-12-31 cadeler:CostOfHedgingReservesMember 9845008439EUED140282 2023-01-01 2023-12-31 cadeler:CostOfHedgingReservesMember 9845008439EUED140282 2022-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 9845008439EUED140282 2023-01-01 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 9845008439EUED140282 2022-12-31 ifrs-full:RetainedEarningsMember 9845008439EUED140282 2023-01-01 2023-12-31 ifrs-full:RetainedEarningsMember 9845008439EUED140282 2022-12-31 9845008439EUED140282 2023-01-01 2023-12-31 ifrs-full:IssuedCapitalMember 9845008439EUED140282 2023-01-01 2023-12-31 ifrs-full:SharePremiumMember 9845008439EUED140282 2023-12-31 ifrs-full:IssuedCapitalMember 9845008439EUED140282 2023-12-31 ifrs-full:SharePremiumMember 9845008439EUED140282 2023-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 9845008439EUED140282 2023-12-31 cadeler:CostOfHedgingReservesMember 9845008439EUED140282 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 9845008439EUED140282 2023-12-31 ifrs-full:RetainedEarningsMember 9845008439EUED140282 2021-12-31 ifrs-full:IssuedCapitalMember 9845008439EUED140282 2021-12-31 ifrs-full:SharePremiumMember 9845008439EUED140282 2021-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 9845008439EUED140282 2021-12-31 cadeler:CostOfHedgingReservesMember 9845008439EUED140282 2022-01-01 2022-12-31 cadeler:CostOfHedgingReservesMember 9845008439EUED140282 2022-12-31 cadeler:CostOfHedgingReservesMember 9845008439EUED140282 2021-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 9845008439EUED140282 2022-01-01 2022-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 9845008439EUED140282 2022-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 9845008439EUED140282 2021-12-31 ifrs-full:RetainedEarningsMember 9845008439EUED140282 2021-12-31 9845008439EUED140282 2022-01-01 2022-12-31 ifrs-full:IssuedCapitalMember 9845008439EUED140282 2022-01-01 2022-12-31 ifrs-full:SharePremiumMember 9845008439EUED140282 2022-01-01 2022-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 9845008439EUED140282 2022-01-01 2022-12-31 ifrs-full:RetainedEarningsMember 9845008439EUED140282 2022-12-31 ifrs-full:RetainedEarningsMember 9845008439EUED140282 2022-12-31 ifrs-full:IssuedCapitalMember 9845008439EUED140282 2022-12-31 ifrs-full:SharePremiumMember 9845008439EUED140282 2022-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 9845008439EUED140282 2020-12-31 ifrs-full:IssuedCapitalMember 9845008439EUED140282 2020-12-31 ifrs-full:SharePremiumMember 9845008439EUED140282 2020-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 9845008439EUED140282 2021-01-01 2021-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 9845008439EUED140282 2021-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 9845008439EUED140282 2020-12-31 cadeler:CostOfHedgingReservesMember 9845008439EUED140282 2021-01-01 2021-12-31 cadeler:CostOfHedgingReservesMember 9845008439EUED140282 2021-12-31 cadeler:CostOfHedgingReservesMember 9845008439EUED140282 2020-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 9845008439EUED140282 2021-01-01 2021-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 9845008439EUED140282 2021-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 9845008439EUED140282 2020-12-31 ifrs-full:RetainedEarningsMember 9845008439EUED140282 2020-12-31 9845008439EUED140282 2021-01-01 2021-12-31 ifrs-full:IssuedCapitalMember 9845008439EUED140282 2021-01-01 2021-12-31 ifrs-full:SharePremiumMember 9845008439EUED140282 2021-01-01 2021-12-31 ifrs-full:RetainedEarningsMember 9845008439EUED140282 2021-12-31 ifrs-full:SharePremiumMember 9845008439EUED140282 2021-12-31 ifrs-full:IssuedCapitalMember 9845008439EUED140282 2021-12-31 ifrs-full:RetainedEarningsMember iso4217:EUR iso4217:EUR xbrli:shares Kalvebod Brygge 43, DK-1560 Copenhagen V, Denmark   global A/S key supplier to the offshore wind industry for installation ser-vices and operation and maintenance works 108622000 59858000 48764000 137000 106424000 49537000 56887000 0 60938000 38879000 22059000 0 -6724000 -18505000 -776000 0 905000 438000 0 0 0 0 0 0 34458000 14443000 15696000 41191000 10925000 11134000 -3621000 -29626000 1541000 4486000 11498000 4031000 9681000 35541000 1795000 5491000 7438000 1343000 -18128000 36884000 7451000 0 0 -13000 -18128000 36884000 7451000 11498000 35541000 7451000 11498000 35541000 7451000 60 60 220 220 60 60 16947000 1085632000 973000 419000 402000 41839000 952858000 -28283000 26575000 509542000 1343000 18641000 339400000 0 606204000 287000 399087000 464000 1220000 238000 195000 -7373000 959041000 4813000 3108000 540568000 0 -32785000 325256000 0 338000 3376000 610524000 549000 0 1105110000 1836000 400148000 440000 392000 0 209000 30552000 8880000 18235000 19999000 1699000 12000 19530000 843000 10191000 1778000 0 0 1326000 114230000 2108000 117664000 8822000 0 969000 9562000 1497000 0 204773000 17957000 239904000 32636000 2086000 44476000 0 12000 96608000 147450000 1252560000 19012000 59506000 670030000 2308000 24618000 424766000 45654000 9703000 0 162000 89000 63000 12103000 601000 1831000 279000 15187000 298000 1224000 5000 6000 799000 772000 28599000 0 4004000 0 53615000 293519000 1252560000 11798000 129462000 670030000 53856000 99510000 424766000 26575000 509542000 1343000 0 0 0 0 0 3108000 11498000 0 540568000 11498000 0 0 0 0 0 -19281000 -19281000 -3621000 -3621000 -6724000 -29626000 -18128000 465535000 6955000 0 -6724000 11498000 15264000 450271000 6955000 0 0 0 23113000 1134000 23113000 1134000 0 0 0 41839000 952858000 -17938000 -3621000 -6724000 -7373000 959041000 18641000 339400000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -32785000 325256000 35541000 1343000 0 0 0 0 35541000 0 1343000 0 0 0 1343000 35541000 36884000 84752000 2305000 98498000 2869000 352000 3518000 81234000 2305000 94082000 2869000 0 0 0 0 0 0 4416000 0 0 0 0 0 0 0 352000 3108000 26575000 509542000 1343000 540568000 15557000 265742000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -40236000 241063000 7451000 0 0 0 0 7451000 0 0 0 0 7451000 7451000 79218000 2155000 -321000 3084000 76134000 2155000 -321000 339400000 0 0 0 0 0 18641000 -32785000 325256000 11498000 35541000 7451000 23048000 5000000 -1898000 137000 22684000 16479000 0 0 -4506000 0 -923000 0 0 -766000 0 1134000 352000 -321000 -1140000 28541000 -16087000 0 -109000 -18029000 660000 -128000 -9883000 2448000 -7463000 -5319000 7346000 -1927000 -158000 0 73000 26000 8787000 -20174000 -2000 -12999000 30451000 13000 63383000 29036000 30200000 -10403000 66899000 1800000 31000 0 224606000 0 0 162941000 0 434000 228000 0 574000 0 -54727000 -225408000 -163375000 569000 7143000 0 228000 4234000 285000 3930000 79218000 2154000 0 183250000 5174000 6955000 199935000 0 113459000 16067000 8998000 10000000 0 115000000 0 65000000 25065000 213075000 70268000 71847000 78924000 19012000 -1328000 96608000 16704000 2308000 0 -61328000 63636000 0 19012000 2308000 <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_113" style="word-spacing:0.0103em;">Note 1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0018em;">General Information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_52" style="word-spacing:0.0067em;">Corporate information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.019em;top:11.0998em;"><span class="stl_46 stl_08 stl_276" style="word-spacing:0.0006em;">Cadeler A/S</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.895em;top:11.0998em;"><span class="stl_46 stl_08 stl_276" style="word-spacing:0.0006em;">(the “Company” or the “Group”) </span><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0025em;">is incorporated and domiciled in Denmark.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0008em;">The address of its registered office is Kalvebod Brygge 43, DK-1560 Copenhagen, Den-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0026em;">mark. The Company is listed on the Oslo Stock Exchange (ticker code: CADLR) and on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_22" style="word-spacing:-0.0071em;">the New York Stock Exchange (ticker code: CDLR).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_277" style="word-spacing:-0.0019em;">The Group is a leading offshore wind farm transportation and installation (T&amp;I) contrac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0032em;">tor headquartered in Copenhagen, Denmark. The Group owns and operates four offshore  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:0.0001em;">jack-up windfarm installation vessels, Wind Orca, Wind Osprey, Wind Scylla and Wind  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0026em;">Zaratan. In addition to wind farm installation, these vessels can perform maintenance,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0007em;">construction, decommissioning, and other tasks within the offshore industry.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0018em;">The consolidated financial statements of the Group is composed of the Financial State-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0047em;">ments of Cadeler A/S and its subsidiaries (which are fully owned by the Parent Company  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.001em;">Cadeler A/S). For more information on the subsidiaries of Cadeler A/S please refer to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0105em;">Note 28.  </span></div> Cadeler A/S <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_113" style="word-spacing:0.0013em;">Note 2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_113" style="word-spacing:-0.0006em;">Material Accounting Policies Information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_40" style="word-spacing:0.0184em;">2.1. Basis for preparation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">The consolidated financial statements included in this Annual Report have been pre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">pared in accordance with IFRS Accounting Standards (IFRS) as issued by the Interna-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0016em;">tional Accounting Standards Board (IASB) and as endorsed by the EU and further re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0023em;">quirements in the Danish Financial Statements Act.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0011em;">The preparation of these consolidated financial statements in conformity with IFRS re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_46 stl_08 stl_45" style="word-spacing:-0.0038em;">quires management to exercise its judgement in the process of applying the Company’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">accounting policies. It also requires the use of certain critical accounting estimates and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0008em;">assumptions. Areas involving a higher degree of judgement or complexity, or areas  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0043em;">where estimates and assumptions are significant to the consolidated financial state-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0015em;">ments are further described in note </span><span class="stl_43 stl_08 stl_47">2.26.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0029em;">The consolidated financial statements are presented in euros and all values are rounded  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0017em;">to the nearest thousands, except when otherwise indicated.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0031em;">The accounting policies set out in the notes have been applied consistently in the prepa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0em;">ration of the consolidated financial statement for all the years presented unless stated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0069em;">otherwise below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_39 stl_08 stl_49" style="word-spacing:-0.0115em;">Going concern assessment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_46 stl_08 stl_278" style="word-spacing:-0.0072em;">The Company’s Board of Directors and Executive Directors have at the time of ap-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_279" style="word-spacing:-0.0018em;">proving the consolidated financial statements, a reasonable expectation that the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_280" style="word-spacing:-0.0013em;">Group has adequate resources to continue in operational existence for the foreseea-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_281" style="word-spacing:-0.0157em;">ble future.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_282" style="word-spacing:-0.0034em;">Thus, the Group continues to adopt the going concern basis of accounting in prepar-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_279" style="word-spacing:-0.003em;">ing the consolidated financial statements.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0029em;">Principles of consolidation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0037em;">The consolidated financial statements include the parent company, Cadeler A/S, and all  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">enterprises over which the parent company has control. Control of an enterprise exists  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0013em;">when the Company has exposure, or rights to, variable returns from its involvement with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">the enterprise and has the ability to control those returns through its power over the en-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0018em;">terprise. Accordingly, the consolidated financial statements of the Group are composed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0007em;">of the Financial Statements of the Company Cadeler A/S and its subsidiaries (which are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0014em;">fully owned by the Parent Company, Cadeler A/S).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0008em;">All intra-group assets and liabilities, equity, income, expenses and cash flows relating to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0027em;">transactions between group enterprises are eliminated in full on consolidation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_46 stl_08 stl_20" style="word-spacing:-0.0046em;">Subsidiaries apply accounting policies in line with the Company’s accounting policies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_46 stl_08 stl_51" style="word-spacing:-0.0013em;">When necessary, adjustments are made to bring the entities’ accounting policies in line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0002em;">with those of the Company.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_39 stl_08 stl_52" style="word-spacing:0.0038em;">European Single Electronic Format (ESEF)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0001em;">As a group with securities listed on a regulated market within the EEA, Cadeler A/S is re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0007em;">quired to prepare its official Annual Report in the XHTML format and to tag the main con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0052em;">solidated financial statements using inline eXtensible Business Reporting Language  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0001em;">(iXBRL) applying a specific ESEF taxonomy. The annual report submitted to the Danish  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0009em;">Financial Supervisory Authority consists of the XHTML document together with required  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0027em;">technical files, all included in a ZIP file named </span><span class="stl_118 stl_08 stl_29">cadeler-2023-12-31-en.zip</span><span class="stl_43 stl_08 stl_29">.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6023em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0034em;">As such, the Annual Report is therefore both human- and machine-readable.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.6939em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0034em;">A separate assurance report on the iXBRL tagging of the consolidated financial state-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.7739em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0009em;">ments is issued by Cadeler's independent auditors and included on page </span><span class="stl_43 stl_08 stl_70" style="word-spacing:0.0036em;">201. </span><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.004em;">For gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.8539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0019em;">eral use, a PDF version of the Annual Report is published in line with previous years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.0139em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:0.0049em;">2.2. Changes in accounting policies and disclosures  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.1039em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0038em;">The Group has adopted standards and interpretations effective as of 1 January 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.1939em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0011em;">Adoption of new and amended standards and interpretations had no impact on the con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.2764em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0057em;">solidated financial statements.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.3564em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0em;">IASB has issued a number of new or amended accounting standards (IFRS) and interpre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.4464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0012em;">tations (IFRIC), such as IAS 12 amendments International Tax Reform, Pillar Two Models  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.5264em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0007em;">Rules. The Group has assessed these accounting standards and interpretations, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.6064em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0022em;">does not anticipate the new standards to have any material impact on either </span><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0083em;">the group’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.6964em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0034em;">figures or disclosures in 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.7781em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">The Group has not early adopted any other standard, interpretation or amendments that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.8581em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0017em;">have been issued but are not yet effective.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">The new and amended standards and interpretations that are issued, but not yet effec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_46 stl_08 stl_31" style="word-spacing:-0.0038em;">tive, up to the date of issuance of the Group’s financial statements are not expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0025em;">have a material impact on the Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_39 stl_08 stl_29" style="word-spacing:0.0194em;">2.3. Revenue recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_283" style="word-spacing:-0.0013em;">When accounting for revenue recognition, an assessment is performed on a con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_284" style="word-spacing:-0.0075em;">tract-by-contract basis at contract inception.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.5223em;"><span class="stl_46 stl_08 stl_285" style="word-spacing:-0.0053em;">Overall, the Group’s contracts with customers comprise:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:20.4614em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:20.5239em;"><span class="stl_43 stl_08 stl_286" style="word-spacing:0.0018em;">Revenue from time charter contracts and time charter related activities (re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:21.6039em;"><span class="stl_43 stl_08 stl_287" style="word-spacing:0.0006em;">ferred to as time charter revenue) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:22.6314em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:22.6939em;"><span class="stl_43 stl_08 stl_286" style="word-spacing:0.0032em;">Revenue from transportation and installation (referred to as transportation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:23.7739em;"><span class="stl_43 stl_08 stl_288" style="word-spacing:-0.0045em;">and installation revenue stream).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.9439em;"><span class="stl_43 stl_08 stl_289" style="word-spacing:-0.0086em;">The </span><span class="stl_46 stl_08 stl_290" style="word-spacing:0.015em;">Group’s </span><span class="stl_43 stl_08 stl_283" style="word-spacing:0.0029em;">accounting policies for each revenue stream are disclosed below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.0364em;"><span class="stl_118 stl_08 stl_29" style="word-spacing:0.005em;">2.3.1. Time charter revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.1064em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0008em;">The Group recognises time charter revenue when its customer obtains control of prom-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.1964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">ised goods or services, in an amount that reflects the consideration that the Group ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.2764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0041em;">pects to receive in exchange for those goods or services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.2764em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0009em;">Revenue from time charter contracts is generated from two distinct activities: 1) leasing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.3564em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0055em;">of vessels and 2) provision of services within wind farming projects, e.g. catering and ac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.4464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0002em;">commodation, mobilisation and demobilisation. As such, a time charter contract consists  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.5281em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0043em;">of a leasing component (the element relating to hire of the vessel) and a service compo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.6081em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0039em;">nent. The service component is within the scope of IFRS 15, while the leasing component  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.6981em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0021em;">is within the scope of IFRS 16. Refer to Note 2.13 on accounting policy for leases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_118 stl_08 stl_51" style="word-spacing:0.0002em;">2.3.1.1 Leasing of vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.002em;">The leasing component is recognised as revenue over time over the charter period. Pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0002em;">ments from customers for the bareboat hire element are recognised over time in accord-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0036em;">ance with the length of the customer contract. Prepayments from customers for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0013em;">leasing component are recognised as deferred charter hire income. Refer to Note 2 2.18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">for accounting policy on deferred charter hire income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_118 stl_08 stl_47" style="word-spacing:0.0023em;">2.3.1.2 Provision of services within wind farming projects, e.g. catering and accommoda-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0013em;">tion, mobilisation and demobilisation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0009em;">To determine revenue recognition for the service component of the time charter ar-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0022em;">rangements, the Group performs, in line with the requirements of IFRS 15, the following  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obliga-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0064em;">tions in the contract; (iii) determine the transaction price; (iv) allocate the transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0038em;">price to the performance obligations in the contract; and (v) recognise revenue when (or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0064em;">as) the entity satisfies a performance obligation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0009em;">Revenue from contracts with customers is recognised when control of the goods or ser-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0039em;">vices are transferred to the customer at an amount that reflects the consideration to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0026em;">which the Group expects to be entitled in exchange for those goods or services. At con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">tract inception, once the service component within the time charter contract is deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0019em;">mined to be within the scope of IFRS 15, the Group assesses the goods and services  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_136" style="word-spacing:0.0068em;">promised within each contract and identifies as a performance obligation each good or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0015em;">service that is distinct. Revenue is recognised in the amount of the transaction price that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0049em;">is allocated to the respective performance obligation when (or as) the performance obli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_116" style="word-spacing:0.0043em;">gation is satisfied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0006em;">In respect of time charter service components, the main promises to the customers gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0004em;">erally include catering and accommodation, mobilisation, demobilisation and bunker ser-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_92">vices.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">While the contracts contain several promises, these are usually considered highly inter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0019em;">dependent and highly interrelated and as such considered as one single performance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0028em;">obligation recognised over time applying a relevant measure of progress. Assessment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0026em;">hereof is performed on a contract-by-contract basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0021em;">Prepayments from customers for which the service component has yet to be provided  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0044em;">are recognised as deferred income. Revenue is recognised as the service is being pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0024em;">vided, being over the term of the related time charter contract. The Group recognise de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0021em;">ferred contract costs for upfront costs of fulfilling a contract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.7839em;"><span class="stl_118 stl_08 stl_41" style="word-spacing:0.0055em;">2.3.2. Time charter related activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.8539em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0038em;">2.3.2.1 Bunker services  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9439em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0016em;">The Group is sometimes providing bunker services to help the customers ensure that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0034em;">sufficient bunker is available to operate the vessels at the right time and in the right qual-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1039em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0033em;">ity and quantity. As such, for certain projects the Group provides bunker procurement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.1939em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.001em;">services and assumes responsibility for the logistics and handling of procured bunker.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.3564em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:-0.0011em;">Management’s assessment of whether a principal or agent relationship exists is based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0014em;">upon whether the Group has the ability to control the goods before they are transferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.5264em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0042em;">to the customer. This assessment is performed on a contract-by-contract basis at con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0004em;">tract inception and takes into account various factors such as whether the Group takes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.6964em;"><span class="stl_43 stl_08 stl_22" style="word-spacing:-0.0074em;">legal title of the bunker and has the ability to direct the use of the bunker.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.8564em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:-0.0006em;">2.3.2.2 Variable consideration related to time charter related activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.9481em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0045em;">Variable consideration, for example in respect of weather days and extension of time, is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">constrained at contract inception to the extent that it is highly probable that a significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1081em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0003em;">reversal in the amount of cumulative revenue recognised will not occur when the uncer-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.1981em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0015em;">tainty associated with the variable consideration is subsequently resolved.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.006em;">2.3.3. Transportation &amp; Installation (T&amp;I) revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0018em;">Revenue from T&amp;I consist of installation and transportation of offshore wind turbine  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0em;">foundations, including activities such as heavy lifting operations, decommissioning and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0014em;">planning and engineering.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">Revenue from T&amp;I contracts is generated from two distinct activities: 1) leasing of vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">and 2) T&amp;I service components. As such, those contracts consist of a leasing component  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0054em;">(the element relating to hire of the vessel) and a service component. The service compo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">nent is within the scope of IFRS 15, while the leasing component is within the scope of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0016em;">IFRS 16, as described above.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0027em;">To determine revenue recognition for T&amp;I service components, the Group performs in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.003em;">line with the requirements of IFRS 15 the following five steps: (i) identify the contract(s)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0021em;">with a customer; (ii) identify the performance obligations in the contract; (iii) determine  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0034em;">the transaction price; (iv) allocate the transaction price to the performance obligations in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0034em;">the contract; and (v) recognise revenue when (or as) the entity satisfies a performance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0042em;">obligation. Revenue from contracts with customers is recognised when control of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">goods or services are transferred to the customer at an amount that reflects the consid-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0017em;">eration to which the Group expects to be entitled in exchange for those goods or ser-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.2551em;">vices. At</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.668em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0016em;">contract inception, once the T&amp;I contract is determined to be within the scope  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0003em;">of IFRS 15, the Group assesses the goods and services promised within each contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0035em;">and identifies as a performance obligation each good or service that is distinct. Revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0015em;">is recognised in the amount of the transaction price that is allocated to the respective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0027em;">performance obligation when (or as) the performance obligation is satisfied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0011em;">In respect of T&amp;I service components, the following main promises apply:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:38.1355em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0024em;">Planning and engineering,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:39.2155em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">Transport of monopiles and secondary steel from supply port to feeder port,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:9.9572em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:10.0198em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0016em;">Installation of monopiles and secondary steel offshore,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:11.0372em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:11.0998em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0001em;">Storage and handling at feeder port,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:12.1297em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:12.1923em;"><span class="stl_43 stl_08 stl_116">Warranty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0046em;">While the contracts contain several distinct promises, these are considered less interde-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0012em;">pendent and interrelated and as such considered multiple performance obligation. As-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0038em;">sessment hereof is performed on a contract-by-contract basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.002em;">Revenue is recognised over time as the service is being provided using a cost-to-cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0009em;">method or straight-line recognition, depending on what better depicts the progress of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0051em;">each separate performance obligation.</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.183em;top:20.8539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0018em;">Prepayments from customers for which the ser-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.004em;">vice component has yet to be provided are recognised as deferred income and recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0012em;">nised as revenue over the period during which the services are performed. The Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0001em;">recognise deferred contract costs for upfront costs of fulfilling a contract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.006em;">2.3.3.1 Planning and engineering  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0018em;">The Group provides planning and engineering services to the customer. Such revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">recognised over time is based upon percentage-of-completion whereby total costs in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0014em;">curred to date are compared with total forecast costs at completion of the planning and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:-0.0014em;">engineering services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_118 stl_08 stl_29" style="word-spacing:0.0011em;">2.3.3.3 Transportation of monopiles and secondary steel from supply port to feeder port  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0024em;">The Group is engaged with transportation of monopiles and secondary steel from supply  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">port to feeder port. Such revenue is recognised over time based upon percentage-of-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0045em;">completion whereby total time spend on transportation is compared with total forecast  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">time at completion of the transportation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_118 stl_08 stl_51" style="word-spacing:-0.0018em;">2.3.3.3 Storage and handling at feeder port  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.001em;">The Group has been tasked with the storage and handling of the material used in the in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0002em;">stallation. Such revenue is recognised over time is based upon percentage-of-comple-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0027em;">tion whereby total time spend on storage is compared with total forecast time at com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0025em;">pletion of the storage.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_118 stl_08 stl_41" style="word-spacing:-0.0016em;">2.3.3.4 Installation of monopiles and secondary steel offshore  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0007em;">The Group has been tasked with the installation of the monopiles and secondary steel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0025em;">offshore. Such revenue is recognised over time based upon percentage-of-completion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0008em;">whereby total costs incurred to date are compared with total forecast costs at comple-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.002em;">tion of the planning and engineering services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_118 stl_08 stl_41" style="word-spacing:-0.0031em;">2.3.3.5 Warranty obligations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0031em;">The Group provides warranties for the repair of defects which are identified during the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0011em;">contract and within a defined period thereafter. All are assurance-type warranties, as de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0026em;">fined within IFRS 15, which the Group recognises under IAS 37. The Group does not have  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0014em;">any contractual obligations for service-type warranties.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_118 stl_08 stl_52" style="word-spacing:0.0004em;">2.3.3.6 Variable consideration related to installation and transportation activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0017em;">Variable consideration, for example in respect of steel prices, bunker prices etc., is con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0013em;">strained at contract inception to the extent that it is highly probable that a significant re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">versal in the amount of cumulative revenue recognised will not occur when the uncer-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">tainty associated with the variable consideration is subsequently resolved.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0181em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0099em;">2.4. Cost of sales and administrative expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_46 stl_08 stl_47" style="word-spacing:-0.0005em;">Cost of sales consists of expenses directly attributable to the Group’s core activities, in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0005em;">cluding seafarers payroll, vessel depreciation, and the operation and maintenance of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_15">vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0019em;">Administrative expenses, which include administrative staff costs, share-based compen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0005em;">sation, management costs, office expenses, business combination transaction costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0019em;">and other administration related expenses, are expensed as they are incurred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4323em;"><span class="stl_39 stl_08 stl_53" style="word-spacing:0.0096em;">2.5. Other operating income and expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0017em;">Other operating income and expenses, include transactions not related to the opera-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0018em;">tions of the Group, like, gains and losses on sale of non-current assets, and is generally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0012em;">recognised when it is probable that the benefits and losses associated with the transac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">tion will flow to the Company and if the significant risks and rewards have been trans-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0027em;">ferred to the buyer (generally when the transaction is finalised).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.8539em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0165em;">2.6. Business combinations and Goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.9439em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:0.0129em;">2.6.1. Business combinations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.0239em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0003em;">Acquired businesses are recognised using the acquisition method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.1964em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0025em;">Assets, liabilities, and contingent liabilities of the acquired businesses are measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.2764em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">fair value at the acquisition date. The fair values of vessels included in property, plant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.3564em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0022em;">and equipment are determined using broker valuations. The fair values of other assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.4464em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0026em;">and liabilities are valued using the approach assessed to be most relevant for the individ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.5264em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0028em;">ual item, which can be either a market approach, an income approach, a cost approach  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.6064em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0036em;">or a combination of methods.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0008em;">The purchase price comprises the fair value of the consideration payable/receivable.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0013em;">This includes the fair value of the consideration already paid/received including the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0009em;">shares issued, deferred consideration and contingent consideration. The purchase price  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0016em;">is allocated to the identified assets, liabilities and contingent liabilities (net assets) based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0021em;">on their fair values at the acquisition date and any excess of the purchase price over the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">net assets is recognised in the balance sheet as goodwill within intangible assets. In the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0047em;">event the purchase price is lower than the net assets, the difference is recognised in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0005em;">income statement (a gain from a bargain purchase).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_118 stl_08 stl_99" style="word-spacing:0.0307em;">2.6.2. Goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">Goodwill arises from business combinations and is determined as the excess of the pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.002em;">chase price over the fair value of the net assets acquired, including contingent liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.002em;">Goodwill is allocated to the cash generating unit as determined by Management. Good-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">will is not amortised but is tested for impairment at least once a year or sooner if impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0012em;">ment indication arises.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.1864em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0285em;">2.7. Employee compensation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.2764em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0032em;">Employee benefits are recognised as an expense, unless the cost qualifies to be capital-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.3564em;"><span class="stl_43 stl_08 stl_34" style="word-spacing:0.0047em;">ised as an asset.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.5264em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0009em;">Employee compensations include wages and salaries, including compensated absence  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.6064em;"><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0028em;">and pensions, as well as other social security contributions made to the entity’s employ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.6964em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0023em;">ees or public &amp; government authorities. The item is net of support schemes made by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.7764em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">public &amp; government authorities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0098em;"><span class="stl_39 stl_08 stl_55" style="word-spacing:0.0156em;">2.8. Financial income and expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0019em;">Finance income and expenses comprise interest income and expenses and realised and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">unrealised exchange rate gains and losses on transactions denominated in foreign cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0001em;">rencies as well as fair value adjustments related to the ineffective part of the financial in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_55">struments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0038em;">Interest income and interest expenses are stated on an accrual basis using the principal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0042em;">and the effective interest rate. The effective interest rate is the discount rate that is used  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0032em;">to discount expected future cash payments or receipts through the expected life of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0001em;">financial asset or financial liability to the amortised cost (the carrying value) of such asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:-0.0018em;">or liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_39 stl_08 stl_54" style="word-spacing:0.0199em;">2.9. Borrowing costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0011em;">Borrowing costs are capitalised in accordance with IAS 23, where borrowing costs di-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0012em;">rectly attributable to the construction of assets are capitalised until such a time as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0018em;">asset is substantially ready for its intended use. Borrowing costs consist of interest and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0012em;">other costs that the Group incurs in connection with the borrowing of funds, including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.001em;">fees for guarantees provided by related parties.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7664em;"><span class="stl_39 stl_08 stl_38" style="word-spacing:0.0549em;">2.10. Taxes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_118 stl_08 stl_47" style="word-spacing:0.0083em;">2.10.1. Pillar Two Tax Effects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0003em;">In October 2021, more than 130 countries agreed on a two-pillar approach to reform the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.003em;">international tax system. The so-called Pillar Two rules are designed to compel multina-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0024em;">tional corporations with EUR 750 million or more in annual revenue to pay a minimum ef-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0005em;">fective corporate tax rate of 15% on income received in each jurisdiction in which they  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.2781em;"><span class="stl_43 stl_08 stl_15">operate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">The principal jurisdictions in which the Group may be exposed to additional taxation as a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">result of the Pillar Two rules include Denmark and the United Kingdom (each of which has  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0015em;">enacted legislation implementing the Pillar Two rules), as well as Cyprus (where public  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0027em;">consultation on draft legislation is ongoing). In light of the Group’s total revenue, </span><span class="stl_43 stl_08 stl_79" style="word-spacing:-0.008em;">at 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">December 2023, the Group does not expect to be in scope of the Pillar Two rules in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_57">2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">The Group is actively assessing the potential future impact of the Pillar Two rules on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_46 stl_08 stl_42" style="word-spacing:-0.0001em;">Group’s business. It is the Group’s initial assessment that a portion of its revenues in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0006em;">each of the relevant jurisdictions will be subject to top-up tax under the Pillar Two rules  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">as shipping income, which is generally excluded from the computation of income under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_46 stl_08 stl_42" style="word-spacing:0.0013em;">Pillar Two. Certain other exclusions may also be applicable and the Group’s analysis of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0015em;">such exclusions is ongoing.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.0115em;">2.10.2. Income tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0025em;">Current income tax for current and prior periods is recognised at the amount expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">be paid to or recovered from the tax authorities, using the tax rates and tax laws that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0024em;">have been enacted or substantively enacted by the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.001em;">Management periodically evaluates positions taken in tax returns with respect to situa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0007em;">tions in which applicable tax regulation is subject to interpretation. It establishes provi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0012em;">sions, where appropriate, on the basis of amounts expected to be paid to the tax author-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_25">ities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.003em;">Deferred income tax is recognised for all temporary differences arising between the tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">bases of assets and liabilities and their carrying amounts in the financial statements ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0em;">cept when the deferred income tax arises from the initial recognition of an asset or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">liability that affects neither accounting nor taxable profit or loss at the time of the trans-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_15">action.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0007em;">Deferred income tax is measured at the tax rates that are expected to apply when the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0001em;">related deferred income tax asset is realised or the deferred income tax liability is set-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0018em;">tled, based on tax rates and tax laws that have been enacted or substantively enacted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0008em;">by the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">Current and deferred income taxes are recognised as income or expenses in profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0004em;">loss, except to the extent that the tax arises from a transaction which is recognised di-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_136" style="word-spacing:0.0013em;">rectly in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_118 stl_08 stl_51" style="word-spacing:0.0107em;">2.10.3. Tonnage tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0029em;">Under the scheme, ship-owners (or bareboat charterers) pay a fixed tax amount per net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">tonne at their disposal rather than paying taxes based on income, expenses, and depre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:0.0009em;">ciation. The Company participates in the Danish scheme from 27 November 2020.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.1964em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">As the vessels are owned and registered by subsidiaries in jurisdictions different than  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.2764em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0024em;">Denmark, the Group is also subject to tonnage taxation in such jurisdictions. This ton-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.3564em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0014em;">nage taxation income is calculated based on a fixed tax amount per tonne.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.2764em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">This scheme is on a notional income derived from tonnage capacity and not based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.3564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0005em;">the entities' actual income and expenses, the Group does not consider the scheme to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.4464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0006em;">fall under the rules of IAS 12. Consequently, the tonnage tax expenses are not presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.5264em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0023em;">as part of tax expense in the statement of profit and loss, but are recognised under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.6081em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0016em;">costs of sales.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:0.0543em;">2.11. Inventories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0023em;">Inventories are carried at the lower of cost and net realisable value. Cost is determined  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0024em;">using the first-in, first-out basis. Net realisable value is the estimated selling price in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0015em;">ordinary course of business, less applicable variable selling expenses. Inventory mainly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_59" style="word-spacing:0.0051em;">covers fuel and oil.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.3423em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0108em;">2.12. Property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0002em;">Property, plant and equipment are recognised at cost less accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.5239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0005em;">and accumulated impairment losses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.4439em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0016em;">The cost of an item of property, plant and equipment initially recognised includes its pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.5239em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0017em;">chase price and any costs that are directly attributable to bringing the asset to the loca-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.6039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0019em;">tion and condition necessary for it to be capable of operating in the manner intended by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.6939em;"><span class="stl_43 stl_08 stl_92">management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.6039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0026em;">Subsequent expenditure relating to property, plant and equipment that has already been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.6964em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">recognised is added to the carrying amount of the asset only when it is probable that fu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.7764em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0038em;">ture economic benefits associated with the item will flow to the Group and the cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0003em;">the item can be measured reliably. All other repair and maintenance expenses are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.9464em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">nised in profit or loss when incurred.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.8564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.001em;">To keep performing their operational activity, the vessels have an obligation to go  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.9464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">through drydock procedures every five years. The costs of the drydock procedures are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.0264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0004em;">capitalised per their purchase price and any costs that are directly attributable to bring-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0027em;">ing the vessels to the location and condition necessary for the drydock procedures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.0281em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0041em;">Depreciation is calculated using the straight-line method to allocate their depreciable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.1081em;"><span class="stl_46 stl_08 stl_41" style="word-spacing:-0.0016em;">amounts over the assets’ estimated useful life. The estimated useful life is as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:12.1867em;"><span class="stl_67 stl_08 stl_102" style="word-spacing:-0.0055em;">Useful life  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.5267em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0037em;">Vessels and </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_104">u</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0077em;">nished equipmen</span><span class="stl_77 stl_08 stl_17" style="word-spacing:0.0077em;">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:13.5267em;"><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.002em;">Up </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o </span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">5 </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_128">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.7967em;"><span class="stl_76 stl_08 stl_81">D</span><span class="stl_77 stl_08 stl_33">ry</span><span class="stl_76 stl_08 stl_58">dock  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:14.7967em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">5 </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_128">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.0667em;"><span class="stl_76 stl_08 stl_15">Ca</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_171">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:16.0667em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">5 </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_128">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.2623em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.003em;">Other fixtures and fittings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:17.2623em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0048em;">2 to 3 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.0339em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">The estimated useful life of the vessels of 25 years has been estimated by an external  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.1139em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0004em;">consultant through a determined fatigue analysis based on the technical specification of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.2039em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0045em;">the vessels. Prior to their acquisition, the vessels had already been in use for 8 years,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.2839em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">therefore the remaining useful life of the vessels is estimated at 17 years for all compo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.3639em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0007em;">nents except jacking system and main crane with a remaining useful life of 3 years from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.4539em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0028em;">the acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.5339em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0039em;">vessel by the end of their useful life. Depreciation is based on costs less the estimated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.6164em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0005em;">residual value. Residual value is estimated as the lightweight tonnage of each vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.7064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0023em;">multiplied by the scrap value per ton.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6164em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.002em;">More information can be found in Material accounting judgements, estimates and as-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7064em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0035em;">sumptions section with regards of acquired vessels trough the business combination.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.6164em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0004em;">The residual value, useful life, and methods of depreciation of property, plant, and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.7064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0017em;">ment are reviewed at each financial year end and adjusted accordingly, if appropriate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_136" style="word-spacing:0.0559em;">2.13. Leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0005em;">When the Group is the lessor  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_118 stl_08 stl_22" style="word-spacing:-0.0055em;">Lessor </span><span class="stl_90 stl_08 stl_15" style="word-spacing:0.0054em;">– </span><span class="stl_118 stl_08 stl_29" style="word-spacing:-0.0035em;">operating leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0001em;">The Group leases vessels (the bareboat element relating to hire of the vessel as part of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0025em;">the time charter contracts) under operating leases to non-related parties. This is classi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0006em;">fied as an operational lease, as such leases do not cover a significant part of the eco-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0018em;">nomic life of the vessels and the Group retains substantially all risks and rewards inci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0013em;">dental to ownership of the vessels. Rental income from operating leases is recognised in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0054em;">profit or loss on an over time basis over the charter period and included in revenue as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0047em;">stated in Material Accounting Policies section under 2.3.1.1.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0018em;">Initial direct costs incurred by the Group in negotiating and arranging operating leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0014em;">are capitalised and recognised as an expense in profit or loss over the lease term on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0014em;">same basis as the lease income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0005em;">When the Group is the lessee  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">At the inception of the contract, the Group assesses if the contract contains a lease. A  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">contract contains a lease if the contract conveys the right to control the use of an identi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0017em;">fied asset for a period of time in exchange for consideration. Reassessment is only re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0016em;">quired when the terms and conditions of the contract are changed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.013em;">a. Right-of-use assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.004em;">The Group recognises a right-of-use asset and lease liability at the date which the under-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">lying asset is available for use. Right-of-use assets are measured at cost which com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">prises the initial measurement of lease liabilities using an incremental borrowing rate ad-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0052em;">justed for any lease payments made at or before the commencement date and lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">incentive received. Any initial direct costs that would not have been incurred if the lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.002em;">had not been obtained are added to the carrying amount of the right-of-use assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0008em;">The right-of-use asset is subsequently measured at cost, less any accumulated depreci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.002em;">ation and impairment losses, and adjusted for any remeasurement of lease liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0039em;">Right-of-use assets are depreciated on a straight-line basis lease term.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_118 stl_08 stl_54" style="word-spacing:0.0118em;">b. Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.003em;">At the commencement date of the lease, the Group recognises lease liabilities meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">ured at the present value of lease payments to be made over the lease term. The lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">payments include fixed payments (including in-substance fixed payments) less any lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0013em;">incentives receivable, variable lease payments that depend on an index or a rate, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.004em;">amounts expected to be paid under residual value guarantees.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.0045em;">Variable lease payments that do not depend on an index or a rate are recognised as ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">penses in the period in which the event or condition that triggers the payment occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">Utilisation lease fees can be classified as a variable fee.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0019em;">In calculating the present value of lease payments, the Group uses its incremental bor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.007em;">rowing rate at the lease commencement date because the interest rate implicit in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0036em;">lease is not readily determinable. After the commencement date, the amount of lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">liabilities is increased to reflect the accretion of interest and reduced for the lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0082em;">ments made.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">In addition, the carrying amount of lease liabilities is remeasured if there is a modifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0036em;">tion, a change in the lease term, a change in the lease payments (e.g., changes to future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0017em;">payments resulting from a change in an index or rate used to determine such lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">ments) or a change in the assessment of an option to purchase the underlying asset.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_118 stl_08 stl_28" style="word-spacing:0.0035em;">c. Short-term and low-value leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0032em;">The Group has elected to not recognise right-of-use assets and lease liabilities for short-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_24" style="word-spacing:-0.0053em;">term leases that have lease terms of 12 months or less and leases of low value-leases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0033em;">Lease payments relating to these leases are expensed to profit or loss on a straight-line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.005em;">basis over the lease term. Short-term and low-value leases consists of cars, coffee ma-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0015em;">chines, office premises and AV equipment.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1839em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0204em;">2.14. Impairment of non</span><span class="stl_168 stl_08 stl_116">–</span><span class="stl_39 stl_08 stl_40" style="word-spacing:0.001em;">financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_118 stl_08 stl_136">Goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.002em;">Goodwill is tested for impairment at least once a year or sooner if impairment indication  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0007em;">arises. Impairment testing is performed for each cash-generating unit to which goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0015em;">is allocated, as determined by Management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">If the carrying amount of intangible assets exceeds the recoverable, an impairment loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0003em;">is recognised in profit or loss. Goodwill impairment losses are not subsequently reversed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_118 stl_08 stl_29" style="word-spacing:0.0021em;">Property, plant and equipment and right-of-use-assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">Property, plant and equipment and right-of-use assets are tested for impairment when-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0037em;">ever there is any objective evidence or indication that these assets may be impaired.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0002em;">For the purpose of impairment testing of assets, recoverable amount (i.e. the higher of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">the fair value less cost to sell and the value in use) is determined on an individual asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.005em;">basis unless the asset does not generate cash flows that are largely independent of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0002em;">those from other assets. If this is the case, the recoverable amount is determined for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0008em;">cash-generating unit (CGU) to which the asset belongs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0022em;">If the recoverable amount of the asset or CGU is estimated to be less than its carrying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0016em;">amount, the carrying amount of the asset or CGU is reduced to its recoverable amount.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">The difference between the carrying amount and recoverable amount is recognised as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0028em;">an impairment loss in profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0005em;">An impairment loss for an asset is reversed if, and only if, there has been a change in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0001em;">estimates used to </span><span class="stl_46 stl_08 stl_31" style="word-spacing:-0.0058em;">determine the asset’s recoverable amount since the last impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0024em;">loss was recognised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0025em;">The carrying amount of this asset is increased to its revised recoverable amount, pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">vided that this amount does not exceed the carrying amount that would have been de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0025em;">termined (net of accumulated depreciation) had no impairment loss been recognised for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0016em;">the asset in prior years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0005em;">A reversal of impairment loss for an asset is recognised in profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0279em;">2.15. Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0014em;">The classification of financial assets </span><span class="stl_46 stl_08 stl_20" style="word-spacing:-0.0027em;">depends on the Group’s business model for manag-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">ing the financial assets as well as the contractual terms of the cash flows of the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_40">assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0031em;">The Group reclassifies financial assets when and only when its business model for man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0065em;">aging those assets changes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0104em;">(i) At initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">At initial recognition, the Group measures a financial asset at its fair value plus, in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0014em;">case of a financial asset not at fair value through profit or loss, transaction costs that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0003em;">directly attributable to the acquisition of the financial assets. Transaction costs of finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.001em;">cial assets carried at fair value through profit or loss are expensed in profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0087em;">(ii) At subsequent measurement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0021em;">Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0008em;">Financial assets of the Group mainly comprise of cash and bank balances, trade receiva-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0019em;">bles and other current assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0029em;">Interest income from these financial assets are recognised using the effective interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0048em;">rate method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">The Group assesses on forward looking basis the expected credit losses associated with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">its financial assets carried at amortised cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">For trade and other receivables, the Group applied the simplified approach permitted by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">IFRS 9, which requires expected lifetime losses to be recognised from initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0041em;">of the receivables.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:0.0102em;">2.16. Cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0025em;">Cash and cash equivalents are measured at amortised cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0117em;">2.17. Trade and other payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">Trade and other payables represent liabilities for goods and services provided to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">Group prior to the end of the financial year which are unpaid. They are classified as cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">rent liabilities if payment is due within one year or less (or in the normal operating cycle  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0032em;">of the business, if longer). Otherwise, they are presented as non-current liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">Trade and other payables are initially recognised at fair value, and subsequently carried  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0054em;">at amortised cost, using the effective interest method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0264em;">2.18. Deferred income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0018em;">Time charter revenue received in advance and reservation fees are deferred and recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">nised as current liabilities if the service is due within one year or less. Otherwise, they are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0029em;">presented as non-current liabilities. Deferred charter hire income is recognised as reve-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0033em;">nue in profit or loss over time over the period during which the related service is per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_136">formed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4364em;"><span class="stl_39 stl_08 stl_59" style="word-spacing:0.0282em;">2.19. Financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">Debt to credit institutions etc. is recognised at the time of borrowing at fair value after  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0032em;">deduction of transaction costs incurred. Subsequently, the financial liabilities are meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.002em;">ured at amortised cost using the "effective interest method", so that the difference be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0024em;">tween the proceeds and the nominal value is recognised in the income statement under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0em;">financial expenses over the loan period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0004em;">A financial liability is derecognised when the obligation under the liability is discharged,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_136" style="word-spacing:0.0069em;">cancelled or expires.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">When an existing financial liability is replaced by another from the same lender on sub-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">stantially different terms, or the terms of an existing liability are substantially modified,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0021em;">such an exchange or modification is treated as the derecognition of the original liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.003em;">and the recognition of a new liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0046em;">The difference in the respective carrying amounts of the asset and the liability is recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_59" style="word-spacing:0.0024em;">nised in the statement of profit and loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_39 stl_08 stl_41" style="word-spacing:0.013em;">2.20. Derivatives and hedge accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0024em;">Derivative financial instruments are initially recognised at fair value on the date on which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">a derivative contract is entered into and subsequently remeasured at fair value over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0047em;">profit and loss. Derivatives are carried as financial assets, presented under derivatives  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0031em;">assets, when the fair value is positive and as financial liabilities, presented under deriva-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0002em;">tives liabilities, when the fair value is negative.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0004em;">At the inception of a hedge relationship, the Group formally designates and documents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0022em;">the hedge relationship and the risk management objective and strategy for undertaking  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:-0.0057em;">the hedge.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.0264em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0029em;">Changes in the fair value of derivative financial instruments designated as cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.1064em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0011em;">hedges are recognis</span><span class="stl_46 stl_08 stl_49" style="word-spacing:-0.0036em;">ed in other comprehensive income and presented under “</span><span class="stl_43 stl_08 stl_29">Hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.1964em;"><span class="stl_43 stl_08 stl_136">r</span><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0008em;">eserves” (equity). Where the expected future transactions results in the acquisition of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.2764em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">non-financial assets, any amounts deferred under equity are transferred from equity to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.3564em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0034em;">the cost of the asset. Where expected future transaction results in income or expense,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.4464em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0029em;">amount deferred under equity are transferred from equity to the income statement in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.5281em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0042em;">same item as the hedged transaction as a reclassification adjustment. Further, the entity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.6081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0003em;">may transfer the cumulative fair value change recognised within equity upon derecogni-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.6981em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0005em;">tion of the hedged item. Borrowing facilities are derecognised when the obligation under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.7781em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">the liability is discharged or cancelled or expires. When an existing financial liability is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">replaced by another from the same lender on substantially different terms, or the terms  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0034em;">of an existing liability are substantially modified, such an exchange or modification is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0009em;">treated as the derecognition of the original liability and the recognition of a new liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0026em;">Changes in the fair value of derivative financial instruments not designated as hedges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0005em;">are recognised in the income statement. Certain borrowing facilities when undrawn do  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0021em;">not qualify for hedge accounting. Changes in fair value of these derivative financial in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">struments are therefore recognis</span><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0032em;">ed in the income statement under “Financial income” or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:-0.0018em;">“Financial expenses” for interest rate swaps.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0021em;">The amount included in the hedging reserve is the lower of, in absolute amounts, of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0009em;">cumulative fair value adjustment of the hedging instrument and the hedged item. Inef-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0009em;">fectiveness is recognised in the consolidated statement of profit and loss. Further, in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0027em;">case any modifications occur in the hedged risk, the Group will conduct a comprehen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">sive review and assessment of the hedge relationship. In a recent evaluation, adjust-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">ments in debt were carefully assessed in accordance with hedge accounting standards,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0009em;">resulting in no material changes or implications on hedge accounting.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0247em;">2.21. Share capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0035em;">Ordinary shares are classified as equity. When there is a capital increase through the is-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0009em;">suance of new shares, these shares are recorded at their nominal value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_39 stl_08 stl_20" style="word-spacing:0.0059em;">2.22. Share premium reserve and retained earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0013em;">Capital increase is categorised as equity. Share premium reserve signifies the capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">contributed by investors exceeding the nominal value of the shares issued, net of any in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">cremental costs directly associated with the issuance of new shares. Retained earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0015em;">include results from previous periods, changes to equity arising from business combina-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.2781em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0016em;">tion purchase price, and share-based payments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_39 stl_08 stl_54" style="word-spacing:0.0109em;">2.23. Share based payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0029em;">Employees (including senior executives) of the Group receive remuneration in the form  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0004em;">of share-based payments, whereby employees render services as consideration for eq-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">uity instruments (equity-settled transactions).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:-0.0003em;">Equity-settled transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">The cost of equity-settled transactions is determined by the fair value at the date when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0013em;">the grant is made using an appropriate valuation model.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0019em;">That cost is recognised in employee benefits expenses, together with a corresponding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0017em;">increase in equity (retained earnings), over the period in which the service and, where ap-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0023em;">plicable, the performance conditions are fulfilled (the vesting period). The cumulative ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">pense recognised for equity-settled transactions at each reporting date until the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0em;">date reflects the extent to which the vesting period has expired and the Group’s best es-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0014em;">timate of the number of equity instruments that will ultimately vest. The expense or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.003em;">credit in the statement of profit or loss for a period represents the movement in cumula-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0021em;">tive expense recognised as at the beginning and end of that period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0012em;">Service and non-market performance conditions are not taken into account when deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">mining the grant date fair value of awards, but the likelihood of the conditions being met  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0014em;">is assessed as part of the Group’s best estimate of the number of equity instrumen</span><span class="stl_43 stl_08 stl_15">ts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0011em;">that will ultimately vest. Market performance conditions are reflected within the grant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:-0.0035em;">date fair value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0024em;">Any other conditions attached to an award, but without an associated service require-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.004em;">ment, are considered to be non-vesting conditions. Non-vesting conditions are reflected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0027em;">in the fair value of an award and lead to an immediate expensing of an award unless  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">there are also service and/or performance conditions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0047em;">No expense is recognised for awards that do not ultimately vest because non-market  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0047em;">performance and/or service conditions have not been met.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0034em;">Where awards include a market or non-vesting condition, the transactions are treated as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0013em;">vested irrespective of whether the market or non-vesting condition is satisfied, provided  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0026em;">that all other performance and/or service conditions are satisfied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0022em;">The dilutive effect of outstanding options is reflected as additional share dilution in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0006em;">computation of diluted earnings per share in a loss situation only if loss per share de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_34">creases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0139em;"><span class="stl_39 stl_08 stl_52" style="word-spacing:0.0252em;">2.24. Currency translation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0038em;">The financial statements are presented in Euro (EUR), which is also the functional cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0002em;">rency of the Parent Company. For each entity in the Group, the Group determines the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">functional currency and items included in the financial statements of each entity are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0017em;">measured using that functional currency.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0006em;">Transactions in a currency other than the EUR (“foreign currency”) are translated into  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0041em;">EUR using the exchange rates at the dates of the transactions. Currency exchange dif-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0064em;">ferences resulting from the settlement of such transactions and from the translation of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">monetary assets and liabilities denominated in foreign currencies at the closing rates at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0032em;">the balance sheet are recognised in profit or loss. Non-monetary items measured at fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0006em;">values in foreign currencies are translated using the exchange rates at the date when the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0045em;">fair values are determined.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0009em;">Foreign exchange gains and losses impacting profit or loss are presented in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.2781em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0003em;">statement within finance income or finance expenses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0011em;">On consolidation, the assets and liabilities of foreign operations are translated into euros  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0005em;">at the rate of exchange prevailing at the reporting date and their statements of profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0022em;">loss are translated at exchange rates prevailing at the dates of the transactions. The ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0008em;">change differences arising on translation for consolidation are recognised in other com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0055em;">prehensive income. On disposal of a foreign operation, the component of other compre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0027em;">hensive income relating to that particular foreign operation is reclassified to profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_100">loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7639em;"><span class="stl_39 stl_08 stl_23" style="word-spacing:0.0046em;">2.25. Cash flow statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_118 stl_08 stl_28" style="word-spacing:-0.003em;">Statement of cash flows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">The statement of cash </span><span class="stl_46 stl_08 stl_47" style="word-spacing:-0.0005em;">flows shows the Group’s cash flows for the year distributed on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0012em;">operating, investing and financing activities, net changes for the year in cash and cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:0em;">equivalents as well as the Group’s cash and cash equivalents at the beginning and end  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_34" style="word-spacing:-0.0013em;">of the year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0058em;">Positive amounts indicate cash inflows, whereas negative amounts indicate cash out-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_100">flows.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_118 stl_08 stl_45" style="word-spacing:-0.0026em;">Cash flows from operating activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0002em;">Cash flows from operating activities are stated as the profit/loss for the year adjusted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0001em;">for non-cash operating items such as depreciation, changes in working capital and in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0015em;">come tax paid or received. Working capital includes current assets less current liabilities,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0003em;">excluding cash and cash equivalents.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_118 stl_08 stl_31" style="word-spacing:-0.0032em;">Cash flows from investing activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.001em;">Cash flows from investing activities comprise cash flows from the acquisition and sale of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.005em;">non-current assets and businesses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0027em;">Cash flows from financing activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0047em;">Cash flows from financing activities comprise cash flows from instalments on lease liabil-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0016em;">ities, and interest paid as well as proceeds from issue of shares and debt as well as pre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_59" style="word-spacing:0.0056em;">payment of borrowings.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_40" style="word-spacing:0.0184em;">2.1. Basis for preparation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">The consolidated financial statements included in this Annual Report have been pre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">pared in accordance with IFRS Accounting Standards (IFRS) as issued by the Interna-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0016em;">tional Accounting Standards Board (IASB) and as endorsed by the EU and further re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0023em;">quirements in the Danish Financial Statements Act.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0011em;">The preparation of these consolidated financial statements in conformity with IFRS re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_46 stl_08 stl_45" style="word-spacing:-0.0038em;">quires management to exercise its judgement in the process of applying the Company’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">accounting policies. It also requires the use of certain critical accounting estimates and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0008em;">assumptions. Areas involving a higher degree of judgement or complexity, or areas  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0043em;">where estimates and assumptions are significant to the consolidated financial state-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0015em;">ments are further described in note </span><span class="stl_43 stl_08 stl_47">2.26.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0029em;">The consolidated financial statements are presented in euros and all values are rounded  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0017em;">to the nearest thousands, except when otherwise indicated.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0031em;">The accounting policies set out in the notes have been applied consistently in the prepa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0em;">ration of the consolidated financial statement for all the years presented unless stated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0069em;">otherwise below.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_40" style="word-spacing:0.0184em;">2.1. Basis for preparation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">The consolidated financial statements included in this Annual Report have been pre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">pared in accordance with IFRS Accounting Standards (IFRS) as issued by the Interna-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0016em;">tional Accounting Standards Board (IASB) and as endorsed by the EU and further re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0023em;">quirements in the Danish Financial Statements Act.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0011em;">The preparation of these consolidated financial statements in conformity with IFRS re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_46 stl_08 stl_45" style="word-spacing:-0.0038em;">quires management to exercise its judgement in the process of applying the Company’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">accounting policies. It also requires the use of certain critical accounting estimates and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0008em;">assumptions. Areas involving a higher degree of judgement or complexity, or areas  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0043em;">where estimates and assumptions are significant to the consolidated financial state-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0015em;">ments are further described in note </span><span class="stl_43 stl_08 stl_47">2.26.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0029em;">The consolidated financial statements are presented in euros and all values are rounded  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0017em;">to the nearest thousands, except when otherwise indicated.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0031em;">The accounting policies set out in the notes have been applied consistently in the prepa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0em;">ration of the consolidated financial statement for all the years presented unless stated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0069em;">otherwise below.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_39 stl_08 stl_49" style="word-spacing:-0.0115em;">Going concern assessment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_46 stl_08 stl_278" style="word-spacing:-0.0072em;">The Company’s Board of Directors and Executive Directors have at the time of ap-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_279" style="word-spacing:-0.0018em;">proving the consolidated financial statements, a reasonable expectation that the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_280" style="word-spacing:-0.0013em;">Group has adequate resources to continue in operational existence for the foreseea-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_281" style="word-spacing:-0.0157em;">ble future.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_282" style="word-spacing:-0.0034em;">Thus, the Group continues to adopt the going concern basis of accounting in prepar-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_279" style="word-spacing:-0.003em;">ing the consolidated financial statements.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0029em;">Principles of consolidation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0037em;">The consolidated financial statements include the parent company, Cadeler A/S, and all  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">enterprises over which the parent company has control. Control of an enterprise exists  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0013em;">when the Company has exposure, or rights to, variable returns from its involvement with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">the enterprise and has the ability to control those returns through its power over the en-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0018em;">terprise. Accordingly, the consolidated financial statements of the Group are composed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0007em;">of the Financial Statements of the Company Cadeler A/S and its subsidiaries (which are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0014em;">fully owned by the Parent Company, Cadeler A/S).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0008em;">All intra-group assets and liabilities, equity, income, expenses and cash flows relating to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0027em;">transactions between group enterprises are eliminated in full on consolidation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_46 stl_08 stl_20" style="word-spacing:-0.0046em;">Subsidiaries apply accounting policies in line with the Company’s accounting policies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_46 stl_08 stl_51" style="word-spacing:-0.0013em;">When necessary, adjustments are made to bring the entities’ accounting policies in line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0002em;">with those of the Company.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_39 stl_08 stl_29" style="word-spacing:0.0194em;">2.3. Revenue recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_283" style="word-spacing:-0.0013em;">When accounting for revenue recognition, an assessment is performed on a con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_284" style="word-spacing:-0.0075em;">tract-by-contract basis at contract inception.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.5223em;"><span class="stl_46 stl_08 stl_285" style="word-spacing:-0.0053em;">Overall, the Group’s contracts with customers comprise:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:20.4614em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:20.5239em;"><span class="stl_43 stl_08 stl_286" style="word-spacing:0.0018em;">Revenue from time charter contracts and time charter related activities (re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:21.6039em;"><span class="stl_43 stl_08 stl_287" style="word-spacing:0.0006em;">ferred to as time charter revenue) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:22.6314em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:22.6939em;"><span class="stl_43 stl_08 stl_286" style="word-spacing:0.0032em;">Revenue from transportation and installation (referred to as transportation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:23.7739em;"><span class="stl_43 stl_08 stl_288" style="word-spacing:-0.0045em;">and installation revenue stream).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.9439em;"><span class="stl_43 stl_08 stl_289" style="word-spacing:-0.0086em;">The </span><span class="stl_46 stl_08 stl_290" style="word-spacing:0.015em;">Group’s </span><span class="stl_43 stl_08 stl_283" style="word-spacing:0.0029em;">accounting policies for each revenue stream are disclosed below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.0364em;"><span class="stl_118 stl_08 stl_29" style="word-spacing:0.005em;">2.3.1. Time charter revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.1064em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0008em;">The Group recognises time charter revenue when its customer obtains control of prom-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.1964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">ised goods or services, in an amount that reflects the consideration that the Group ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.2764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0041em;">pects to receive in exchange for those goods or services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.2764em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0009em;">Revenue from time charter contracts is generated from two distinct activities: 1) leasing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.3564em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0055em;">of vessels and 2) provision of services within wind farming projects, e.g. catering and ac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.4464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0002em;">commodation, mobilisation and demobilisation. As such, a time charter contract consists  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.5281em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0043em;">of a leasing component (the element relating to hire of the vessel) and a service compo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.6081em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0039em;">nent. The service component is within the scope of IFRS 15, while the leasing component  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.6981em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0021em;">is within the scope of IFRS 16. Refer to Note 2.13 on accounting policy for leases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_118 stl_08 stl_51" style="word-spacing:0.0002em;">2.3.1.1 Leasing of vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.002em;">The leasing component is recognised as revenue over time over the charter period. Pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0002em;">ments from customers for the bareboat hire element are recognised over time in accord-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0036em;">ance with the length of the customer contract. Prepayments from customers for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0013em;">leasing component are recognised as deferred charter hire income. Refer to Note 2 2.18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">for accounting policy on deferred charter hire income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_118 stl_08 stl_47" style="word-spacing:0.0023em;">2.3.1.2 Provision of services within wind farming projects, e.g. catering and accommoda-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0013em;">tion, mobilisation and demobilisation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0009em;">To determine revenue recognition for the service component of the time charter ar-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0022em;">rangements, the Group performs, in line with the requirements of IFRS 15, the following  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obliga-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0064em;">tions in the contract; (iii) determine the transaction price; (iv) allocate the transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0038em;">price to the performance obligations in the contract; and (v) recognise revenue when (or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0064em;">as) the entity satisfies a performance obligation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0009em;">Revenue from contracts with customers is recognised when control of the goods or ser-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0039em;">vices are transferred to the customer at an amount that reflects the consideration to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0026em;">which the Group expects to be entitled in exchange for those goods or services. At con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">tract inception, once the service component within the time charter contract is deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0019em;">mined to be within the scope of IFRS 15, the Group assesses the goods and services  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_136" style="word-spacing:0.0068em;">promised within each contract and identifies as a performance obligation each good or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0015em;">service that is distinct. Revenue is recognised in the amount of the transaction price that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0049em;">is allocated to the respective performance obligation when (or as) the performance obli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_116" style="word-spacing:0.0043em;">gation is satisfied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0006em;">In respect of time charter service components, the main promises to the customers gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0004em;">erally include catering and accommodation, mobilisation, demobilisation and bunker ser-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_92">vices.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">While the contracts contain several promises, these are usually considered highly inter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0019em;">dependent and highly interrelated and as such considered as one single performance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0028em;">obligation recognised over time applying a relevant measure of progress. Assessment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0026em;">hereof is performed on a contract-by-contract basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0021em;">Prepayments from customers for which the service component has yet to be provided  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0044em;">are recognised as deferred income. Revenue is recognised as the service is being pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0024em;">vided, being over the term of the related time charter contract. The Group recognise de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0021em;">ferred contract costs for upfront costs of fulfilling a contract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.7839em;"><span class="stl_118 stl_08 stl_41" style="word-spacing:0.0055em;">2.3.2. Time charter related activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.8539em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0038em;">2.3.2.1 Bunker services  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9439em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0016em;">The Group is sometimes providing bunker services to help the customers ensure that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0034em;">sufficient bunker is available to operate the vessels at the right time and in the right qual-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1039em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0033em;">ity and quantity. As such, for certain projects the Group provides bunker procurement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.1939em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.001em;">services and assumes responsibility for the logistics and handling of procured bunker.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.3564em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:-0.0011em;">Management’s assessment of whether a principal or agent relationship exists is based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0014em;">upon whether the Group has the ability to control the goods before they are transferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.5264em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0042em;">to the customer. This assessment is performed on a contract-by-contract basis at con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0004em;">tract inception and takes into account various factors such as whether the Group takes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.6964em;"><span class="stl_43 stl_08 stl_22" style="word-spacing:-0.0074em;">legal title of the bunker and has the ability to direct the use of the bunker.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.8564em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:-0.0006em;">2.3.2.2 Variable consideration related to time charter related activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.9481em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0045em;">Variable consideration, for example in respect of weather days and extension of time, is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">constrained at contract inception to the extent that it is highly probable that a significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1081em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0003em;">reversal in the amount of cumulative revenue recognised will not occur when the uncer-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.1981em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0015em;">tainty associated with the variable consideration is subsequently resolved.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.006em;">2.3.3. Transportation &amp; Installation (T&amp;I) revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0018em;">Revenue from T&amp;I consist of installation and transportation of offshore wind turbine  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0em;">foundations, including activities such as heavy lifting operations, decommissioning and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0014em;">planning and engineering.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">Revenue from T&amp;I contracts is generated from two distinct activities: 1) leasing of vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">and 2) T&amp;I service components. As such, those contracts consist of a leasing component  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0054em;">(the element relating to hire of the vessel) and a service component. The service compo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">nent is within the scope of IFRS 15, while the leasing component is within the scope of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0016em;">IFRS 16, as described above.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0027em;">To determine revenue recognition for T&amp;I service components, the Group performs in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.003em;">line with the requirements of IFRS 15 the following five steps: (i) identify the contract(s)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0021em;">with a customer; (ii) identify the performance obligations in the contract; (iii) determine  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0034em;">the transaction price; (iv) allocate the transaction price to the performance obligations in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0034em;">the contract; and (v) recognise revenue when (or as) the entity satisfies a performance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0042em;">obligation. Revenue from contracts with customers is recognised when control of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">goods or services are transferred to the customer at an amount that reflects the consid-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0017em;">eration to which the Group expects to be entitled in exchange for those goods or ser-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.2551em;">vices. At</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.668em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0016em;">contract inception, once the T&amp;I contract is determined to be within the scope  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0003em;">of IFRS 15, the Group assesses the goods and services promised within each contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0035em;">and identifies as a performance obligation each good or service that is distinct. Revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0015em;">is recognised in the amount of the transaction price that is allocated to the respective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0027em;">performance obligation when (or as) the performance obligation is satisfied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0011em;">In respect of T&amp;I service components, the following main promises apply:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:38.1355em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0024em;">Planning and engineering,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:39.2155em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">Transport of monopiles and secondary steel from supply port to feeder port,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:9.9572em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:10.0198em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0016em;">Installation of monopiles and secondary steel offshore,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:11.0372em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:11.0998em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0001em;">Storage and handling at feeder port,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:12.1297em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:12.1923em;"><span class="stl_43 stl_08 stl_116">Warranty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0046em;">While the contracts contain several distinct promises, these are considered less interde-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0012em;">pendent and interrelated and as such considered multiple performance obligation. As-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0038em;">sessment hereof is performed on a contract-by-contract basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.002em;">Revenue is recognised over time as the service is being provided using a cost-to-cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0009em;">method or straight-line recognition, depending on what better depicts the progress of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0051em;">each separate performance obligation.</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.183em;top:20.8539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0018em;">Prepayments from customers for which the ser-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.004em;">vice component has yet to be provided are recognised as deferred income and recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0012em;">nised as revenue over the period during which the services are performed. The Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0001em;">recognise deferred contract costs for upfront costs of fulfilling a contract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.006em;">2.3.3.1 Planning and engineering  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0018em;">The Group provides planning and engineering services to the customer. Such revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">recognised over time is based upon percentage-of-completion whereby total costs in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0014em;">curred to date are compared with total forecast costs at completion of the planning and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:-0.0014em;">engineering services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_118 stl_08 stl_29" style="word-spacing:0.0011em;">2.3.3.3 Transportation of monopiles and secondary steel from supply port to feeder port  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0024em;">The Group is engaged with transportation of monopiles and secondary steel from supply  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">port to feeder port. Such revenue is recognised over time based upon percentage-of-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0045em;">completion whereby total time spend on transportation is compared with total forecast  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">time at completion of the transportation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_118 stl_08 stl_51" style="word-spacing:-0.0018em;">2.3.3.3 Storage and handling at feeder port  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.001em;">The Group has been tasked with the storage and handling of the material used in the in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0002em;">stallation. Such revenue is recognised over time is based upon percentage-of-comple-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0027em;">tion whereby total time spend on storage is compared with total forecast time at com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0025em;">pletion of the storage.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_118 stl_08 stl_41" style="word-spacing:-0.0016em;">2.3.3.4 Installation of monopiles and secondary steel offshore  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0007em;">The Group has been tasked with the installation of the monopiles and secondary steel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0025em;">offshore. Such revenue is recognised over time based upon percentage-of-completion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0008em;">whereby total costs incurred to date are compared with total forecast costs at comple-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.002em;">tion of the planning and engineering services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_118 stl_08 stl_41" style="word-spacing:-0.0031em;">2.3.3.5 Warranty obligations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0031em;">The Group provides warranties for the repair of defects which are identified during the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0011em;">contract and within a defined period thereafter. All are assurance-type warranties, as de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0026em;">fined within IFRS 15, which the Group recognises under IAS 37. The Group does not have  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0014em;">any contractual obligations for service-type warranties.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_118 stl_08 stl_52" style="word-spacing:0.0004em;">2.3.3.6 Variable consideration related to installation and transportation activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0017em;">Variable consideration, for example in respect of steel prices, bunker prices etc., is con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0013em;">strained at contract inception to the extent that it is highly probable that a significant re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">versal in the amount of cumulative revenue recognised will not occur when the uncer-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">tainty associated with the variable consideration is subsequently resolved.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0264em;">2.18. Deferred income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0018em;">Time charter revenue received in advance and reservation fees are deferred and recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">nised as current liabilities if the service is due within one year or less. Otherwise, they are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0029em;">presented as non-current liabilities. Deferred charter hire income is recognised as reve-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0033em;">nue in profit or loss over time over the period during which the related service is per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_136">formed.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_39 stl_08 stl_29" style="word-spacing:0.0194em;">2.3. Revenue recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_283" style="word-spacing:-0.0013em;">When accounting for revenue recognition, an assessment is performed on a con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_284" style="word-spacing:-0.0075em;">tract-by-contract basis at contract inception.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.5223em;"><span class="stl_46 stl_08 stl_285" style="word-spacing:-0.0053em;">Overall, the Group’s contracts with customers comprise:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:20.4614em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:20.5239em;"><span class="stl_43 stl_08 stl_286" style="word-spacing:0.0018em;">Revenue from time charter contracts and time charter related activities (re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:21.6039em;"><span class="stl_43 stl_08 stl_287" style="word-spacing:0.0006em;">ferred to as time charter revenue) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:22.6314em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:22.6939em;"><span class="stl_43 stl_08 stl_286" style="word-spacing:0.0032em;">Revenue from transportation and installation (referred to as transportation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:23.7739em;"><span class="stl_43 stl_08 stl_288" style="word-spacing:-0.0045em;">and installation revenue stream).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.9439em;"><span class="stl_43 stl_08 stl_289" style="word-spacing:-0.0086em;">The </span><span class="stl_46 stl_08 stl_290" style="word-spacing:0.015em;">Group’s </span><span class="stl_43 stl_08 stl_283" style="word-spacing:0.0029em;">accounting policies for each revenue stream are disclosed below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.0364em;"><span class="stl_118 stl_08 stl_29" style="word-spacing:0.005em;">2.3.1. Time charter revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.1064em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0008em;">The Group recognises time charter revenue when its customer obtains control of prom-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.1964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">ised goods or services, in an amount that reflects the consideration that the Group ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.2764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0041em;">pects to receive in exchange for those goods or services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.2764em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0009em;">Revenue from time charter contracts is generated from two distinct activities: 1) leasing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.3564em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0055em;">of vessels and 2) provision of services within wind farming projects, e.g. catering and ac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.4464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0002em;">commodation, mobilisation and demobilisation. As such, a time charter contract consists  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.5281em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0043em;">of a leasing component (the element relating to hire of the vessel) and a service compo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.6081em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0039em;">nent. The service component is within the scope of IFRS 15, while the leasing component  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.6981em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0021em;">is within the scope of IFRS 16. Refer to Note 2.13 on accounting policy for leases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_118 stl_08 stl_51" style="word-spacing:0.0002em;">2.3.1.1 Leasing of vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.002em;">The leasing component is recognised as revenue over time over the charter period. Pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0002em;">ments from customers for the bareboat hire element are recognised over time in accord-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0036em;">ance with the length of the customer contract. Prepayments from customers for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0013em;">leasing component are recognised as deferred charter hire income. Refer to Note 2 2.18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">for accounting policy on deferred charter hire income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_118 stl_08 stl_47" style="word-spacing:0.0023em;">2.3.1.2 Provision of services within wind farming projects, e.g. catering and accommoda-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0013em;">tion, mobilisation and demobilisation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0009em;">To determine revenue recognition for the service component of the time charter ar-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0022em;">rangements, the Group performs, in line with the requirements of IFRS 15, the following  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obliga-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0064em;">tions in the contract; (iii) determine the transaction price; (iv) allocate the transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0038em;">price to the performance obligations in the contract; and (v) recognise revenue when (or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0064em;">as) the entity satisfies a performance obligation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0009em;">Revenue from contracts with customers is recognised when control of the goods or ser-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0039em;">vices are transferred to the customer at an amount that reflects the consideration to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0026em;">which the Group expects to be entitled in exchange for those goods or services. At con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">tract inception, once the service component within the time charter contract is deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0019em;">mined to be within the scope of IFRS 15, the Group assesses the goods and services  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_136" style="word-spacing:0.0068em;">promised within each contract and identifies as a performance obligation each good or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0015em;">service that is distinct. Revenue is recognised in the amount of the transaction price that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0049em;">is allocated to the respective performance obligation when (or as) the performance obli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_116" style="word-spacing:0.0043em;">gation is satisfied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0006em;">In respect of time charter service components, the main promises to the customers gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0004em;">erally include catering and accommodation, mobilisation, demobilisation and bunker ser-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_92">vices.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">While the contracts contain several promises, these are usually considered highly inter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0019em;">dependent and highly interrelated and as such considered as one single performance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0028em;">obligation recognised over time applying a relevant measure of progress. Assessment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0026em;">hereof is performed on a contract-by-contract basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0021em;">Prepayments from customers for which the service component has yet to be provided  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0044em;">are recognised as deferred income. Revenue is recognised as the service is being pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0024em;">vided, being over the term of the related time charter contract. The Group recognise de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0021em;">ferred contract costs for upfront costs of fulfilling a contract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.7839em;"><span class="stl_118 stl_08 stl_41" style="word-spacing:0.0055em;">2.3.2. Time charter related activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.8539em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0038em;">2.3.2.1 Bunker services  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9439em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0016em;">The Group is sometimes providing bunker services to help the customers ensure that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0034em;">sufficient bunker is available to operate the vessels at the right time and in the right qual-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1039em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0033em;">ity and quantity. As such, for certain projects the Group provides bunker procurement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.1939em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.001em;">services and assumes responsibility for the logistics and handling of procured bunker.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.3564em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:-0.0011em;">Management’s assessment of whether a principal or agent relationship exists is based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0014em;">upon whether the Group has the ability to control the goods before they are transferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.5264em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0042em;">to the customer. This assessment is performed on a contract-by-contract basis at con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0004em;">tract inception and takes into account various factors such as whether the Group takes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.6964em;"><span class="stl_43 stl_08 stl_22" style="word-spacing:-0.0074em;">legal title of the bunker and has the ability to direct the use of the bunker.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.8564em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:-0.0006em;">2.3.2.2 Variable consideration related to time charter related activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.9481em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0045em;">Variable consideration, for example in respect of weather days and extension of time, is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">constrained at contract inception to the extent that it is highly probable that a significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1081em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0003em;">reversal in the amount of cumulative revenue recognised will not occur when the uncer-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.1981em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0015em;">tainty associated with the variable consideration is subsequently resolved.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.006em;">2.3.3. Transportation &amp; Installation (T&amp;I) revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0018em;">Revenue from T&amp;I consist of installation and transportation of offshore wind turbine  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0em;">foundations, including activities such as heavy lifting operations, decommissioning and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0014em;">planning and engineering.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">Revenue from T&amp;I contracts is generated from two distinct activities: 1) leasing of vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">and 2) T&amp;I service components. As such, those contracts consist of a leasing component  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0054em;">(the element relating to hire of the vessel) and a service component. The service compo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">nent is within the scope of IFRS 15, while the leasing component is within the scope of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0016em;">IFRS 16, as described above.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0027em;">To determine revenue recognition for T&amp;I service components, the Group performs in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.003em;">line with the requirements of IFRS 15 the following five steps: (i) identify the contract(s)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0021em;">with a customer; (ii) identify the performance obligations in the contract; (iii) determine  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0034em;">the transaction price; (iv) allocate the transaction price to the performance obligations in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0034em;">the contract; and (v) recognise revenue when (or as) the entity satisfies a performance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0042em;">obligation. Revenue from contracts with customers is recognised when control of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">goods or services are transferred to the customer at an amount that reflects the consid-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0017em;">eration to which the Group expects to be entitled in exchange for those goods or ser-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.2551em;">vices. At</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.668em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0016em;">contract inception, once the T&amp;I contract is determined to be within the scope  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0003em;">of IFRS 15, the Group assesses the goods and services promised within each contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0035em;">and identifies as a performance obligation each good or service that is distinct. Revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0015em;">is recognised in the amount of the transaction price that is allocated to the respective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0027em;">performance obligation when (or as) the performance obligation is satisfied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0011em;">In respect of T&amp;I service components, the following main promises apply:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:38.1355em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0024em;">Planning and engineering,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:39.2155em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">Transport of monopiles and secondary steel from supply port to feeder port,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:9.9572em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:10.0198em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0016em;">Installation of monopiles and secondary steel offshore,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:11.0372em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:11.0998em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0001em;">Storage and handling at feeder port,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:12.1297em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:12.1923em;"><span class="stl_43 stl_08 stl_116">Warranty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0046em;">While the contracts contain several distinct promises, these are considered less interde-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0012em;">pendent and interrelated and as such considered multiple performance obligation. As-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0038em;">sessment hereof is performed on a contract-by-contract basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.002em;">Revenue is recognised over time as the service is being provided using a cost-to-cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0009em;">method or straight-line recognition, depending on what better depicts the progress of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0051em;">each separate performance obligation.</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.183em;top:20.8539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0018em;">Prepayments from customers for which the ser-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.004em;">vice component has yet to be provided are recognised as deferred income and recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0012em;">nised as revenue over the period during which the services are performed. The Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0001em;">recognise deferred contract costs for upfront costs of fulfilling a contract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.006em;">2.3.3.1 Planning and engineering  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0018em;">The Group provides planning and engineering services to the customer. Such revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">recognised over time is based upon percentage-of-completion whereby total costs in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0014em;">curred to date are compared with total forecast costs at completion of the planning and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:-0.0014em;">engineering services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_118 stl_08 stl_29" style="word-spacing:0.0011em;">2.3.3.3 Transportation of monopiles and secondary steel from supply port to feeder port  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0024em;">The Group is engaged with transportation of monopiles and secondary steel from supply  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">port to feeder port. Such revenue is recognised over time based upon percentage-of-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0045em;">completion whereby total time spend on transportation is compared with total forecast  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">time at completion of the transportation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_118 stl_08 stl_51" style="word-spacing:-0.0018em;">2.3.3.3 Storage and handling at feeder port  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.001em;">The Group has been tasked with the storage and handling of the material used in the in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0002em;">stallation. Such revenue is recognised over time is based upon percentage-of-comple-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0027em;">tion whereby total time spend on storage is compared with total forecast time at com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0025em;">pletion of the storage.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_118 stl_08 stl_41" style="word-spacing:-0.0016em;">2.3.3.4 Installation of monopiles and secondary steel offshore  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0007em;">The Group has been tasked with the installation of the monopiles and secondary steel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0025em;">offshore. Such revenue is recognised over time based upon percentage-of-completion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0008em;">whereby total costs incurred to date are compared with total forecast costs at comple-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.002em;">tion of the planning and engineering services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_118 stl_08 stl_41" style="word-spacing:-0.0031em;">2.3.3.5 Warranty obligations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0031em;">The Group provides warranties for the repair of defects which are identified during the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0011em;">contract and within a defined period thereafter. All are assurance-type warranties, as de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0026em;">fined within IFRS 15, which the Group recognises under IAS 37. The Group does not have  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0014em;">any contractual obligations for service-type warranties.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_118 stl_08 stl_52" style="word-spacing:0.0004em;">2.3.3.6 Variable consideration related to installation and transportation activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0017em;">Variable consideration, for example in respect of steel prices, bunker prices etc., is con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0013em;">strained at contract inception to the extent that it is highly probable that a significant re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">versal in the amount of cumulative revenue recognised will not occur when the uncer-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">tainty associated with the variable consideration is subsequently resolved.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_113" style="word-spacing:0.0013em;">Note 3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_64">Revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_45" style="word-spacing:-0.0003em;">Disaggregation of revenue from contracts with customers by activity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0035em;">The following table provides information about disaggregated revenue.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:13.6148em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3817em;top:13.4267em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1042em;top:13.4267em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:13.4267em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.3067em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:0.0023em;">Revenue disaggregation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:16.5667em;"><span class="stl_76 stl_08 stl_92" style="word-spacing:0.0027em;">Time cha</span><span class="stl_77 stl_08 stl_103">rt</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_81">se</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0043em;">vices and </span><span class="stl_77 stl_08 stl_96">tr</span><span class="stl_76 stl_08 stl_96">anspo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.0025em;">ion and ins</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_59">alla-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.5667em;"><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.001em;">ion se</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">vices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7917em;top:17.5767em;"><span class="stl_76 stl_08 stl_15">99,841  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0642em;top:17.5767em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">4,5</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2342em;top:17.5767em;"><span class="stl_76 stl_08 stl_15">56,449  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:18.8367em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_128" style="word-spacing:-0.007em;">r r</span><span class="stl_76 stl_08 stl_62" style="word-spacing:0.0017em;">evenue, including </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_145" style="word-spacing:-0.0225em;">ees ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_103" style="word-spacing:0.012em;">ned </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0249em;">r </span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">l</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y t</span><span class="stl_76 stl_08 stl_250">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_59">mina-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:19.8383em;"><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0007em;">ion b</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_113">cus</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_113">ome</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_109" style="word-spacing:0.014em;">s o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_96">con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2417em;top:19.8483em;"><span class="stl_76 stl_08 stl_15">8,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">81  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9642em;top:19.8483em;"><span class="stl_76 stl_08 stl_15">1,846  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:19.8483em;"><span class="stl_76 stl_08 stl_15">4,489  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.1183em;"><span class="stl_67 stl_08 stl_291" style="word-spacing:0.0022em;">Total revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.2117em;top:21.1183em;"><span class="stl_67 stl_08 stl_136">108,622  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9342em;top:21.1183em;"><span class="stl_67 stl_08 stl_136">106,424  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1142em;top:21.1183em;"><span class="stl_67 stl_08 stl_29">60,938  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0008em;">For the year ended 31 December 2023, lease component, included within time charter  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0839em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0066em;">services and transportation and installation,</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.162em;top:24.0839em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0014em;">amounts to EUR 79 million (2022: EUR 91  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0021em;">million; 2021: EUR 43 million).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4164em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:0.0019em;">Time charter and time charter related revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5064em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0039em;">Revenues are recognised over time. Revenue from time charter hire services are con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.5864em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">tracts with customers where the Group utilises its vessels, equipment and crew to deliver  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6764em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0009em;">a service to the customer based on either a fixed day rate or milestone deliverables.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0018em;">Contracts may also include other promises such as mobilisation and demobilisation, ca-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8364em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:0.002em;">tering and accommodation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0098em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0054em;">Transportation and installation revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0021em;">Revenue from Transportation and installation are contracts with customers where the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0001em;">Group utilises its vessels, equipment and crew to perform the transportation and installa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0em;">tion of offshore wind turbine foundations as well as heavy lifting operations, decommis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0018em;">sioning and planning and engineering.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0004em;">Revenue from transportation and installation activities may, depending on the contract,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0039em;">represent one or more performance obligations.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0027em;">Usually a fixed price milestone payment schedule will be agreed upon. The transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0007em;">price may include variable elements, such as related to fuel, commodities, etc. Payment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0002em;">terms with customers are considered industry standard and do not include a significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0006em;">financing component. To the extent possible we obtain payment guarantees to minimise  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0034em;">the credit risk during the contract term.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:0.0013em;">Lease and non-lease components of revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0em;">Revenue from time charter and T&amp;I services include both a lease component (use of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0034em;">vessels) and a service component. These components are not treated or priced sepa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">rately in the contracts, nor does the Group offer either of the services separately.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0021em;">The service component of time charter contracts is primarily derived from crewing costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0024em;">with a markup, where the residual is deemed to be the lease component.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7639em;"><span class="stl_39 stl_08 stl_99" style="word-spacing:0.0096em;">Contract assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">Customers are typically invoiced on a monthly basis, when the vessels are on contract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0011em;">Sometimes contracts will accrue revenue for work performed and it will be reported as a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0006em;">contract asset until it is invoiced. For more information about contract assets at the re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0035em;">porting period, refer to Note 14.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0022em;">The contract liabilities relate to consideration received from customers for the unsatis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0045em;">fied performance obligation in the charter contracts. Revenue will be recognised when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0027em;">the related services are provided to the customers.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:11.3623em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2683em;top:11.1742em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9883em;top:11.1742em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7083em;top:11.1742em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:13.0567em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:0.0024em;">Beginning of financial year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1283em;top:13.0567em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,15</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3983em;top:13.0567em;"><span class="stl_76 stl_08 stl_15">16,156  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5683em;top:13.0567em;"><span class="stl_76 stl_08 stl_15">8,81</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:14.3267em;"><span class="stl_76 stl_08 stl_42">Acquisi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0067em;">ion o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_42">businesses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1283em;top:14.3267em;"><span class="stl_76 stl_08 stl_15">1,91</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5383em;top:14.3267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2583em;top:14.3267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:15.5967em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_22">e</span><span class="stl_77 stl_08 stl_100">rr</span><span class="stl_76 stl_08 stl_136" style="word-spacing:0.0033em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_72" style="word-spacing:0.03em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_127">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6783em;top:15.5967em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">,6</span><span class="stl_77 stl_08 stl_15">70  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8483em;top:15.5967em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,85</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5683em;top:15.5967em;"><span class="stl_76 stl_08 stl_15">9,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:16.8667em;"><span class="stl_76 stl_08 stl_62" style="word-spacing:0.0038em;">Recognised as </span><span class="stl_77 stl_08 stl_79">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.008em;">evenue du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_105" style="word-spacing:0.012em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.003em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.7283em;top:16.8667em;"><span class="stl_76 stl_08 stl_113">(1,859)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9983em;top:16.8667em;"><span class="stl_76 stl_08 stl_38">(15,856)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.1683em;top:16.8667em;"><span class="stl_76 stl_08 stl_102">(1,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">51)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:18.1367em;"><span class="stl_67 stl_08 stl_253" style="word-spacing:0.0006em;">Total liabilities at end of period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5583em;top:18.1367em;"><span class="stl_67 stl_08 stl_29">13,881  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.7383em;top:18.1367em;"><span class="stl_67 stl_08 stl_79">3,157  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9983em;top:18.1367em;"><span class="stl_67 stl_08 stl_29">16,156  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.6039em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0072em;">Major customers  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.6939em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0007em;">For the year ended 31 December 2023, revenue with three customers each exceeded  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.7739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0024em;">10% of total revenue. The revenue derived from these three customers was EUR 44.5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.8539em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0025em;">million, EUR 28.5 and EUR 22.7 million respectively.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.0264em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0019em;">For the year ended 31 December 2022, revenue with two customers each exceeded 10%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.1064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">of total revenue. The revenue derived from these two customers was EUR 52.4 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.1964em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0001em;">and EUR 53.2 million respectively.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_116" style="word-spacing:0.0059em;">For the year ended 31 December 2021, revenue with two customers also each exceeded  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0021em;">10% of total revenue. The revenue derived from these two customers was EUR 24.6 mil-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0001em;">lion and EUR 29.1 million respectively.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4323em;"><span class="stl_39 stl_08 stl_29" style="word-spacing:0.0037em;">Operating segments and geographical information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0005em;">The Group operates four windfarm installation vessels, which are viewed as one seg-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0001em;">ment. The</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.284em;top:17.6023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.001em;">vessels operate in a global market and are often redeployed to different re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0004em;">gions due to changing customers or contracts. Accordingly, we report our operations as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0069em;">a single reportable segment.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0139em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:-0.0016em;">Contract backlog  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0028em;">The Group's order backlog as of the reported date amount to EUR 1,557 million (2022:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0em;">EUR 780 million; 2021: EUR 409). The table below includes announced contracts as of 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.003em;">December. EUR 192 million of the backlog pertains to contracts that management ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0055em;">pect to recognise in 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:29.8489em;"><span class="stl_74 stl_08 stl_20" style="word-spacing:0.001em;">EUR million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:29.6608em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8242em;top:29.6608em;"><span class="stl_67 stl_08 stl_68">2022²  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5442em;top:29.6608em;"><span class="stl_67 stl_08 stl_68">2021²  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.5308em;"><span class="stl_67 stl_08 stl_257" style="word-spacing:0.0015em;">Contract backlog as of 31 December¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.8108em;"><span class="stl_76 stl_08 stl_15">Wi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_78" style="word-spacing:0.006em;">hin one </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:32.8108em;"><span class="stl_76 stl_08 stl_15">19</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0142em;top:32.8108em;"><span class="stl_76 stl_08 stl_15">84  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:32.8108em;"><span class="stl_76 stl_08 stl_15">11</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.0808em;"><span class="stl_76 stl_08 stl_79">A</span><span class="stl_77 stl_08 stl_15">ft</span><span class="stl_76 stl_08 stl_22">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.009em;">one </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_81">ea</span><span class="stl_77 stl_08 stl_81">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:34.0808em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:34.0808em;"><span class="stl_76 stl_08 stl_15">696  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:34.0808em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">99  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:35.4108em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1117em;top:35.4108em;"><span class="stl_67 stl_08 stl_79">1,557  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5042em;top:35.4108em;"><span class="stl_67 stl_08 stl_83">780  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2242em;top:35.4108em;"><span class="stl_67 stl_08 stl_83">409  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:40.2869em;"><sup style="top: -0.21em;"><span class="stl_84 stl_08 stl_15" style="word-spacing:0.0012em;">1 </span></sup><span class="stl_85 stl_08 stl_101" style="word-spacing:-0.0018em;">Contract backlog (excluding bunker) is split between, EUR 1,379 million firm and EUR 178 million options.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:41.2069em;"><sup style="top: -0.21em;"><span class="stl_84 stl_08 stl_15" style="word-spacing:0.0165em;">2 </span></sup><span class="stl_85 stl_08 stl_155" style="word-spacing:-0.0015em;">Contract backlog (excluding bunker) for 2022 was split between, EUR 653 million firm and EUR 127 million op-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:42.1169em;"><span class="stl_85 stl_08 stl_88" style="word-spacing:0.0018em;">tions and for 2021,</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.929em;top:42.1169em;"><span class="stl_85 stl_08 stl_87" style="word-spacing:-0.003em;">EUR 351 million firm and EUR 58 million options.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.0139em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:0.0049em;">2.2. Changes in accounting policies and disclosures  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.1039em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0038em;">The Group has adopted standards and interpretations effective as of 1 January 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.1939em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0011em;">Adoption of new and amended standards and interpretations had no impact on the con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.2764em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0057em;">solidated financial statements.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.3564em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0em;">IASB has issued a number of new or amended accounting standards (IFRS) and interpre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.4464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0012em;">tations (IFRIC), such as IAS 12 amendments International Tax Reform, Pillar Two Models  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.5264em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0007em;">Rules. The Group has assessed these accounting standards and interpretations, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.6064em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0022em;">does not anticipate the new standards to have any material impact on either </span><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0083em;">the group’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.6964em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0034em;">figures or disclosures in 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.7781em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">The Group has not early adopted any other standard, interpretation or amendments that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.8581em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0017em;">have been issued but are not yet effective.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">The new and amended standards and interpretations that are issued, but not yet effec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_46 stl_08 stl_31" style="word-spacing:-0.0038em;">tive, up to the date of issuance of the Group’s financial statements are not expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0025em;">have a material impact on the Group.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4323em;"><span class="stl_39 stl_08 stl_53" style="word-spacing:0.0096em;">2.5. Other operating income and expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0017em;">Other operating income and expenses, include transactions not related to the opera-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0018em;">tions of the Group, like, gains and losses on sale of non-current assets, and is generally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0012em;">recognised when it is probable that the benefits and losses associated with the transac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">tion will flow to the Company and if the significant risks and rewards have been trans-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0027em;">ferred to the buyer (generally when the transaction is finalised).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5542em;top:3.8798em;"><span class="stl_39 stl_08 stl_113" style="word-spacing:0.0013em;">Note 5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5542em;top:4.9461em;"><span class="stl_259 stl_08 stl_113" style="word-spacing:0.0009em;">Other Operating Income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5542em;top:7.2861em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0044em;">and Expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:12.5348em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2683em;top:12.3467em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9883em;top:12.3467em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7083em;top:12.3467em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:13.6767em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_40">ope</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_62" style="word-spacing:0.0017em;">ing income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1283em;top:13.6767em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5383em;top:13.6767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2583em;top:13.6767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:14.9467em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_40">ope</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0013em;">ing expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.7283em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_102">,86</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5383em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2583em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:16.2867em;"><span class="stl_67 stl_08 stl_257" style="word-spacing:-0.001em;">Net other operating income and expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6883em;top:16.2867em;"><span class="stl_67 stl_08 stl_83">137  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.4983em;top:16.2867em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2183em;top:16.2867em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.7539em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0037em;">Other operating income and expenses includes the net gain from the sale of the main  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.8339em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0055em;">cranes and spare parts of both O-class vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0013em;">The contract agreement signed for the sale of both main cranes states a purchase price  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.0839em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0025em;">of EUR 1.5 million for each main crane. In the case of Wind Orca, the book value of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.1739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.002em;">main crane had been written down, reflecting the value that was expected from the dis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.2539em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0049em;">posal of the assets. Thus, an impairment loss of EUR 5 million was reflected in the profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.3364em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0002em;">and loss. The Osprey main crane had been kept at its carrying amount since there was a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.4264em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0026em;">gain from the disposal. The sale of both main cranes is driven by the main crane up-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.5064em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0066em;">grades to the O-Class vessels.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.8539em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0165em;">2.6. Business combinations and Goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.9439em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:0.0129em;">2.6.1. Business combinations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.0239em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0003em;">Acquired businesses are recognised using the acquisition method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.1964em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0025em;">Assets, liabilities, and contingent liabilities of the acquired businesses are measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.2764em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">fair value at the acquisition date. The fair values of vessels included in property, plant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.3564em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0022em;">and equipment are determined using broker valuations. The fair values of other assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.4464em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0026em;">and liabilities are valued using the approach assessed to be most relevant for the individ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.5264em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0028em;">ual item, which can be either a market approach, an income approach, a cost approach  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.6064em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0036em;">or a combination of methods.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0008em;">The purchase price comprises the fair value of the consideration payable/receivable.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0013em;">This includes the fair value of the consideration already paid/received including the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0009em;">shares issued, deferred consideration and contingent consideration. The purchase price  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0016em;">is allocated to the identified assets, liabilities and contingent liabilities (net assets) based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0021em;">on their fair values at the acquisition date and any excess of the purchase price over the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">net assets is recognised in the balance sheet as goodwill within intangible assets. In the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0047em;">event the purchase price is lower than the net assets, the difference is recognised in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0005em;">income statement (a gain from a bargain purchase).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_118 stl_08 stl_99" style="word-spacing:0.0307em;">2.6.2. Goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">Goodwill arises from business combinations and is determined as the excess of the pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.002em;">chase price over the fair value of the net assets acquired, including contingent liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.002em;">Goodwill is allocated to the cash generating unit as determined by Management. Good-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">will is not amortised but is tested for impairment at least once a year or sooner if impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0012em;">ment indication arises.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.8539em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0165em;">2.6. Business combinations and Goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.9439em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:0.0129em;">2.6.1. Business combinations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.0239em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0003em;">Acquired businesses are recognised using the acquisition method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.1964em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0025em;">Assets, liabilities, and contingent liabilities of the acquired businesses are measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.2764em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">fair value at the acquisition date. The fair values of vessels included in property, plant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.3564em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0022em;">and equipment are determined using broker valuations. The fair values of other assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.4464em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0026em;">and liabilities are valued using the approach assessed to be most relevant for the individ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.5264em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0028em;">ual item, which can be either a market approach, an income approach, a cost approach  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.6064em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0036em;">or a combination of methods.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0008em;">The purchase price comprises the fair value of the consideration payable/receivable.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0013em;">This includes the fair value of the consideration already paid/received including the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0009em;">shares issued, deferred consideration and contingent consideration. The purchase price  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0016em;">is allocated to the identified assets, liabilities and contingent liabilities (net assets) based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0021em;">on their fair values at the acquisition date and any excess of the purchase price over the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">net assets is recognised in the balance sheet as goodwill within intangible assets. In the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0047em;">event the purchase price is lower than the net assets, the difference is recognised in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0005em;">income statement (a gain from a bargain purchase).  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.8539em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0165em;">2.6. Business combinations and Goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.9439em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:0.0129em;">2.6.1. Business combinations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.0239em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0003em;">Acquired businesses are recognised using the acquisition method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.1964em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0025em;">Assets, liabilities, and contingent liabilities of the acquired businesses are measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.2764em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">fair value at the acquisition date. The fair values of vessels included in property, plant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.3564em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0022em;">and equipment are determined using broker valuations. The fair values of other assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.4464em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0026em;">and liabilities are valued using the approach assessed to be most relevant for the individ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.5264em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0028em;">ual item, which can be either a market approach, an income approach, a cost approach  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.6064em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0036em;">or a combination of methods.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0008em;">The purchase price comprises the fair value of the consideration payable/receivable.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0013em;">This includes the fair value of the consideration already paid/received including the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0009em;">shares issued, deferred consideration and contingent consideration. The purchase price  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0016em;">is allocated to the identified assets, liabilities and contingent liabilities (net assets) based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0021em;">on their fair values at the acquisition date and any excess of the purchase price over the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">net assets is recognised in the balance sheet as goodwill within intangible assets. In the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0047em;">event the purchase price is lower than the net assets, the difference is recognised in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0005em;">income statement (a gain from a bargain purchase).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_113" style="word-spacing:0.0013em;">Note 6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_106" style="word-spacing:0.0025em;">Business combination  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0007em;">On 19 December 2023, Cadeler acquired 86.39% of shares in Eneti Inc. via a share ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0029em;">change offer. The remaining shares were acquired through a squeeze-out merger on 29  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0022em;">December 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.001em;">About Eneti  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">Eneti Inc. has been listed for trading on the NYSE since 12 December 2013 and was an in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0006em;">ternational shipping company focused on serving the offshore wind and marine-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.001em;">renewable energy industry by providing installation and maintenance services through  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0017em;">the operation WTIVs. WTIVs are vessels specifically designed for the transport and instal-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0016em;">lation of offshore wind turbines, which are power generating devices driven by the kinetic  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0019em;">energy of the wind near-shore or further offshore on coastlines for commercial electricity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0044em;">generation, onto pre-prepared foundations. Eneti operated its marine energy business  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">internationally, primarily in Europe and Asia. Eneti generated revenues of USD 141 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.002em;">in 2023 with close to 300 employees.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_118 stl_08 stl_29" style="word-spacing:-0.0009em;">Strategic rationale and synergies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">The business combination with Eneti has to combine two leading offshore wind compa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0029em;">nies. The combination represents a significant step up in the ability to meet the in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0001em;">creased demand globally for larger and more complex projects. Cadeler and Eneti are a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0017em;">strong match with many potential synergies as a result of similarities in business models,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0038em;">services and strategies. Additionally, scale remains one of the key competitive ad-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0014em;">vantages in the offshore installation market with significant expected operational and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0012em;">commercial benefits driven by an increase in scale, a complementary fleet, and deep in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0022em;">dustry relationships, to support the needed green transition.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_118 stl_08 stl_51" style="word-spacing:0.0016em;">Consideration transferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0008em;">The consideration transferred for the shares in Eneti has been made in Cadeler shares by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0024em;">offering 3.409 ordinary Cadeler shares for one Eneti share. A total of 113,809,868 Cadeler  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0005em;">shares have been exchanged, in return of 86% ownership of Eneti, at a fair value of EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.001em;">441.2 million based on the acquisition date share closing price of NOK 44.10 on the Oslo  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0004em;">Stock Exchange. In addition, in order to acquire shares not tendered, a squeeze out mer-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0013em;">ger payment of EUR 54.7 million has been settled in cash, in return of 14% ownership of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0021em;">Eneti. Furthermore, an Eneti financing arrangement was settled by Cadeler immediately  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0004em;">prior to closing. The payment made by Cadeler of EUR 40.9m, has been adjusted in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0038em;">transaction price. The total consideration transferred amounts to EUR 536.9 million. Ad-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0046em;">justed for the fair value of cash and cash equivalents acquired and non-cash considera-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0007em;">tion, the net cash purchase price received amounts to EUR 10.4 million.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.001em;">Earnings impact  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0002em;">The acquisition of Eneti has contributed revenues of approximately EUR 3.4 million and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">net loss of approximately EUR (1.1) million to the Group for the period 19 December to 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0022em;">December 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0018em;">If the acquisition had occurred on 1 January 2023, the consolidated pro forma revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0002em;">and net loss of the combined Group for the year ended 31 December 2023 would have  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0008em;">been approximately EUR 234 million and EUR (92) million, respectively.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_118 stl_08 stl_52" style="word-spacing:0.0026em;">Transaction costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0026em;">Total transaction costs recognised amount to EUR 14.7 million, of which EUR 7.7 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0002em;">have been recognised as Administrative expenses in the Consolidated Statement of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0035em;">Profit and Loss and EUR 7.0 million recognised in Equity in the Consolidated Balance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0018em;">Sheet in relation to issuing of Cadeler shares issued for settling the share-for-share ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0062em;">change offer.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_118 stl_08 stl_41" style="word-spacing:-0.0009em;">Fair value of acquired net assets and recognised goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0001em;">As the closing of the acquisition was 19 December 2023, the acquisition accounting for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.001em;">the Eneti acquisition is ongoing, thus net assets, goodwill and contingent assets and lia-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">bilities recognised at the reporting date are to some extent still provisional. Adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0011em;">may be applied to these amounts for a period of up to twelve months from the acquisi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0049em;">tion date in accordance with IFRS 3 (revised). Goodwill arising from the acquisition has  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">not yet been allocated to the cash generating unit.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0011em;">Goodwill recognised mainly relates to the operational efficiencies and expected syner-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0025em;">gies from the integration of Eneti into the Cadeler Group. Recognised goodwill is non-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0012em;">deductible for tax purposes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_118 stl_08 stl_45" style="word-spacing:-0.0024em;">Fair value measurement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0001em;">Material net assets acquired for which significant estimates have been applied in the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0017em;">value assessment have been recognised using the following valuation techniques:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_118 stl_08 stl_45" style="word-spacing:-0.0018em;">Property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0035em;">Fair value of property, plant and equipment relating to mainly vessels is measured based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0026em;">on external market valuations at the time of the acquisition carried out by professional  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0006em;">appraisers, substantiated by an income approach, based on the present values of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0015em;">expected cash flows.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_118 stl_08 stl_28">Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0006em;">The fair value of acquired trade and other receivables and contract assets amounts to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0004em;">EUR 29.4 million. Collectability of receivables has been assessed and no adjustments to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0023em;">the contractual cash flows have been made. As such, it is expected that contractual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0058em;">amounts can be collected.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0017em;">The provisional fair value of identified net assets and goodwill recognised comprises as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_44">follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.1523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0005em;">Fair value of assets acquired and liabilities assumed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8442em;top:15.8467em;"><span class="stl_67 stl_08 stl_256" style="word-spacing:-0.0025em;">19 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.0348em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:16.8467em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:18.1867em;"><span class="stl_76 stl_08 stl_59" style="word-spacing:-0.0009em;">Vessels including d</span><span class="stl_77 stl_08 stl_104" style="word-spacing:-0.023em;">ry </span><span class="stl_76 stl_08 stl_78">docks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7842em;top:18.1867em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">96,</span><span class="stl_77 stl_08 stl_15">707  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:19.4567em;"><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0002em;">Vessel unde</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_89">cons</span><span class="stl_77 stl_08 stl_53">tr</span><span class="stl_76 stl_08 stl_15">uc</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7842em;top:19.4567em;"><span class="stl_76 stl_08 stl_15">144,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:20.7283em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r f</span><span class="stl_76 stl_08 stl_125">ix</span><span class="stl_77 stl_08 stl_72">t</span><span class="stl_76 stl_08 stl_79">u</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.008em;">es &amp; </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">tt</span><span class="stl_76 stl_08 stl_15">ings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3042em;top:20.7283em;"><span class="stl_76 stl_08 stl_15">598  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.9983em;"><span class="stl_76 stl_08 stl_78">Righ</span><span class="stl_77 stl_08 stl_102">t</span><span class="stl_76 stl_08 stl_158">-o</span><span class="stl_77 stl_08 stl_70">f</span><span class="stl_76 stl_08 stl_10" style="word-spacing:0.0026em;">-use asse</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:21.9983em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:23.2683em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0081em;">ade and o</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_103">he</span><span class="stl_77 stl_08 stl_105" style="word-spacing:0.019em;">r r</span><span class="stl_76 stl_08 stl_55">eceivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2342em;top:23.2683em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">9,4</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:24.5383em;"><span class="stl_76 stl_08 stl_27">Inven</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_127">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3042em;top:24.5383em;"><span class="stl_76 stl_08 stl_15">14</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:25.8083em;"><span class="stl_76 stl_08 stl_15">P</span><span class="stl_77 stl_08 stl_22">r</span><span class="stl_76 stl_08 stl_49">epa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_58">men</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:25.8083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,8</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:27.0783em;"><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0027em;">Cash and cash equivalen</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7842em;top:27.0783em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">6,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:28.4208em;"><span class="stl_67 stl_08 stl_245" style="word-spacing:-0.0159em;">Total assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6442em;top:28.4208em;"><span class="stl_67 stl_08 stl_49">581,989  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.7083em;top:15.8467em;"><span class="stl_67 stl_08 stl_292" style="word-spacing:-0.0025em;">19 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.0348em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:16.8467em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.1867em;"><span class="stl_76 stl_08 stl_15">P</span><span class="stl_77 stl_08 stl_22">r</span><span class="stl_76 stl_08 stl_129">ovisions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:18.1867em;"><span class="stl_76 stl_08 stl_15">6,98</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:19.4567em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_22">e</span><span class="stl_77 stl_08 stl_100">rr</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.004em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_87" style="word-spacing:0.0098em;">ax liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0983em;top:19.4567em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:20.7283em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0081em;">ade and o</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_103">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_22">pa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_100">ables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0983em;top:20.7283em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">27</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.9983em;"><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0017em;">Lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_157">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:21.9983em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">300  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:23.2683em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_22">e</span><span class="stl_77 stl_08 stl_100">rr</span><span class="stl_76 stl_08 stl_40" style="word-spacing:0.002em;">ed cha</span><span class="stl_77 stl_08 stl_103">rt</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_137">hi</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0064em;">e income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:23.2683em;"><span class="stl_76 stl_08 stl_15">1,9</span><span class="stl_77 stl_08 stl_15">37  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:24.5383em;"><span class="stl_76 stl_08 stl_53">Cu</span><span class="stl_77 stl_08 stl_100">rr</span><span class="stl_76 stl_08 stl_20">en</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0064em;">income </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0065em;">ax liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_157">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:24.5383em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:25.8683em;"><span class="stl_67 stl_08 stl_114" style="word-spacing:0.0016em;">Total liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9783em;top:25.8683em;"><span class="stl_67 stl_08 stl_29">62,027  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:29.3708em;"><span class="stl_67 stl_08 stl_292" style="word-spacing:0.0023em;">Total identifiable net assets at fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.5083em;top:29.3708em;"><span class="stl_67 stl_08 stl_49">519,962  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:30.7108em;"><span class="stl_77 stl_08 stl_96">G</span><span class="stl_76 stl_08 stl_87" style="word-spacing:0.0057em;">oodwill a</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ising on acquisi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0983em;top:30.7108em;"><span class="stl_76 stl_08 stl_15">16,919  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:32.0408em;"><span class="stl_67 stl_08 stl_247" style="word-spacing:0.0119em;">Purchase price transferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.5083em;top:32.0408em;"><span class="stl_67 stl_08 stl_49">536,881  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:33.3708em;"><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0027em;">Cash and cash equivalen</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_18" style="word-spacing:0.0032em;">s acqui</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_250">ed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.6483em;top:33.3708em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">6,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:34.6408em;"><span class="stl_76 stl_08 stl_15">Conside</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0013em;">ion paid in sha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">es  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.6483em;top:34.6408em;"><span class="stl_76 stl_08 stl_15">441,</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:35.9825em;"><span class="stl_67 stl_08 stl_82" style="word-spacing:0.0053em;">Net cash purchase price  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.5183em;top:35.9825em;"><span class="stl_67 stl_08 stl_42">(10,403)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0181em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0099em;">2.4. Cost of sales and administrative expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_46 stl_08 stl_47" style="word-spacing:-0.0005em;">Cost of sales consists of expenses directly attributable to the Group’s core activities, in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0005em;">cluding seafarers payroll, vessel depreciation, and the operation and maintenance of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_15">vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0019em;">Administrative expenses, which include administrative staff costs, share-based compen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0005em;">sation, management costs, office expenses, business combination transaction costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0019em;">and other administration related expenses, are expensed as they are incurred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_118 stl_08 stl_54" style="word-spacing:0.0118em;">b. Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.003em;">At the commencement date of the lease, the Group recognises lease liabilities meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">ured at the present value of lease payments to be made over the lease term. The lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">payments include fixed payments (including in-substance fixed payments) less any lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0013em;">incentives receivable, variable lease payments that depend on an index or a rate, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.004em;">amounts expected to be paid under residual value guarantees.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.0045em;">Variable lease payments that do not depend on an index or a rate are recognised as ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">penses in the period in which the event or condition that triggers the payment occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">Utilisation lease fees can be classified as a variable fee.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0019em;">In calculating the present value of lease payments, the Group uses its incremental bor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.007em;">rowing rate at the lease commencement date because the interest rate implicit in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0036em;">lease is not readily determinable. After the commencement date, the amount of lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">liabilities is increased to reflect the accretion of interest and reduced for the lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0082em;">ments made.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">In addition, the carrying amount of lease liabilities is remeasured if there is a modifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0036em;">tion, a change in the lease term, a change in the lease payments (e.g., changes to future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0017em;">payments resulting from a change in an index or rate used to determine such lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">ments) or a change in the assessment of an option to purchase the underlying asset.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_118 stl_08 stl_28" style="word-spacing:0.0035em;">c. Short-term and low-value leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0032em;">The Group has elected to not recognise right-of-use assets and lease liabilities for short-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_24" style="word-spacing:-0.0053em;">term leases that have lease terms of 12 months or less and leases of low value-leases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0033em;">Lease payments relating to these leases are expensed to profit or loss on a straight-line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.005em;">basis over the lease term. Short-term and low-value leases consists of cars, coffee ma-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0015em;">chines, office premises and AV equipment.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0279em;">2.15. Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0014em;">The classification of financial assets </span><span class="stl_46 stl_08 stl_20" style="word-spacing:-0.0027em;">depends on the Group’s business model for manag-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">ing the financial assets as well as the contractual terms of the cash flows of the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_40">assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0031em;">The Group reclassifies financial assets when and only when its business model for man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0065em;">aging those assets changes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0104em;">(i) At initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">At initial recognition, the Group measures a financial asset at its fair value plus, in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0014em;">case of a financial asset not at fair value through profit or loss, transaction costs that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0003em;">directly attributable to the acquisition of the financial assets. Transaction costs of finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.001em;">cial assets carried at fair value through profit or loss are expensed in profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:-0.0003em;">Equity-settled transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">The cost of equity-settled transactions is determined by the fair value at the date when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0013em;">the grant is made using an appropriate valuation model.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0019em;">That cost is recognised in employee benefits expenses, together with a corresponding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0017em;">increase in equity (retained earnings), over the period in which the service and, where ap-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0023em;">plicable, the performance conditions are fulfilled (the vesting period). The cumulative ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">pense recognised for equity-settled transactions at each reporting date until the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0em;">date reflects the extent to which the vesting period has expired and the Group’s best es-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0014em;">timate of the number of equity instruments that will ultimately vest. The expense or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.003em;">credit in the statement of profit or loss for a period represents the movement in cumula-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0021em;">tive expense recognised as at the beginning and end of that period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0012em;">Service and non-market performance conditions are not taken into account when deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">mining the grant date fair value of awards, but the likelihood of the conditions being met  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0014em;">is assessed as part of the Group’s best estimate of the number of equity instrumen</span><span class="stl_43 stl_08 stl_15">ts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0011em;">that will ultimately vest. Market performance conditions are reflected within the grant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:-0.0035em;">date fair value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0024em;">Any other conditions attached to an award, but without an associated service require-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.004em;">ment, are considered to be non-vesting conditions. Non-vesting conditions are reflected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0027em;">in the fair value of an award and lead to an immediate expensing of an award unless  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">there are also service and/or performance conditions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0047em;">No expense is recognised for awards that do not ultimately vest because non-market  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0047em;">performance and/or service conditions have not been met.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0034em;">Where awards include a market or non-vesting condition, the transactions are treated as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0013em;">vested irrespective of whether the market or non-vesting condition is satisfied, provided  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0026em;">that all other performance and/or service conditions are satisfied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0022em;">The dilutive effect of outstanding options is reflected as additional share dilution in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0006em;">computation of diluted earnings per share in a loss situation only if loss per share de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_34">creases.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0181em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0099em;">2.4. Cost of sales and administrative expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_46 stl_08 stl_47" style="word-spacing:-0.0005em;">Cost of sales consists of expenses directly attributable to the Group’s core activities, in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0005em;">cluding seafarers payroll, vessel depreciation, and the operation and maintenance of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_15">vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0019em;">Administrative expenses, which include administrative staff costs, share-based compen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0005em;">sation, management costs, office expenses, business combination transaction costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0019em;">and other administration related expenses, are expensed as they are incurred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_118 stl_08 stl_54" style="word-spacing:0.0118em;">b. Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.003em;">At the commencement date of the lease, the Group recognises lease liabilities meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">ured at the present value of lease payments to be made over the lease term. The lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">payments include fixed payments (including in-substance fixed payments) less any lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0013em;">incentives receivable, variable lease payments that depend on an index or a rate, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.004em;">amounts expected to be paid under residual value guarantees.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.0045em;">Variable lease payments that do not depend on an index or a rate are recognised as ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">penses in the period in which the event or condition that triggers the payment occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">Utilisation lease fees can be classified as a variable fee.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0019em;">In calculating the present value of lease payments, the Group uses its incremental bor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.007em;">rowing rate at the lease commencement date because the interest rate implicit in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0036em;">lease is not readily determinable. After the commencement date, the amount of lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">liabilities is increased to reflect the accretion of interest and reduced for the lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0082em;">ments made.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">In addition, the carrying amount of lease liabilities is remeasured if there is a modifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0036em;">tion, a change in the lease term, a change in the lease payments (e.g., changes to future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0017em;">payments resulting from a change in an index or rate used to determine such lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">ments) or a change in the assessment of an option to purchase the underlying asset.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_118 stl_08 stl_28" style="word-spacing:0.0035em;">c. Short-term and low-value leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0032em;">The Group has elected to not recognise right-of-use assets and lease liabilities for short-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_24" style="word-spacing:-0.0053em;">term leases that have lease terms of 12 months or less and leases of low value-leases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0033em;">Lease payments relating to these leases are expensed to profit or loss on a straight-line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.005em;">basis over the lease term. Short-term and low-value leases consists of cars, coffee ma-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0015em;">chines, office premises and AV equipment.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0279em;">2.15. Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0014em;">The classification of financial assets </span><span class="stl_46 stl_08 stl_20" style="word-spacing:-0.0027em;">depends on the Group’s business model for manag-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">ing the financial assets as well as the contractual terms of the cash flows of the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_40">assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0031em;">The Group reclassifies financial assets when and only when its business model for man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0065em;">aging those assets changes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0104em;">(i) At initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">At initial recognition, the Group measures a financial asset at its fair value plus, in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0014em;">case of a financial asset not at fair value through profit or loss, transaction costs that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0003em;">directly attributable to the acquisition of the financial assets. Transaction costs of finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.001em;">cial assets carried at fair value through profit or loss are expensed in profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0087em;">(ii) At subsequent measurement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0021em;">Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0008em;">Financial assets of the Group mainly comprise of cash and bank balances, trade receiva-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0019em;">bles and other current assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0029em;">Interest income from these financial assets are recognised using the effective interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0048em;">rate method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">The Group assesses on forward looking basis the expected credit losses associated with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">its financial assets carried at amortised cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">For trade and other receivables, the Group applied the simplified approach permitted by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">IFRS 9, which requires expected lifetime losses to be recognised from initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0041em;">of the receivables.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:-0.0003em;">Equity-settled transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">The cost of equity-settled transactions is determined by the fair value at the date when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0013em;">the grant is made using an appropriate valuation model.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0019em;">That cost is recognised in employee benefits expenses, together with a corresponding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0017em;">increase in equity (retained earnings), over the period in which the service and, where ap-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0023em;">plicable, the performance conditions are fulfilled (the vesting period). The cumulative ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">pense recognised for equity-settled transactions at each reporting date until the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0em;">date reflects the extent to which the vesting period has expired and the Group’s best es-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0014em;">timate of the number of equity instruments that will ultimately vest. The expense or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.003em;">credit in the statement of profit or loss for a period represents the movement in cumula-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0021em;">tive expense recognised as at the beginning and end of that period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0012em;">Service and non-market performance conditions are not taken into account when deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">mining the grant date fair value of awards, but the likelihood of the conditions being met  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0014em;">is assessed as part of the Group’s best estimate of the number of equity instrumen</span><span class="stl_43 stl_08 stl_15">ts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0011em;">that will ultimately vest. Market performance conditions are reflected within the grant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:-0.0035em;">date fair value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0024em;">Any other conditions attached to an award, but without an associated service require-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.004em;">ment, are considered to be non-vesting conditions. Non-vesting conditions are reflected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0027em;">in the fair value of an award and lead to an immediate expensing of an award unless  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">there are also service and/or performance conditions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0047em;">No expense is recognised for awards that do not ultimately vest because non-market  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0047em;">performance and/or service conditions have not been met.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0034em;">Where awards include a market or non-vesting condition, the transactions are treated as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0013em;">vested irrespective of whether the market or non-vesting condition is satisfied, provided  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0026em;">that all other performance and/or service conditions are satisfied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0022em;">The dilutive effect of outstanding options is reflected as additional share dilution in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0006em;">computation of diluted earnings per share in a loss situation only if loss per share de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_34">creases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_113" style="word-spacing:0.0103em;">Note 4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_15" style="word-spacing:-0.0055em;">Expenses by Nature  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:10.3423em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6817em;top:10.1542em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:12.0267em;"><span class="stl_67 stl_08 stl_82" style="word-spacing:0.0015em;">Cost of sales  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:13.3867em;"><span class="stl_76 stl_08 stl_78">Righ</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_55" style="word-spacing:0.0013em;">use asse</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.004em;">t </span><span class="stl_76 stl_08 stl_15">dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_177">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:13.3667em;"><span class="stl_76 stl_08 stl_15">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2942em;top:13.3867em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.7367em;"><span class="stl_76 stl_08 stl_53">Insu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">1,9</span><span class="stl_77 stl_08 stl_15">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">772  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.0967em;"><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0003em;">Vessel dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_101">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:16.0767em;"><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7717em;top:16.0967em;"><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">,484  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4942em;top:16.0967em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1,664  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2142em;top:16.0967em;"><span class="stl_76 stl_08 stl_15">16,</span><span class="stl_77 stl_08 stl_15">077  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.3567em;"><span class="stl_76 stl_08 stl_25">Impai</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_103">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_109">p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_144">ope</span><span class="stl_77 stl_08 stl_51">rty</span><span class="stl_76 stl_08 stl_53" style="word-spacing:-0.008em;">, plan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.008em;">t </span><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0027em;">and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.3567em;"><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_20">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:18.3467em;"><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">5,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.6383em;"><span class="stl_76 stl_08 stl_15">C</span><span class="stl_77 stl_08 stl_79">r</span><span class="stl_76 stl_08 stl_18" style="word-spacing:0.0031em;">ewing cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.003em;">s paid </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0015em;">o a </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_70" style="word-spacing:0.0047em;">ed pa</span><span class="stl_77 stl_08 stl_33" style="word-spacing:-0.003em;">rty </span><span class="stl_76 stl_08 stl_15">and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.6383em;"><span class="stl_76 stl_08 stl_108" style="word-spacing:-0.0037em;">an ex</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_250">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40" style="word-spacing:-0.012em;">nal pa</span><span class="stl_77 stl_08 stl_125">rty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:20.6183em;"><span class="stl_77 stl_08 stl_15">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:20.6383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0142em;top:20.6383em;"><span class="stl_76 stl_08 stl_15">61  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2142em;top:20.6383em;"><span class="stl_76 stl_08 stl_15">11,51</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.9883em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_22">a</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.005em;">r </span><span class="stl_76 stl_08 stl_22">pa</span><span class="stl_77 stl_08 stl_33">yr</span><span class="stl_76 stl_08 stl_96">oll  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0117em;top:21.9683em;"><span class="stl_77 stl_08 stl_15">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7717em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">15,9</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4942em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">1,159  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.3483em;"><span class="stl_76 stl_08 stl_92" style="word-spacing:0.0011em;">Fuel and oil  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:23.3483em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:23.3483em;"><span class="stl_76 stl_08 stl_15">1,11</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:23.3483em;"><span class="stl_76 stl_08 stl_15">89</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:24.6983em;"><span class="stl_76 stl_08 stl_106">Main</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_47">enance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:24.6983em;"><span class="stl_76 stl_08 stl_15">5,1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:24.6983em;"><span class="stl_76 stl_08 stl_15">4,</span><span class="stl_77 stl_08 stl_15">03</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:24.6983em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:26.0583em;"><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0036em;">Messing cos</span><span class="stl_77 stl_08 stl_169">t</span><span class="stl_76 stl_08 stl_169">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:26.0583em;"><span class="stl_76 stl_08 stl_15">1,448  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:26.0583em;"><span class="stl_76 stl_08 stl_15">1,4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:26.0583em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:27.4083em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_22">a</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.012em;">r tr</span><span class="stl_76 stl_08 stl_113">avel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:27.4083em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,8</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:27.4083em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,589  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:27.4083em;"><span class="stl_76 stl_08 stl_15">1,8</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.7708em;"><span class="stl_76 stl_08 stl_12">Speci</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">ic cha</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_96">cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:28.7708em;"><span class="stl_76 stl_08 stl_15">4,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:28.7708em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,6</span><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:28.7708em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">23</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:30.1208em;"><span class="stl_76 stl_08 stl_22">U</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">ili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:30.1208em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:30.1208em;"><span class="stl_76 stl_08 stl_15">689  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:30.1208em;"><span class="stl_76 stl_08 stl_15">541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.4708em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_40">ope</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0013em;">ing expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:31.4708em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:31.4708em;"><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:31.4708em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.8308em;"><span class="stl_76 stl_08 stl_09" style="word-spacing:0.005em;">Tonnage </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">ax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:32.8308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:32.8308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:32.8308em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.2408em;"><span class="stl_67 stl_08 stl_246" style="word-spacing:0.0065em;">Total cost of sales  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6517em;top:34.2408em;"><span class="stl_67 stl_08 stl_29">59,858  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:34.2408em;"><span class="stl_67 stl_08 stl_29">49,537  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0942em;top:34.2408em;"><span class="stl_67 stl_08 stl_29">38,879  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:10.3423em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.5658em;top:10.1542em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2483em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9683em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:12.0267em;"><span class="stl_67 stl_08 stl_114" style="word-spacing:0.0045em;">Administrative expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.3867em;"><span class="stl_76 stl_08 stl_40">Dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_12" style="word-spacing:-0.0026em;">ion and amo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">isa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.9258em;top:13.3667em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0015em;">, 18, 19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">020  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">414  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.7367em;"><span class="stl_76 stl_08 stl_55">Emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_34" style="word-spacing:0.0058em;">ee compensa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8958em;top:14.7167em;"><span class="stl_77 stl_08 stl_15">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6583em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">18,889  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">9,9</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:14.7367em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,6</span><span class="stl_77 stl_08 stl_15">03  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.0967em;"><span class="stl_76 stl_08 stl_99">Repai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.01em;">r </span><span class="stl_76 stl_08 stl_78" style="word-spacing:0.0159em;">and main</span><span class="stl_77 stl_08 stl_193">t</span><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0035em;">enance expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:16.0967em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:16.0967em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:16.0967em;"><span class="stl_76 stl_08 stl_15">161  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.3667em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0039em;">Legal and p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.004em;">essional </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_138">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:17.3667em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,1</span><span class="stl_77 stl_08 stl_15">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:17.3667em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:17.3667em;"><span class="stl_76 stl_08 stl_15">564  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.7167em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_15">ansac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_115" style="word-spacing:0.0068em;">ion cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8958em;top:18.6967em;"><span class="stl_76 stl_08 stl_15">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:18.7167em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">707  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:18.7167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:18.7167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:20.0783em;"><span class="stl_76 stl_08 stl_113">Ren</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_44" style="word-spacing:0.0002em;">al expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:20.0783em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:20.0783em;"><span class="stl_76 stl_08 stl_15">58</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:20.0783em;"><span class="stl_76 stl_08 stl_15">584  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.4283em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">avel expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:21.4283em;"><span class="stl_76 stl_08 stl_15">985  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:21.4283em;"><span class="stl_76 stl_08 stl_15">61</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:21.4283em;"><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.7883em;"><span class="stl_76 stl_08 stl_55">Managemen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t f</span><span class="stl_76 stl_08 stl_138" style="word-spacing:-0.009em;">ees </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.019em;">o </span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0067em;">ed pa</span><span class="stl_77 stl_08 stl_125">rty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.4458em;top:22.7583em;"><span class="stl_77 stl_08 stl_15">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7983em;top:22.7883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:22.7883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:22.7883em;"><span class="stl_76 stl_08 stl_15">115  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:24.1383em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">ke</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_52" style="word-spacing:0.0007em;">ing and en</span><span class="stl_77 stl_08 stl_72">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_113">ainmen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.01em;">t </span><span class="stl_76 stl_08 stl_44">expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:24.1383em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">02  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:24.1383em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:24.1383em;"><span class="stl_76 stl_08 stl_15">159  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:25.4883em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_44">expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:25.4883em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">45  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:25.4883em;"><span class="stl_76 stl_08 stl_15">946  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:25.4883em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">020  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:26.9083em;"><span class="stl_67 stl_08 stl_73" style="word-spacing:-0.0069em;">Total administrative expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5383em;top:26.9083em;"><span class="stl_67 stl_08 stl_29">34,458  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:26.9083em;"><span class="stl_67 stl_08 stl_29">15,696  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9783em;top:26.9083em;"><span class="stl_67 stl_08 stl_29">10,925  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_29" style="word-spacing:-0.0036em;">Auditor remuneration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0009em;">Administrative expenses include fees to the auditors appointed by the shareholder at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0028em;">the Annual General Meeting:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.6748em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:14.4867em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:14.4867em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:14.4867em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.8267em;"><span class="stl_76 stl_08 stl_105">S</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171">u</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_104" style="word-spacing:-0.008em;">ry </span><span class="stl_76 stl_08 stl_28">audi</span><span class="stl_77 stl_08 stl_28">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:15.8267em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:15.8267em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:15.8267em;"><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.0967em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_10">assu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_116" style="word-spacing:-0.0122em;">ance se</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_52">vices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:17.0967em;"><span class="stl_76 stl_08 stl_15">1,6</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:17.0967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1842em;top:17.0967em;"><span class="stl_76 stl_08 stl_15">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.3667em;"><span class="stl_76 stl_08 stl_78" style="word-spacing:0.009em;">Tax se</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">vices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7442em;top:18.3667em;"><span class="stl_77 stl_08 stl_15">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.6383em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.011em;">r </span><span class="stl_76 stl_08 stl_15">se</span><span class="stl_77 stl_08 stl_81">r</span><span class="stl_76 stl_08 stl_57">vices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:19.6383em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0142em;top:19.6383em;"><span class="stl_76 stl_08 stl_15">51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:19.6383em;"><span class="stl_76 stl_08 stl_15">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.9683em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1217em;top:20.9683em;"><span class="stl_67 stl_08 stl_55">2,690  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5042em;top:20.9683em;"><span class="stl_67 stl_08 stl_83">281  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2242em;top:20.9683em;"><span class="stl_67 stl_08 stl_83">164  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.3339em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0012em;">Statutory audit services consist of fees for professional services rendered by EY for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.4239em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0005em;">audit of our annual consolidated financial statements and services that are provided by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.5039em;"><span class="stl_43 stl_08 stl_116" style="word-spacing:0.0038em;">the auditor in connection with statutory audit.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.6764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0017em;">Other assurance services including PCAOB re-audits and assurance reports in respect of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.7564em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.001em;">pro-forma financial information in in connection with regulatory filings, and review of in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.8364em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0013em;">terim financial information.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.0064em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0012em;">Tax services consists of Tax compliance services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.1764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0002em;">Other services consists of services provided for other permitted services, including fees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.2581em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0001em;">for work performed in connection with the U.S. listing in December 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_113" style="word-spacing:0.0013em;">Note 7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_64" style="word-spacing:-0.0044em;">Employee Compensation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_168 stl_08 stl_29" style="word-spacing:-0.0046em;">Onshore - presented within administra-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_168 stl_08 stl_92" style="word-spacing:0.0066em;">tive expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:13.0048em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6917em;top:12.8267em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:12.8267em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:12.8267em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:12.8267em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.2367em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0042em;">Wages and sala</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7717em;top:14.2367em;"><span class="stl_76 stl_08 stl_15">16,95</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:14.2367em;"><span class="stl_76 stl_08 stl_15">8,8</span><span class="stl_77 stl_08 stl_15">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:14.2367em;"><span class="stl_76 stl_08 stl_15">6,6</span><span class="stl_77 stl_08 stl_15">37  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.5067em;"><span class="stl_76 stl_08 stl_55">Emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">e</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_58" style="word-spacing:-0.0005em;">'s con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_22">ibu</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.005em;">ion </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_78" style="word-spacing:-0.001em;">o de</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ined con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_22">ibu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.5067em;"><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0003em;">ion plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:16.5167em;"><span class="stl_76 stl_08 stl_15">84</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:16.5167em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">02  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:16.5167em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.8667em;"><span class="stl_76 stl_08 stl_101">Sha</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_59" style="word-spacing:0.003em;">e based pa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_58">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100">expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0217em;top:17.8467em;"><span class="stl_76 stl_08 stl_15">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:17.8667em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:17.8667em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:17.8667em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.2167em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_58">sho</span><span class="stl_77 stl_08 stl_71">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_70" style="word-spacing:-0.0095em;">m bene</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:19.2167em;"><span class="stl_76 stl_08 stl_15">611  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:19.2167em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:19.2167em;"><span class="stl_76 stl_08 stl_15">145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6517em;top:20.6383em;"><span class="stl_67 stl_08 stl_29">19,549  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8342em;top:20.6383em;"><span class="stl_67 stl_08 stl_79">9,905  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5542em;top:20.6383em;"><span class="stl_67 stl_08 stl_79">7,492  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">Ave</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0066em;">age numbe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ull </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">ime emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_22">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">11</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0142em;top:21.9883em;"><span class="stl_77 stl_08 stl_15">70  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">58  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.2939em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0006em;">Employee compensation includes EUR 660 thousands related to bonus paid, included in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.3839em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0062em;">transaction cost. For more information relate administrative expense</span><span class="stl_43 stl_08 stl_212" style="word-spacing:-0.011em;">s (Note 4)</span><span class="stl_43 stl_08 stl_212" style="word-spacing:-0.011em;">.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.04em;top:29.1564em;"><span class="stl_168 stl_08 stl_41" style="word-spacing:-0.0005em;">Offshore - presented within cost of sales  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:31.0589em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7117em;top:30.8708em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3817em;top:30.8708em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1042em;top:30.8708em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:30.8708em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:32.2908em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0042em;">Wages and sala</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7917em;top:32.2908em;"><span class="stl_76 stl_08 stl_15">14,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5142em;top:32.2908em;"><span class="stl_76 stl_08 stl_15">11,69</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:32.2908em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:33.5508em;"><span class="stl_76 stl_08 stl_55">Emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">e</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_58" style="word-spacing:-0.0005em;">'s con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_22">ibu</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.005em;">ion </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_78" style="word-spacing:-0.001em;">o de</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ined con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_22">ibu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:34.5508em;"><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0003em;">ion plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2417em;top:34.5608em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9642em;top:34.5608em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7542em;top:34.5608em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:35.9125em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_58">sho</span><span class="stl_77 stl_08 stl_71">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_70" style="word-spacing:-0.0095em;">m bene</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:35.9125em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:35.9125em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2042em;top:35.9125em;"><span class="stl_77 stl_08 stl_15">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:37.3325em;"><span class="stl_67 stl_08 stl_258" style="word-spacing:0.0016em;">Total offshore employee compensation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6717em;top:37.3325em;"><span class="stl_67 stl_08 stl_29">15,921  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3942em;top:37.3325em;"><span class="stl_67 stl_08 stl_29">13,089  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5742em;top:37.3325em;"><span class="stl_67 stl_08 stl_79">1,159  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:38.7425em;"><span class="stl_76 stl_08 stl_15">Ave</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0066em;">age numbe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ull </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">ime emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_22">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:38.7425em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:38.7425em;"><span class="stl_76 stl_08 stl_15">16</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7542em;top:38.7425em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9242em;top:10.6298em;"><span class="stl_168 stl_08 stl_40">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:12.5348em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.5958em;top:12.3467em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2683em;top:12.3467em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9883em;top:12.3467em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7083em;top:12.3467em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:13.7667em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0042em;">Wages and sala</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6783em;top:13.7667em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3983em;top:13.7667em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">,566  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5683em;top:13.7667em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:15.0267em;"><span class="stl_76 stl_08 stl_55">Emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">e</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.0066em;">'s con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_22">ibu</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.005em;">ion </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_78" style="word-spacing:-0.001em;">o de</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ined con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_22">ibu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:16.0267em;"><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0003em;">ion plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1283em;top:16.0367em;"><span class="stl_76 stl_08 stl_15">1,9</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8483em;top:16.0367em;"><span class="stl_76 stl_08 stl_15">1,584  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:16.0367em;"><span class="stl_76 stl_08 stl_15">41</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:17.3867em;"><span class="stl_76 stl_08 stl_101">Sha</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_59" style="word-spacing:0.003em;">e based pa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_58">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100">expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.9258em;top:17.3667em;"><span class="stl_76 stl_08 stl_15">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1283em;top:17.3867em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:17.3867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:17.3867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:18.7367em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_58">sho</span><span class="stl_77 stl_08 stl_71">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_25" style="word-spacing:-0.0095em;">m bene</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1283em;top:18.7367em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:18.7367em;"><span class="stl_76 stl_08 stl_15">49</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:18.7367em;"><span class="stl_76 stl_08 stl_15">14</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:20.1583em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:0.001em;">Total employee compensation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5583em;top:20.1583em;"><span class="stl_67 stl_08 stl_29">35,470  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2783em;top:20.1583em;"><span class="stl_67 stl_08 stl_29">22,994  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4583em;top:20.1583em;"><span class="stl_67 stl_08 stl_79">8,651  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:21.5783em;"><span class="stl_76 stl_08 stl_15">Ave</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0066em;">age numbe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ull </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_58" style="word-spacing:0.0235em;">ime emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_22">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:21.5783em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">95  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:21.5783em;"><span class="stl_77 stl_08 stl_15">232  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.6383em;top:21.5783em;"><span class="stl_77 stl_08 stl_15">70  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:22.8383em;"><span class="stl_76 stl_08 stl_52">Numbe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_95">emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.004em;">ees a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t t</span><span class="stl_76 stl_08 stl_96" style="word-spacing:0.0045em;">he end o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.005em;">he </span><span class="stl_77 stl_08 stl_105">r</span><span class="stl_76 stl_08 stl_79">e-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:23.8383em;"><span class="stl_76 stl_08 stl_100">po</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">ing pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:23.8483em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">70  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:23.8483em;"><span class="stl_77 stl_08 stl_15">232  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:23.8483em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.0839em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0036em;">Eneti employees, both onshore and offshore, joined the Group by the end of December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.1739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.002em;">2023. Thus, average number of full-time employees as of 2023 reflect the number of em-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.2564em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0028em;">ployees divided by 12 months. Eneti had 99 onshore full time employees and 176 seafar-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.3364em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">ers by the end of 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.5064em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.002em;">Offshore crew was hired directly by the Company by the end of November 2021. Average  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.5864em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0027em;">number of full-time employees as of 2021 reflect the number of seafarers. The Company  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.6764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0003em;">had 148 seafarers by the end of 2021.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.8381em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0017em;">Labor costs related to certain employees who are working on the management of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.9281em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0012em;">newbuilding process have been capitalised. These capitalised costs amount to EUR 1.1 in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.0081em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0019em;">2023 and EUR 900 thousands in 2022.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0026em;">Lease interest expenses recognised in profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.012em;">a. Interest expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.7548em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5242em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2442em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.9067em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0034em;">expense on lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.003em;">ies (vessels and o</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_15">ice)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4542em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1742em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.1023em;"><span class="stl_118 stl_08 stl_45" style="word-spacing:0.0045em;">b. Lease expense not capitalised in lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.5964em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.7383em;"><span class="stl_76 stl_08 stl_103">Sho</span><span class="stl_77 stl_08 stl_145">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0057em;">m lease expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8242em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:22.7383em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.9439em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:0.0012em;">c. Total cash outflow for all leases in 2023, 2022 and 2021 were EUR 283 thousand, EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.0239em;"><span class="stl_118 stl_08 stl_57" style="word-spacing:-0.0005em;">728 thousand and EUR 315 thousand respectively, excluding variable lease fee (refer to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.1039em;"><span class="stl_118 stl_08 stl_136" style="word-spacing:0.0044em;">Note 24).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.7589em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:31.5808em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:31.5808em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:31.5808em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.9108em;"><span class="stl_76 stl_08 stl_59">Repa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_103">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.003em;">lease liabili</span><span class="stl_77 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:32.9108em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:32.9108em;"><span class="stl_77 stl_08 stl_15">72</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:32.9108em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.1808em;"><span class="stl_76 stl_08 stl_113">Ren</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_55" style="word-spacing:0.0013em;">al above s</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100">andb</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">y r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_121">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:34.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4442em;top:34.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:34.1808em;"><span class="stl_76 stl_08 stl_15">196  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:35.4508em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0008em;">Cash ou</span><span class="stl_77 stl_08 stl_15">tf</span><span class="stl_76 stl_08 stl_96" style="word-spacing:0.001em;">low </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_29" style="word-spacing:-0.0036em;">leases </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">ha</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_79">a</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">e no</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0126em;">t </span><span class="stl_76 stl_08 stl_59">capi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_40">al-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:36.4525em;"><span class="stl_76 stl_08 stl_15">ised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:36.4525em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8242em;top:36.4525em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:36.4525em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4117em;top:37.7925em;"><span class="stl_67 stl_08 stl_83">463  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3142em;top:37.7925em;"><span class="stl_67 stl_08 stl_83">781  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2242em;top:37.7925em;"><span class="stl_67 stl_08 stl_83">545  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0098em;"><span class="stl_39 stl_08 stl_55" style="word-spacing:0.0156em;">2.8. Financial income and expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0019em;">Finance income and expenses comprise interest income and expenses and realised and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">unrealised exchange rate gains and losses on transactions denominated in foreign cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0001em;">rencies as well as fair value adjustments related to the ineffective part of the financial in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_55">struments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0038em;">Interest income and interest expenses are stated on an accrual basis using the principal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0042em;">and the effective interest rate. The effective interest rate is the discount rate that is used  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0032em;">to discount expected future cash payments or receipts through the expected life of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0001em;">financial asset or financial liability to the amortised cost (the carrying value) of such asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:-0.0018em;">or liability.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0098em;"><span class="stl_39 stl_08 stl_55" style="word-spacing:0.0156em;">2.8. Financial income and expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0019em;">Finance income and expenses comprise interest income and expenses and realised and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">unrealised exchange rate gains and losses on transactions denominated in foreign cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0001em;">rencies as well as fair value adjustments related to the ineffective part of the financial in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_55">struments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0038em;">Interest income and interest expenses are stated on an accrual basis using the principal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0042em;">and the effective interest rate. The effective interest rate is the discount rate that is used  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0032em;">to discount expected future cash payments or receipts through the expected life of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0001em;">financial asset or financial liability to the amortised cost (the carrying value) of such asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:-0.0018em;">or liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0087em;">(ii) At subsequent measurement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0021em;">Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0008em;">Financial assets of the Group mainly comprise of cash and bank balances, trade receiva-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0019em;">bles and other current assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0029em;">Interest income from these financial assets are recognised using the effective interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0048em;">rate method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">The Group assesses on forward looking basis the expected credit losses associated with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">its financial assets carried at amortised cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">For trade and other receivables, the Group applied the simplified approach permitted by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">IFRS 9, which requires expected lifetime losses to be recognised from initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0041em;">of the receivables.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0098em;"><span class="stl_39 stl_08 stl_55" style="word-spacing:0.0156em;">2.8. Financial income and expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0019em;">Finance income and expenses comprise interest income and expenses and realised and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">unrealised exchange rate gains and losses on transactions denominated in foreign cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0001em;">rencies as well as fair value adjustments related to the ineffective part of the financial in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_55">struments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0038em;">Interest income and interest expenses are stated on an accrual basis using the principal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0042em;">and the effective interest rate. The effective interest rate is the discount rate that is used  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0032em;">to discount expected future cash payments or receipts through the expected life of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0001em;">financial asset or financial liability to the amortised cost (the carrying value) of such asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:-0.0018em;">or liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_118 stl_08 stl_54" style="word-spacing:0.0118em;">b. Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.003em;">At the commencement date of the lease, the Group recognises lease liabilities meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">ured at the present value of lease payments to be made over the lease term. The lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">payments include fixed payments (including in-substance fixed payments) less any lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0013em;">incentives receivable, variable lease payments that depend on an index or a rate, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.004em;">amounts expected to be paid under residual value guarantees.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.0045em;">Variable lease payments that do not depend on an index or a rate are recognised as ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">penses in the period in which the event or condition that triggers the payment occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">Utilisation lease fees can be classified as a variable fee.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0019em;">In calculating the present value of lease payments, the Group uses its incremental bor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.007em;">rowing rate at the lease commencement date because the interest rate implicit in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0036em;">lease is not readily determinable. After the commencement date, the amount of lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">liabilities is increased to reflect the accretion of interest and reduced for the lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0082em;">ments made.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_102" style="word-spacing:0.0115em;">Note 10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_70" style="word-spacing:-0.0025em;">Finance Income and Expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.8848em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:18.6967em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:18.6967em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:18.6967em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.5783em;"><span class="stl_67 stl_08 stl_294" style="word-spacing:0.0104em;">Interest expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.8483em;"><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.0053em;">- In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_89" style="word-spacing:0.0084em;">linked </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0057em;">o deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_58">liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:21.8483em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,851  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:21.8483em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:21.8483em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">727  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.1183em;"><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.0053em;">- In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_96">wi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.011em;">h </span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_158" style="word-spacing:0.0127em;">ed pa</span><span class="stl_77 stl_08 stl_125">rt</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:23.1183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:23.1183em;"><span class="stl_76 stl_08 stl_15">15</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:23.1183em;"><span class="stl_76 stl_08 stl_15">684  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:24.3883em;"><span class="stl_76 stl_08 stl_15">Fai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.009em;">r </span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0049em;">value change o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_78">de</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_16">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">ive (ine</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_09">ec</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_38">iveness)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:24.3883em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:24.3883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:24.3883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:25.6583em;"><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0017em;">Lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_157">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2942em;top:25.6583em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0142em;top:25.6583em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:25.6583em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:26.9283em;"><span class="stl_76 stl_08 stl_157">Fo</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_100">rr</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_58">loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:26.9283em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:26.9283em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,8</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:26.9283em;"><span class="stl_76 stl_08 stl_15">1,69</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.2008em;"><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0027em;">Bank </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_138">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:28.2008em;"><span class="stl_76 stl_08 stl_15">456  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:28.2008em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:28.2008em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">58  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:29.5408em;"><span class="stl_67 stl_08 stl_253" style="word-spacing:-0.0101em;">Finance expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1217em;top:29.5408em;"><span class="stl_67 stl_08 stl_55">4,486  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8342em;top:29.5408em;"><span class="stl_67 stl_08 stl_79">9,681  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5542em;top:29.5408em;"><span class="stl_67 stl_08 stl_79">5,491  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0098em;"><span class="stl_39 stl_08 stl_55" style="word-spacing:0.0156em;">2.8. Financial income and expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0019em;">Finance income and expenses comprise interest income and expenses and realised and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">unrealised exchange rate gains and losses on transactions denominated in foreign cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0001em;">rencies as well as fair value adjustments related to the ineffective part of the financial in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_55">struments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0038em;">Interest income and interest expenses are stated on an accrual basis using the principal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0042em;">and the effective interest rate. The effective interest rate is the discount rate that is used  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0032em;">to discount expected future cash payments or receipts through the expected life of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0001em;">financial asset or financial liability to the amortised cost (the carrying value) of such asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:-0.0018em;">or liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_102" style="word-spacing:0.0115em;">Note 10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_70" style="word-spacing:-0.0025em;">Finance Income and Expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:10.3423em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:11.4867em;"><span class="stl_76 stl_08 stl_157">Fo</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_100">rr</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_100">gain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:11.4867em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:11.4867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:11.4867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">95  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:12.7667em;"><span class="stl_76 stl_08 stl_15">Fai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.009em;">r </span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0049em;">value change o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_78">de</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_16">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">ive (ine</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_09">ec</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_38">iveness)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:12.7667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:12.7667em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:12.7667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.0367em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_55">gained  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">1,4</span><span class="stl_77 stl_08 stl_15">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:14.0367em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">44  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.3667em;"><span class="stl_67 stl_08 stl_291" style="word-spacing:0.0063em;">Finance income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1117em;top:15.3667em;"><span class="stl_67 stl_08 stl_79">1,541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8342em;top:15.3667em;"><span class="stl_67 stl_08 stl_79">4,031  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:15.3667em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">95  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.8848em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:18.6967em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:18.6967em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:18.6967em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.5783em;"><span class="stl_67 stl_08 stl_294" style="word-spacing:0.0104em;">Interest expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.8483em;"><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.0053em;">- In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_89" style="word-spacing:0.0084em;">linked </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0057em;">o deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_58">liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:21.8483em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,851  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:21.8483em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:21.8483em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">727  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.1183em;"><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.0053em;">- In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_96">wi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.011em;">h </span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_158" style="word-spacing:0.0127em;">ed pa</span><span class="stl_77 stl_08 stl_125">rt</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:23.1183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:23.1183em;"><span class="stl_76 stl_08 stl_15">15</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:23.1183em;"><span class="stl_76 stl_08 stl_15">684  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:24.3883em;"><span class="stl_76 stl_08 stl_15">Fai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.009em;">r </span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0049em;">value change o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_78">de</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_16">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">ive (ine</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_09">ec</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_38">iveness)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:24.3883em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:24.3883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:24.3883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:25.6583em;"><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0017em;">Lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_157">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2942em;top:25.6583em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0142em;top:25.6583em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:25.6583em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:26.9283em;"><span class="stl_76 stl_08 stl_157">Fo</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_100">rr</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_58">loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:26.9283em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:26.9283em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,8</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:26.9283em;"><span class="stl_76 stl_08 stl_15">1,69</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.2008em;"><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0027em;">Bank </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_138">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:28.2008em;"><span class="stl_76 stl_08 stl_15">456  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:28.2008em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:28.2008em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">58  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:29.5408em;"><span class="stl_67 stl_08 stl_253" style="word-spacing:-0.0101em;">Finance expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1217em;top:29.5408em;"><span class="stl_67 stl_08 stl_55">4,486  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8342em;top:29.5408em;"><span class="stl_67 stl_08 stl_79">9,681  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5542em;top:29.5408em;"><span class="stl_67 stl_08 stl_79">5,491  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.9064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0012em;">Total interest paid in 2023 as per Consolidated Statement of Cash Flows amounts to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.9864em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0022em;">EUR 7.1 million (2022: EUR 4.2 million) which have been capitalised to Property, Plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.0664em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0018em;">Equipment. For more information refer to Note 18. Total interest linked to debt liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.1581em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0019em;">include EUR 1.9 million (2022: EUR 0.9) due to write off of loan fees relate to the previous  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.2381em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0014em;">debt facility and an additional EUR 1.0 million from the amendment to that prior facility in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.3181em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0077em;">June 2023.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0098em;"><span class="stl_39 stl_08 stl_55" style="word-spacing:0.0156em;">2.8. Financial income and expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0019em;">Finance income and expenses comprise interest income and expenses and realised and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">unrealised exchange rate gains and losses on transactions denominated in foreign cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0001em;">rencies as well as fair value adjustments related to the ineffective part of the financial in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_55">struments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0038em;">Interest income and interest expenses are stated on an accrual basis using the principal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0042em;">and the effective interest rate. The effective interest rate is the discount rate that is used  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0032em;">to discount expected future cash payments or receipts through the expected life of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0001em;">financial asset or financial liability to the amortised cost (the carrying value) of such asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:-0.0018em;">or liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_102" style="word-spacing:0.0115em;">Note 10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_70" style="word-spacing:-0.0025em;">Finance Income and Expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:10.3423em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:11.4867em;"><span class="stl_76 stl_08 stl_157">Fo</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_100">rr</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_100">gain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:11.4867em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:11.4867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:11.4867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">95  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:12.7667em;"><span class="stl_76 stl_08 stl_15">Fai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.009em;">r </span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0049em;">value change o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_78">de</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_16">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">ive (ine</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_09">ec</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_38">iveness)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:12.7667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:12.7667em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:12.7667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.0367em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_55">gained  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">1,4</span><span class="stl_77 stl_08 stl_15">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:14.0367em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">44  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.3667em;"><span class="stl_67 stl_08 stl_291" style="word-spacing:0.0063em;">Finance income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1117em;top:15.3667em;"><span class="stl_67 stl_08 stl_79">1,541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8342em;top:15.3667em;"><span class="stl_67 stl_08 stl_79">4,031  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:15.3667em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">95  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.9064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0012em;">Total interest paid in 2023 as per Consolidated Statement of Cash Flows amounts to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.9864em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0022em;">EUR 7.1 million (2022: EUR 4.2 million) which have been capitalised to Property, Plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.0664em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0018em;">Equipment. For more information refer to Note 18. Total interest linked to debt liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.1581em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0019em;">include EUR 1.9 million (2022: EUR 0.9) due to write off of loan fees relate to the previous  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.2381em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0014em;">debt facility and an additional EUR 1.0 million from the amendment to that prior facility in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.3181em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0077em;">June 2023.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0098em;"><span class="stl_39 stl_08 stl_55" style="word-spacing:0.0156em;">2.8. Financial income and expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0019em;">Finance income and expenses comprise interest income and expenses and realised and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">unrealised exchange rate gains and losses on transactions denominated in foreign cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0001em;">rencies as well as fair value adjustments related to the ineffective part of the financial in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_55">struments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0038em;">Interest income and interest expenses are stated on an accrual basis using the principal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0042em;">and the effective interest rate. The effective interest rate is the discount rate that is used  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0032em;">to discount expected future cash payments or receipts through the expected life of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0001em;">financial asset or financial liability to the amortised cost (the carrying value) of such asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:-0.0018em;">or liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.8848em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:18.6967em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:18.6967em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:18.6967em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.5783em;"><span class="stl_67 stl_08 stl_294" style="word-spacing:0.0104em;">Interest expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.8483em;"><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.0053em;">- In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_89" style="word-spacing:0.0084em;">linked </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0057em;">o deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_58">liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:21.8483em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,851  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:21.8483em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:21.8483em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">727  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.1183em;"><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.0053em;">- In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_96">wi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.011em;">h </span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_158" style="word-spacing:0.0127em;">ed pa</span><span class="stl_77 stl_08 stl_125">rt</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:23.1183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:23.1183em;"><span class="stl_76 stl_08 stl_15">15</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:23.1183em;"><span class="stl_76 stl_08 stl_15">684  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:24.3883em;"><span class="stl_76 stl_08 stl_15">Fai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.009em;">r </span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0049em;">value change o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_78">de</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_16">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">ive (ine</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_09">ec</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_38">iveness)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:24.3883em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:24.3883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:24.3883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:25.6583em;"><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0017em;">Lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_157">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2942em;top:25.6583em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0142em;top:25.6583em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:25.6583em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:26.9283em;"><span class="stl_76 stl_08 stl_157">Fo</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_100">rr</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_58">loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:26.9283em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:26.9283em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,8</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:26.9283em;"><span class="stl_76 stl_08 stl_15">1,69</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.2008em;"><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0027em;">Bank </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_138">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:28.2008em;"><span class="stl_76 stl_08 stl_15">456  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:28.2008em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:28.2008em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">58  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:29.5408em;"><span class="stl_67 stl_08 stl_253" style="word-spacing:-0.0101em;">Finance expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1217em;top:29.5408em;"><span class="stl_67 stl_08 stl_55">4,486  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8342em;top:29.5408em;"><span class="stl_67 stl_08 stl_79">9,681  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5542em;top:29.5408em;"><span class="stl_67 stl_08 stl_79">5,491  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.9064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0012em;">Total interest paid in 2023 as per Consolidated Statement of Cash Flows amounts to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.9864em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0022em;">EUR 7.1 million (2022: EUR 4.2 million) which have been capitalised to Property, Plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.0664em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0018em;">Equipment. For more information refer to Note 18. Total interest linked to debt liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.1581em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0019em;">include EUR 1.9 million (2022: EUR 0.9) due to write off of loan fees relate to the previous  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.2381em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0014em;">debt facility and an additional EUR 1.0 million from the amendment to that prior facility in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.3181em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0077em;">June 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0026em;">Lease interest expenses recognised in profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.012em;">a. Interest expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.7548em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5242em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2442em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.9067em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0034em;">expense on lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.003em;">ies (vessels and o</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_15">ice)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4542em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1742em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.1023em;"><span class="stl_118 stl_08 stl_45" style="word-spacing:0.0045em;">b. Lease expense not capitalised in lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.5964em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.7383em;"><span class="stl_76 stl_08 stl_103">Sho</span><span class="stl_77 stl_08 stl_145">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0057em;">m lease expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8242em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:22.7383em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.9439em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:0.0012em;">c. Total cash outflow for all leases in 2023, 2022 and 2021 were EUR 283 thousand, EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.0239em;"><span class="stl_118 stl_08 stl_57" style="word-spacing:-0.0005em;">728 thousand and EUR 315 thousand respectively, excluding variable lease fee (refer to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.1039em;"><span class="stl_118 stl_08 stl_136" style="word-spacing:0.0044em;">Note 24).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.7589em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:31.5808em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:31.5808em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:31.5808em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.9108em;"><span class="stl_76 stl_08 stl_59">Repa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_103">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.003em;">lease liabili</span><span class="stl_77 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:32.9108em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:32.9108em;"><span class="stl_77 stl_08 stl_15">72</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:32.9108em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.1808em;"><span class="stl_76 stl_08 stl_113">Ren</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_55" style="word-spacing:0.0013em;">al above s</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100">andb</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">y r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_121">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:34.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4442em;top:34.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:34.1808em;"><span class="stl_76 stl_08 stl_15">196  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:35.4508em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0008em;">Cash ou</span><span class="stl_77 stl_08 stl_15">tf</span><span class="stl_76 stl_08 stl_96" style="word-spacing:0.001em;">low </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_29" style="word-spacing:-0.0036em;">leases </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">ha</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_79">a</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">e no</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0126em;">t </span><span class="stl_76 stl_08 stl_59">capi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_40">al-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:36.4525em;"><span class="stl_76 stl_08 stl_15">ised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:36.4525em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8242em;top:36.4525em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:36.4525em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4117em;top:37.7925em;"><span class="stl_67 stl_08 stl_83">463  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3142em;top:37.7925em;"><span class="stl_67 stl_08 stl_83">781  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2242em;top:37.7925em;"><span class="stl_67 stl_08 stl_83">545  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0018em;">Financial Liabilities: Interest-bearing Loans and Borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_55" style="word-spacing:0.003em;">New Debt Facility </span><span class="stl_168 stl_08 stl_15" style="word-spacing:0.0095em;">– </span><span class="stl_39 stl_08 stl_56" style="word-spacing:0.0115em;">replacing the RCF  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">On 29 June 2022 the Company entered into a Senior Secured Green Revolving Credit Fa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1623em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:-0.0004em;">cility (“RCF”) of a 3</span><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0029em;">-year term loan of EUR 185 million with DNB Bank ASA.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0045em;">The RCF consists of (i) a three-year non-amortizing term loan of EUR 150 million, in addi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">tion to voluntary prepayments in whole or any part of the loan, at any time, the loan will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0021em;">be repayable in a balloon payment of EUR 150 million, and (ii) a guarantee facility of up to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0009em;">EUR 35 million.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7339em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">On 4 July 2022 the Company utilised EUR 115 million from the total EUR 150 million availa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0004em;">ble from the RCF. With these funds the Group repaid in full the outstanding amounts, re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.001em;">lated to the term loan EUR 55 million and overdraft facility EUR 25 million from DNB Bank  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0015em;">ASA and SpareBank 1 SR-Bank signed on 4 November 2020. At that time, the new RCF  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0739em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0013em;">added about EUR 70 million in liquidity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2339em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0038em;">The RCF bears interest at 3-month or 6-month EURIBOR + the Applicable Margin, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3139em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0016em;">subject to a green loan margin discount as long as the Company is in compliance with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">certain green asset criteria such as earmarked investments in green assets. The Group is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4864em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0em;">currently in compliance with this green criteria and are expected to remain compliant for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.5664em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0012em;">the duration of the facility. The full repayment of a senior debt facility generated a fi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6564em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0013em;">nance cost for the write-off of borrowing costs of approximately EUR 810,000 in July  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7464em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0008em;">2022. Due to a confidentiality agreement, the applicable margin cannot be disclosed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9064em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0043em;">In June 2023, the Debt Facility was amended to increase the guarantee facility to EUR 60  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.9881em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">million and to increase the committed revolving credit facility to EUR 250 million, result-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.0681em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.003em;">ing in an increase of the aggregate Debt Facility to EUR 310 million. The above was re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1681em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0017em;">financed and the Group entered into the new RCF, as explained below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.8998em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0006em;">In connection with the Business Combination, the Company on 7 December 2023 en-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.8998em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0022em;">tered into a new senior secured credit and guarantee facilities of up to EUR 550 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.9023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">providing for (i) a revolving credit facility of up to EUR 250 million (5 year tenor), (ii) a re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.9023em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.001em;">volving credit facility of up to EUR 100 million (18 months tenor), (iii) a term loan of up to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.9023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.002em;">EUR 100 million (8.5 year tenor) guaranteed by The Danish Export and Investment Fund  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.9023em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0042em;">of Denmark (EIFO) and (iv) an uncommitted guarantee facility of up to EUR 100 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.9023em;"><span class="stl_46 stl_08 stl_45" style="word-spacing:-0.0025em;">(the “New Debt Facility”). The New Debt Facility has similar terms and conditions as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.9023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0026em;">existing Debt Facility. The change of control provisions are similar to those included in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.9023em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">the P-Class Facility (as described below).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.9039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0012em;">The Company has utilised EUR 162 million from the total EUR 450 million available from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.9039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">the RCF. With these funds the Group repaid </span><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0017em;">the outstanding amounts of Eneti’s previous  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9039em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0035em;">Credit Facility, which amounted to USD 59.4 million (of which Eneti repaid USD 12.6 mil-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9039em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">lion in October 2023 from the proceeds from the sale of Seajacks Hydra, Seajacks Levia-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.9039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0003em;">than and the Seajacks Kraken). In addition, the Group has repaid the amounts under its  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.9039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0017em;">own Debt Facility amounting to EUR 115 million.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.9039em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0016em;">The full repayment of the senior debt facility generated a finance cost for the write off of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.9064em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0053em;">borrowing costs of approximately EUR 1.8 million thousand in 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.9064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0004em;">By the end of the reporting period, EUR 288 million remains unutilised from the RCF.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_92" style="word-spacing:0.0095em;">Holdco Facility</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.385em;top:10.0098em;"><span class="stl_39 stl_08 stl_139" style="word-spacing:-0.0054em;">(EUR 5O million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.9798em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.004em;">On 15 November 2023, the Group entered into an unsecured Holdco Facility in an aggre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.9823em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0007em;">gate amount of EUR 50 million (tenor of five years) with HSBC. The financing includes a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.9823em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0017em;">non-committed accordion option of up to EUR 50 million. The purpose of the Holdco Fa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.9823em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0005em;">cility is, among others, partial funding of the wind installation activities of the Group and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.9823em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0017em;">general corporate purposes. The facility includes customary financial and other cove-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.9823em;"><span class="stl_43 stl_08 stl_59">nants.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.5923em;"><span class="stl_39 stl_08 stl_92" style="word-spacing:0.0026em;">M-Class Facility</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.802em;top:18.5923em;"><span class="stl_39 stl_08 stl_27" style="word-spacing:-0.0046em;">(USD 436 million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.6539em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">In connection with the Business Combination, the Group acquired a senior secured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.7339em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0017em;">green term loan facility, which Eneti entered in November 2023, of up to USD 436 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.8139em;"><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0018em;">(the “New Credit Facility”) with a group of international banks and export credit agencie</span><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0033em;">co-arranged and co-underwritten by Crédit Agricole Corporate and Investment Bank and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.9839em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0026em;">Société Générale, and with Société Générale as Green Loan Coordinator. The New Credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.0639em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0034em;">Facility finances approximately 65% of the purchase cost of the M-Class newbuilding,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.1539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">with the remaining 35% to be funded either by obtaining additional bank financing or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.2339em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0052em;">through available operational cash reserves. The maturity date of the New Credit Facility  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.3164em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0019em;">in relation to each vessel is 12 years from the delivery date of each vessel. The New  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4064em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">Credit Facility bears interest at a blended margin of SOFR plus 2.36% per annum (exclu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.4864em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0047em;">sive of premiums payable to K-SURE and Eksfin). However, the terms of the New Credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.5664em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0015em;">Facility provided that completion of the Business Combination would not trigger a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.6564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0004em;">change of control provision with regard to cancellation and prepayment of the New  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.7464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0025em;">Credit Facility.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0098em;"><span class="stl_39 stl_08 stl_40" style="word-spacing:0.0041em;">P-Class Facility</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.498em;top:10.0098em;"><span class="stl_39 stl_08 stl_31" style="word-spacing:0.0022em;">(USD 425 million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0014em;">Further, Cadeler A/S and two of its subsidiaries, WIND N1064 Limited and WIND N1063  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0001em;">Limited, entered into a Sinosure-backed green term loan facility of up to EUR 425 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0015em;">(12 year tenor) (the "P-Class Facility") in December 2023 to finance the purchase of P-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0014em;">Class newbuilds. The funds under the P-Class Facility have been borrowed by WIND  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0019em;">N1064 Limited and WIND N1063 Limited (the future owners of the P-Class newbuilds) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.4823em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0031em;">may not be reborrowed once repaid. Further financing will be required from 2025 in con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.5623em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0031em;">nection with milestone payments for the A-</span><span class="stl_46 stl_08 stl_49" style="word-spacing:-0.0079em;">Class New Builds. The Cadeler Group’s man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0035em;">agement expects to require approximately EUR 450 million of additional funding for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7339em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0012em;">A-Class New Builds. Cadeler currently has a letter of intent in place for the order of one  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8139em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0044em;">additional A-Class New Build. There can be no guarantee that the financing of such new  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9139em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.002em;">builds and any future upgrades can be obtained on attractive terms or at all.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0939em;"><span class="stl_39 stl_08 stl_41">Covenants  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0025em;">The Group is in compliance with all covenants in the New Debt Facility (RCF):  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:26.9839em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:26.9839em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0027em;">Minimum Free Liquidity: Freely available cash and cash equivalents at of i) the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:28.0664em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0028em;">higher of EUR 35.000.000 or 5% of gross interest bearing debt, if the ratio of for-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:29.1564em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0051em;">ward-looking contract cash flow to net interest bearing debt</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.298em;top:29.1564em;"><span class="stl_43 stl_08 stl_99" style="word-spacing:0.0156em;">are above 50% or ii)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:30.2364em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.001em;">EUR 50,000,000 or an amount equal to 7.5% of the gross interest bearing debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:31.3164em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:-0.0003em;">at all other times.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:32.4064em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:32.4064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0005em;">Equity Ratio: The ratio of book equity to total assets at all times to be minimum  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:33.4864em;"><span class="stl_43 stl_08 stl_54">35%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:34.5664em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:34.5664em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0006em;">Working capital: the working capital shall be higher than zero (0).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:9.9798em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:9.9798em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">Fair market value of vessels: The fair market value of the vessels shall at all times  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0037em;">cover at least 150% of the gross interest bearing debt following the redelivery of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0058em;">the O-Class vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:13.2323em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">Contracted cash flows: If at any reported quarter the aggregated loans exceed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0034em;">80% the forward-looking expected cash revenues from legally binding contracts,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0023em;">the Contracted Cash Flows, the Borrower shall prepay the exceeding part of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">Loans within five (5) Business Days.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:17.5623em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:17.5623em;"><span class="stl_43 stl_08 stl_10">Utilis</span><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0009em;">ation of RCF’s Facility under New Debt Facility must be above the outstand-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:18.6523em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0038em;">ing on ECA Term Loan tranche.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.4839em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0011em;">Further, the Group is in compliance with some additional covenants specified in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.5639em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0029em;">Holdco Facility:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:23.4039em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:23.4039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">Fair market value of vessels: The fair market value of the vessels shall at all times  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:24.4839em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">cover at least 140% of the gross interest bearing debt.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:25.6039em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:25.6039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0022em;">Debt service coverage ratio: Cash flow available for debt service (including avail-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:26.6939em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0007em;">able liquidity covering cash, cash equivalent and undrawn New Debt Facility) at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:27.7764em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0025em;">the Parent Company must be above Debt service cash flow related to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:28.8564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0027em;">Holdco Facility (2:1).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.9798em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0024em;">As of the reported date, the P-Class and M-Class facilities remain unutilised. Given their  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0033em;">non-utilisation, no assessment of compliance with associated covenants has been nec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">essary up to this point. These covenants, if applicable, will require assessment upon utili-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0006em;">sation of the facilities and contain customary financial and other covenants, including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0032em;">certain change of control provisions, similar to those disclosed for the utilised facilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.1523em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0024em;">Additionally, the Group is in compliance with below requirements:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.9823em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0012em;">Restriction on dividends: the Company is not permitted to pay any dividends or other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.0623em;"><span class="stl_46 stl_08 stl_52" style="word-spacing:0.0067em;">distributions without DNB Bank ASA’s written consent. </span><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0039em;">For the New Debt Facility, divi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.1539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0011em;">dends and distributions should not exceed 50% of the consolidated net profit for the re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.2339em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">spective year. Further, in the Holdco Facility, the Company is not allowed to any distribu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.3139em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">tions before the delivery of the P-Class, A-Class and M-Class.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0006em;">Change of control: If any person or group of persons (other than Swire Pacific or the BW  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.2339em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">Group) acting in concert directly or indirectly gains control of 25% or more of the voting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.3139em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0003em;">and/or ordinary shares of the Borrower, the Agent (acting on instructions from the major-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.4039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0023em;">ity lenders) may by written notice of sixty (60) days cancel the total commitments and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4864em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0009em;">demand prepayment of all amounts outstanding under the facilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0018em;">Financial Liabilities: Interest-bearing Loans and Borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:7.2998em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.002em;">Continued from previous page  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:10.1742em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.6858em;top:10.1742em;"><span class="stl_67 stl_08 stl_12" style="word-spacing:-0.0048em;">Committed (EUR millions)¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0283em;top:10.3623em;"><span class="stl_74 stl_08 stl_106">Rela</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_40" style="word-spacing:0.016em;">ed de</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_102">iva</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_33" style="word-spacing:0.008em;">ives con</span><span class="stl_98 stl_08 stl_15">tr</span><span class="stl_74 stl_08 stl_101">ac</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6183em;top:11.4423em;"><span class="stl_74 stl_08 stl_197">Ave</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_308" style="word-spacing:0.032em;">age IRS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4383em;top:11.4423em;"><span class="stl_74 stl_08 stl_72" style="word-spacing:0.003em;">IRS nominal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:12.2848em;"><span class="stl_74 stl_08 stl_157">In</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_104">e</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_310">es</span><span class="stl_98 stl_08 stl_15" style="word-spacing:0.01em;">t r</span><span class="stl_74 stl_08 stl_105">a</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_15">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:12.2848em;"><span class="stl_74 stl_08 stl_15">Ma</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_20">u</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_15">i</span><span class="stl_98 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2958em;top:12.0967em;"><span class="stl_67 stl_08 stl_294">Utilised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3283em;top:12.0967em;"><span class="stl_67 stl_08 stl_121">Unused  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.7783em;top:12.2848em;"><span class="stl_98 stl_08 stl_197">r</span><span class="stl_74 stl_08 stl_309">a</span><span class="stl_98 stl_08 stl_135">t</span><span class="stl_74 stl_08 stl_135">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.9783em;top:12.2848em;"><span class="stl_74 stl_08 stl_254" style="word-spacing:-0.0032em;">(EUR millions)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:13.9667em;"><span class="stl_67 stl_08 stl_229">Secured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:15.2367em;"><span class="stl_111 stl_08 stl_116" style="word-spacing:0.0014em;">3 months EURIBOR +  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:16.2367em;"><span class="stl_76 stl_08 stl_30" style="word-spacing:-0.0098em;">New Deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15">Facili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ty </span><span class="stl_76 stl_08 stl_89">(RCF)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:16.2367em;"><span class="stl_111 stl_08 stl_15">2.4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:16.2367em;"><span class="stl_77 stl_08 stl_15">203</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.6458em;top:16.2367em;"><span class="stl_76 stl_08 stl_15">16</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:16.2367em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:16.2367em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">.</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1783em;top:16.2367em;"><span class="stl_76 stl_08 stl_15">15</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:17.5167em;"><span class="stl_76 stl_08 stl_30" style="word-spacing:-0.0098em;">New Deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15">Facili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0059em;">ty </span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0013em;">- </span><span class="stl_77 stl_08 stl_96">G</span><span class="stl_76 stl_08 stl_20">ua</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">an</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_250">ee  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1542em;top:17.5167em;"><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">.8</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.0003em;">% - 1.</span><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:17.5167em;"><span class="stl_77 stl_08 stl_15">202</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.0958em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">45  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1783em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:18.8467em;"><span class="stl_67 stl_08 stl_306" style="word-spacing:0.0009em;">Total New Debt Facility  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.6458em;top:18.8467em;"><span class="stl_77 stl_08 stl_15">207  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:18.8467em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:20.1083em;"><span class="stl_111 stl_08 stl_116" style="word-spacing:0.0014em;">3 months EURIBOR +  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.1183em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:-0.0021em;">P-Class Facili</span><span class="stl_77 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:21.1083em;"><span class="stl_111 stl_08 stl_15" style="word-spacing:-0.0023em;">(0.90% - 2.4%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:21.1183em;"><span class="stl_77 stl_08 stl_15">203</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:21.1183em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:21.1183em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1783em;top:21.1183em;"><span class="stl_77 stl_08 stl_15">203  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:22.3883em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0017em;">M-Class Facili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ty </span><span class="stl_76 stl_08 stl_29" style="word-spacing:-0.0085em;">(USD 4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0006em;">6 million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:22.3883em;"><span class="stl_111 stl_08 stl_100" style="word-spacing:0.0045em;">SOFR + 2.4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:22.3883em;"><span class="stl_77 stl_08 stl_15">203</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:22.3883em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:24.2583em;"><span class="stl_67 stl_08 stl_195">Unsecured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:25.5283em;"><span class="stl_111 stl_08 stl_116" style="word-spacing:0.0014em;">3 months EURIBOR +  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:26.5383em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.007em;">HoldCo Facili</span><span class="stl_77 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:26.5283em;"><span class="stl_111 stl_08 stl_15">4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:26.5383em;"><span class="stl_77 stl_08 stl_15">202</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.0958em;top:26.5383em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7983em;top:26.5383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:27.8708em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:-0.0033em;">Total (excluding Guarantee facility)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5858em;top:27.8708em;"><span class="stl_67 stl_08 stl_83">212  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.0083em;top:27.8708em;"><span class="stl_67 stl_08 stl_92">1,107  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0098em;"><span class="stl_39 stl_08 stl_55" style="word-spacing:0.0156em;">2.8. Financial income and expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0019em;">Finance income and expenses comprise interest income and expenses and realised and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">unrealised exchange rate gains and losses on transactions denominated in foreign cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0001em;">rencies as well as fair value adjustments related to the ineffective part of the financial in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_55">struments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0038em;">Interest income and interest expenses are stated on an accrual basis using the principal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0042em;">and the effective interest rate. The effective interest rate is the discount rate that is used  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0032em;">to discount expected future cash payments or receipts through the expected life of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0001em;">financial asset or financial liability to the amortised cost (the carrying value) of such asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:-0.0018em;">or liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0087em;">(ii) At subsequent measurement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0021em;">Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0008em;">Financial assets of the Group mainly comprise of cash and bank balances, trade receiva-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0019em;">bles and other current assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0029em;">Interest income from these financial assets are recognised using the effective interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0048em;">rate method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">The Group assesses on forward looking basis the expected credit losses associated with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">its financial assets carried at amortised cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">For trade and other receivables, the Group applied the simplified approach permitted by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">IFRS 9, which requires expected lifetime losses to be recognised from initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0041em;">of the receivables.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_102" style="word-spacing:0.0115em;">Note 10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_70" style="word-spacing:-0.0025em;">Finance Income and Expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:10.3423em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:11.4867em;"><span class="stl_76 stl_08 stl_157">Fo</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_100">rr</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_100">gain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:11.4867em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:11.4867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:11.4867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">95  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:12.7667em;"><span class="stl_76 stl_08 stl_15">Fai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.009em;">r </span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0049em;">value change o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_78">de</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_16">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">ive (ine</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_09">ec</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_38">iveness)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:12.7667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:12.7667em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:12.7667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.0367em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_55">gained  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">1,4</span><span class="stl_77 stl_08 stl_15">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:14.0367em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">44  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.3667em;"><span class="stl_67 stl_08 stl_291" style="word-spacing:0.0063em;">Finance income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1117em;top:15.3667em;"><span class="stl_67 stl_08 stl_79">1,541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8342em;top:15.3667em;"><span class="stl_67 stl_08 stl_79">4,031  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:15.3667em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">95  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0098em;"><span class="stl_39 stl_08 stl_55" style="word-spacing:0.0156em;">2.8. Financial income and expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0019em;">Finance income and expenses comprise interest income and expenses and realised and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">unrealised exchange rate gains and losses on transactions denominated in foreign cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0001em;">rencies as well as fair value adjustments related to the ineffective part of the financial in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_55">struments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0038em;">Interest income and interest expenses are stated on an accrual basis using the principal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0042em;">and the effective interest rate. The effective interest rate is the discount rate that is used  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0032em;">to discount expected future cash payments or receipts through the expected life of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0001em;">financial asset or financial liability to the amortised cost (the carrying value) of such asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:-0.0018em;">or liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0018em;">Financial Liabilities: Interest-bearing Loans and Borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_55" style="word-spacing:0.003em;">New Debt Facility </span><span class="stl_168 stl_08 stl_15" style="word-spacing:0.0095em;">– </span><span class="stl_39 stl_08 stl_56" style="word-spacing:0.0115em;">replacing the RCF  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">On 29 June 2022 the Company entered into a Senior Secured Green Revolving Credit Fa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1623em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:-0.0004em;">cility (“RCF”) of a 3</span><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0029em;">-year term loan of EUR 185 million with DNB Bank ASA.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0045em;">The RCF consists of (i) a three-year non-amortizing term loan of EUR 150 million, in addi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">tion to voluntary prepayments in whole or any part of the loan, at any time, the loan will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0021em;">be repayable in a balloon payment of EUR 150 million, and (ii) a guarantee facility of up to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0009em;">EUR 35 million.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7339em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">On 4 July 2022 the Company utilised EUR 115 million from the total EUR 150 million availa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0004em;">ble from the RCF. With these funds the Group repaid in full the outstanding amounts, re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.001em;">lated to the term loan EUR 55 million and overdraft facility EUR 25 million from DNB Bank  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0015em;">ASA and SpareBank 1 SR-Bank signed on 4 November 2020. At that time, the new RCF  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0739em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0013em;">added about EUR 70 million in liquidity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2339em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0038em;">The RCF bears interest at 3-month or 6-month EURIBOR + the Applicable Margin, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3139em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0016em;">subject to a green loan margin discount as long as the Company is in compliance with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">certain green asset criteria such as earmarked investments in green assets. The Group is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4864em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0em;">currently in compliance with this green criteria and are expected to remain compliant for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.5664em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0012em;">the duration of the facility. The full repayment of a senior debt facility generated a fi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6564em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0013em;">nance cost for the write-off of borrowing costs of approximately EUR 810,000 in July  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7464em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0008em;">2022. Due to a confidentiality agreement, the applicable margin cannot be disclosed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9064em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0043em;">In June 2023, the Debt Facility was amended to increase the guarantee facility to EUR 60  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.9881em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">million and to increase the committed revolving credit facility to EUR 250 million, result-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.0681em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.003em;">ing in an increase of the aggregate Debt Facility to EUR 310 million. The above was re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1681em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0017em;">financed and the Group entered into the new RCF, as explained below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.8998em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0006em;">In connection with the Business Combination, the Company on 7 December 2023 en-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.8998em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0022em;">tered into a new senior secured credit and guarantee facilities of up to EUR 550 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.9023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">providing for (i) a revolving credit facility of up to EUR 250 million (5 year tenor), (ii) a re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.9023em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.001em;">volving credit facility of up to EUR 100 million (18 months tenor), (iii) a term loan of up to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.9023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.002em;">EUR 100 million (8.5 year tenor) guaranteed by The Danish Export and Investment Fund  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.9023em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0042em;">of Denmark (EIFO) and (iv) an uncommitted guarantee facility of up to EUR 100 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.9023em;"><span class="stl_46 stl_08 stl_45" style="word-spacing:-0.0025em;">(the “New Debt Facility”). The New Debt Facility has similar terms and conditions as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.9023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0026em;">existing Debt Facility. The change of control provisions are similar to those included in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.9023em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">the P-Class Facility (as described below).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.9039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0012em;">The Company has utilised EUR 162 million from the total EUR 450 million available from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.9039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">the RCF. With these funds the Group repaid </span><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0017em;">the outstanding amounts of Eneti’s previous  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9039em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0035em;">Credit Facility, which amounted to USD 59.4 million (of which Eneti repaid USD 12.6 mil-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9039em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">lion in October 2023 from the proceeds from the sale of Seajacks Hydra, Seajacks Levia-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.9039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0003em;">than and the Seajacks Kraken). In addition, the Group has repaid the amounts under its  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.9039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0017em;">own Debt Facility amounting to EUR 115 million.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.9039em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0016em;">The full repayment of the senior debt facility generated a finance cost for the write off of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.9064em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0053em;">borrowing costs of approximately EUR 1.8 million thousand in 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.9064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0004em;">By the end of the reporting period, EUR 288 million remains unutilised from the RCF.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_92" style="word-spacing:0.0095em;">Holdco Facility</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.385em;top:10.0098em;"><span class="stl_39 stl_08 stl_139" style="word-spacing:-0.0054em;">(EUR 5O million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.9798em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.004em;">On 15 November 2023, the Group entered into an unsecured Holdco Facility in an aggre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.9823em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0007em;">gate amount of EUR 50 million (tenor of five years) with HSBC. The financing includes a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.9823em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0017em;">non-committed accordion option of up to EUR 50 million. The purpose of the Holdco Fa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.9823em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0005em;">cility is, among others, partial funding of the wind installation activities of the Group and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.9823em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0017em;">general corporate purposes. The facility includes customary financial and other cove-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.9823em;"><span class="stl_43 stl_08 stl_59">nants.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.5923em;"><span class="stl_39 stl_08 stl_92" style="word-spacing:0.0026em;">M-Class Facility</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.802em;top:18.5923em;"><span class="stl_39 stl_08 stl_27" style="word-spacing:-0.0046em;">(USD 436 million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.6539em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">In connection with the Business Combination, the Group acquired a senior secured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.7339em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0017em;">green term loan facility, which Eneti entered in November 2023, of up to USD 436 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.8139em;"><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0018em;">(the “New Credit Facility”) with a group of international banks and export credit agencie</span><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0033em;">co-arranged and co-underwritten by Crédit Agricole Corporate and Investment Bank and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.9839em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0026em;">Société Générale, and with Société Générale as Green Loan Coordinator. The New Credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.0639em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0034em;">Facility finances approximately 65% of the purchase cost of the M-Class newbuilding,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.1539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">with the remaining 35% to be funded either by obtaining additional bank financing or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.2339em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0052em;">through available operational cash reserves. The maturity date of the New Credit Facility  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.3164em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0019em;">in relation to each vessel is 12 years from the delivery date of each vessel. The New  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4064em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">Credit Facility bears interest at a blended margin of SOFR plus 2.36% per annum (exclu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.4864em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0047em;">sive of premiums payable to K-SURE and Eksfin). However, the terms of the New Credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.5664em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0015em;">Facility provided that completion of the Business Combination would not trigger a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.6564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0004em;">change of control provision with regard to cancellation and prepayment of the New  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.7464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0025em;">Credit Facility.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0098em;"><span class="stl_39 stl_08 stl_40" style="word-spacing:0.0041em;">P-Class Facility</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.498em;top:10.0098em;"><span class="stl_39 stl_08 stl_31" style="word-spacing:0.0022em;">(USD 425 million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0014em;">Further, Cadeler A/S and two of its subsidiaries, WIND N1064 Limited and WIND N1063  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0001em;">Limited, entered into a Sinosure-backed green term loan facility of up to EUR 425 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0015em;">(12 year tenor) (the "P-Class Facility") in December 2023 to finance the purchase of P-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0014em;">Class newbuilds. The funds under the P-Class Facility have been borrowed by WIND  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0019em;">N1064 Limited and WIND N1063 Limited (the future owners of the P-Class newbuilds) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.4823em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0031em;">may not be reborrowed once repaid. Further financing will be required from 2025 in con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.5623em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0031em;">nection with milestone payments for the A-</span><span class="stl_46 stl_08 stl_49" style="word-spacing:-0.0079em;">Class New Builds. The Cadeler Group’s man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0035em;">agement expects to require approximately EUR 450 million of additional funding for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7339em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0012em;">A-Class New Builds. Cadeler currently has a letter of intent in place for the order of one  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8139em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0044em;">additional A-Class New Build. There can be no guarantee that the financing of such new  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9139em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.002em;">builds and any future upgrades can be obtained on attractive terms or at all.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0939em;"><span class="stl_39 stl_08 stl_41">Covenants  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0025em;">The Group is in compliance with all covenants in the New Debt Facility (RCF):  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:26.9839em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:26.9839em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0027em;">Minimum Free Liquidity: Freely available cash and cash equivalents at of i) the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:28.0664em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0028em;">higher of EUR 35.000.000 or 5% of gross interest bearing debt, if the ratio of for-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:29.1564em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0051em;">ward-looking contract cash flow to net interest bearing debt</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.298em;top:29.1564em;"><span class="stl_43 stl_08 stl_99" style="word-spacing:0.0156em;">are above 50% or ii)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:30.2364em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.001em;">EUR 50,000,000 or an amount equal to 7.5% of the gross interest bearing debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:31.3164em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:-0.0003em;">at all other times.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:32.4064em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:32.4064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0005em;">Equity Ratio: The ratio of book equity to total assets at all times to be minimum  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:33.4864em;"><span class="stl_43 stl_08 stl_54">35%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:34.5664em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:34.5664em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0006em;">Working capital: the working capital shall be higher than zero (0).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:9.9798em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:9.9798em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">Fair market value of vessels: The fair market value of the vessels shall at all times  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0037em;">cover at least 150% of the gross interest bearing debt following the redelivery of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0058em;">the O-Class vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:13.2323em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">Contracted cash flows: If at any reported quarter the aggregated loans exceed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0034em;">80% the forward-looking expected cash revenues from legally binding contracts,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0023em;">the Contracted Cash Flows, the Borrower shall prepay the exceeding part of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">Loans within five (5) Business Days.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:17.5623em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:17.5623em;"><span class="stl_43 stl_08 stl_10">Utilis</span><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0009em;">ation of RCF’s Facility under New Debt Facility must be above the outstand-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:18.6523em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0038em;">ing on ECA Term Loan tranche.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.4839em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0011em;">Further, the Group is in compliance with some additional covenants specified in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.5639em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0029em;">Holdco Facility:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:23.4039em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:23.4039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">Fair market value of vessels: The fair market value of the vessels shall at all times  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:24.4839em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">cover at least 140% of the gross interest bearing debt.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:25.6039em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:25.6039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0022em;">Debt service coverage ratio: Cash flow available for debt service (including avail-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:26.6939em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0007em;">able liquidity covering cash, cash equivalent and undrawn New Debt Facility) at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:27.7764em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0025em;">the Parent Company must be above Debt service cash flow related to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:28.8564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0027em;">Holdco Facility (2:1).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.9798em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0024em;">As of the reported date, the P-Class and M-Class facilities remain unutilised. Given their  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0033em;">non-utilisation, no assessment of compliance with associated covenants has been nec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">essary up to this point. These covenants, if applicable, will require assessment upon utili-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0006em;">sation of the facilities and contain customary financial and other covenants, including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0032em;">certain change of control provisions, similar to those disclosed for the utilised facilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.1523em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0024em;">Additionally, the Group is in compliance with below requirements:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.9823em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0012em;">Restriction on dividends: the Company is not permitted to pay any dividends or other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.0623em;"><span class="stl_46 stl_08 stl_52" style="word-spacing:0.0067em;">distributions without DNB Bank ASA’s written consent. </span><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0039em;">For the New Debt Facility, divi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.1539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0011em;">dends and distributions should not exceed 50% of the consolidated net profit for the re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.2339em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">spective year. Further, in the Holdco Facility, the Company is not allowed to any distribu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.3139em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">tions before the delivery of the P-Class, A-Class and M-Class.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0006em;">Change of control: If any person or group of persons (other than Swire Pacific or the BW  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.2339em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">Group) acting in concert directly or indirectly gains control of 25% or more of the voting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.3139em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0003em;">and/or ordinary shares of the Borrower, the Agent (acting on instructions from the major-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.4039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0023em;">ity lenders) may by written notice of sixty (60) days cancel the total commitments and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4864em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0009em;">demand prepayment of all amounts outstanding under the facilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0018em;">Financial Liabilities: Interest-bearing Loans and Borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:7.2998em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.002em;">Continued from previous page  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:10.1742em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.6858em;top:10.1742em;"><span class="stl_67 stl_08 stl_12" style="word-spacing:-0.0048em;">Committed (EUR millions)¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0283em;top:10.3623em;"><span class="stl_74 stl_08 stl_106">Rela</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_40" style="word-spacing:0.016em;">ed de</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_102">iva</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_33" style="word-spacing:0.008em;">ives con</span><span class="stl_98 stl_08 stl_15">tr</span><span class="stl_74 stl_08 stl_101">ac</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6183em;top:11.4423em;"><span class="stl_74 stl_08 stl_197">Ave</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_308" style="word-spacing:0.032em;">age IRS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4383em;top:11.4423em;"><span class="stl_74 stl_08 stl_72" style="word-spacing:0.003em;">IRS nominal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:12.2848em;"><span class="stl_74 stl_08 stl_157">In</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_104">e</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_310">es</span><span class="stl_98 stl_08 stl_15" style="word-spacing:0.01em;">t r</span><span class="stl_74 stl_08 stl_105">a</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_15">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:12.2848em;"><span class="stl_74 stl_08 stl_15">Ma</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_20">u</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_15">i</span><span class="stl_98 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2958em;top:12.0967em;"><span class="stl_67 stl_08 stl_294">Utilised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3283em;top:12.0967em;"><span class="stl_67 stl_08 stl_121">Unused  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.7783em;top:12.2848em;"><span class="stl_98 stl_08 stl_197">r</span><span class="stl_74 stl_08 stl_309">a</span><span class="stl_98 stl_08 stl_135">t</span><span class="stl_74 stl_08 stl_135">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.9783em;top:12.2848em;"><span class="stl_74 stl_08 stl_254" style="word-spacing:-0.0032em;">(EUR millions)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:13.9667em;"><span class="stl_67 stl_08 stl_229">Secured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:15.2367em;"><span class="stl_111 stl_08 stl_116" style="word-spacing:0.0014em;">3 months EURIBOR +  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:16.2367em;"><span class="stl_76 stl_08 stl_30" style="word-spacing:-0.0098em;">New Deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15">Facili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ty </span><span class="stl_76 stl_08 stl_89">(RCF)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:16.2367em;"><span class="stl_111 stl_08 stl_15">2.4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:16.2367em;"><span class="stl_77 stl_08 stl_15">203</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.6458em;top:16.2367em;"><span class="stl_76 stl_08 stl_15">16</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:16.2367em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:16.2367em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">.</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1783em;top:16.2367em;"><span class="stl_76 stl_08 stl_15">15</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:17.5167em;"><span class="stl_76 stl_08 stl_30" style="word-spacing:-0.0098em;">New Deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15">Facili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0059em;">ty </span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0013em;">- </span><span class="stl_77 stl_08 stl_96">G</span><span class="stl_76 stl_08 stl_20">ua</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">an</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_250">ee  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1542em;top:17.5167em;"><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">.8</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.0003em;">% - 1.</span><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:17.5167em;"><span class="stl_77 stl_08 stl_15">202</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.0958em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">45  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1783em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:18.8467em;"><span class="stl_67 stl_08 stl_306" style="word-spacing:0.0009em;">Total New Debt Facility  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.6458em;top:18.8467em;"><span class="stl_77 stl_08 stl_15">207  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:18.8467em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:20.1083em;"><span class="stl_111 stl_08 stl_116" style="word-spacing:0.0014em;">3 months EURIBOR +  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.1183em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:-0.0021em;">P-Class Facili</span><span class="stl_77 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:21.1083em;"><span class="stl_111 stl_08 stl_15" style="word-spacing:-0.0023em;">(0.90% - 2.4%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:21.1183em;"><span class="stl_77 stl_08 stl_15">203</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:21.1183em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:21.1183em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1783em;top:21.1183em;"><span class="stl_77 stl_08 stl_15">203  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:22.3883em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0017em;">M-Class Facili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ty </span><span class="stl_76 stl_08 stl_29" style="word-spacing:-0.0085em;">(USD 4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0006em;">6 million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:22.3883em;"><span class="stl_111 stl_08 stl_100" style="word-spacing:0.0045em;">SOFR + 2.4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:22.3883em;"><span class="stl_77 stl_08 stl_15">203</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:22.3883em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:24.2583em;"><span class="stl_67 stl_08 stl_195">Unsecured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:25.5283em;"><span class="stl_111 stl_08 stl_116" style="word-spacing:0.0014em;">3 months EURIBOR +  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:26.5383em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.007em;">HoldCo Facili</span><span class="stl_77 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:26.5283em;"><span class="stl_111 stl_08 stl_15">4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:26.5383em;"><span class="stl_77 stl_08 stl_15">202</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.0958em;top:26.5383em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7983em;top:26.5383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:27.8708em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:-0.0033em;">Total (excluding Guarantee facility)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5858em;top:27.8708em;"><span class="stl_67 stl_08 stl_83">212  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.0083em;top:27.8708em;"><span class="stl_67 stl_08 stl_92">1,107  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_118 stl_08 stl_99" style="word-spacing:0.0307em;">2.6.2. Goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">Goodwill arises from business combinations and is determined as the excess of the pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.002em;">chase price over the fair value of the net assets acquired, including contingent liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.002em;">Goodwill is allocated to the cash generating unit as determined by Management. Good-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">will is not amortised but is tested for impairment at least once a year or sooner if impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0012em;">ment indication arises.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_118 stl_08 stl_99" style="word-spacing:0.0307em;">2.6.2. Goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">Goodwill arises from business combinations and is determined as the excess of the pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.002em;">chase price over the fair value of the net assets acquired, including contingent liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.002em;">Goodwill is allocated to the cash generating unit as determined by Management. Good-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">will is not amortised but is tested for impairment at least once a year or sooner if impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0012em;">ment indication arises.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_39 stl_08 stl_54" style="word-spacing:0.0199em;">2.9. Borrowing costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0011em;">Borrowing costs are capitalised in accordance with IAS 23, where borrowing costs di-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0012em;">rectly attributable to the construction of assets are capitalised until such a time as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0018em;">asset is substantially ready for its intended use. Borrowing costs consist of interest and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0012em;">other costs that the Group incurs in connection with the borrowing of funds, including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.001em;">fees for guarantees provided by related parties.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_118 stl_08 stl_54" style="word-spacing:0.0118em;">b. Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.003em;">At the commencement date of the lease, the Group recognises lease liabilities meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">ured at the present value of lease payments to be made over the lease term. The lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">payments include fixed payments (including in-substance fixed payments) less any lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0013em;">incentives receivable, variable lease payments that depend on an index or a rate, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.004em;">amounts expected to be paid under residual value guarantees.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.0045em;">Variable lease payments that do not depend on an index or a rate are recognised as ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">penses in the period in which the event or condition that triggers the payment occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">Utilisation lease fees can be classified as a variable fee.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0019em;">In calculating the present value of lease payments, the Group uses its incremental bor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.007em;">rowing rate at the lease commencement date because the interest rate implicit in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0036em;">lease is not readily determinable. After the commencement date, the amount of lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">liabilities is increased to reflect the accretion of interest and reduced for the lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0082em;">ments made.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">In addition, the carrying amount of lease liabilities is remeasured if there is a modifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0036em;">tion, a change in the lease term, a change in the lease payments (e.g., changes to future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0017em;">payments resulting from a change in an index or rate used to determine such lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">ments) or a change in the assessment of an option to purchase the underlying asset.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_118 stl_08 stl_28" style="word-spacing:0.0035em;">c. Short-term and low-value leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0032em;">The Group has elected to not recognise right-of-use assets and lease liabilities for short-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_24" style="word-spacing:-0.0053em;">term leases that have lease terms of 12 months or less and leases of low value-leases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0033em;">Lease payments relating to these leases are expensed to profit or loss on a straight-line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.005em;">basis over the lease term. Short-term and low-value leases consists of cars, coffee ma-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0015em;">chines, office premises and AV equipment.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_39 stl_08 stl_54" style="word-spacing:0.0199em;">2.9. Borrowing costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0011em;">Borrowing costs are capitalised in accordance with IAS 23, where borrowing costs di-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0012em;">rectly attributable to the construction of assets are capitalised until such a time as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0018em;">asset is substantially ready for its intended use. Borrowing costs consist of interest and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0012em;">other costs that the Group incurs in connection with the borrowing of funds, including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.001em;">fees for guarantees provided by related parties.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_118 stl_08 stl_54" style="word-spacing:0.0118em;">b. Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.003em;">At the commencement date of the lease, the Group recognises lease liabilities meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">ured at the present value of lease payments to be made over the lease term. The lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">payments include fixed payments (including in-substance fixed payments) less any lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0013em;">incentives receivable, variable lease payments that depend on an index or a rate, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.004em;">amounts expected to be paid under residual value guarantees.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.0045em;">Variable lease payments that do not depend on an index or a rate are recognised as ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">penses in the period in which the event or condition that triggers the payment occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">Utilisation lease fees can be classified as a variable fee.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0019em;">In calculating the present value of lease payments, the Group uses its incremental bor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.007em;">rowing rate at the lease commencement date because the interest rate implicit in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0036em;">lease is not readily determinable. After the commencement date, the amount of lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">liabilities is increased to reflect the accretion of interest and reduced for the lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0082em;">ments made.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">In addition, the carrying amount of lease liabilities is remeasured if there is a modifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0036em;">tion, a change in the lease term, a change in the lease payments (e.g., changes to future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0017em;">payments resulting from a change in an index or rate used to determine such lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">ments) or a change in the assessment of an option to purchase the underlying asset.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_118 stl_08 stl_28" style="word-spacing:0.0035em;">c. Short-term and low-value leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0032em;">The Group has elected to not recognise right-of-use assets and lease liabilities for short-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_24" style="word-spacing:-0.0053em;">term leases that have lease terms of 12 months or less and leases of low value-leases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0033em;">Lease payments relating to these leases are expensed to profit or loss on a straight-line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.005em;">basis over the lease term. Short-term and low-value leases consists of cars, coffee ma-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0015em;">chines, office premises and AV equipment.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_39 stl_08 stl_54" style="word-spacing:0.0199em;">2.9. Borrowing costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0011em;">Borrowing costs are capitalised in accordance with IAS 23, where borrowing costs di-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0012em;">rectly attributable to the construction of assets are capitalised until such a time as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0018em;">asset is substantially ready for its intended use. Borrowing costs consist of interest and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0012em;">other costs that the Group incurs in connection with the borrowing of funds, including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.001em;">fees for guarantees provided by related parties.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4364em;"><span class="stl_39 stl_08 stl_59" style="word-spacing:0.0282em;">2.19. Financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">Debt to credit institutions etc. is recognised at the time of borrowing at fair value after  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0032em;">deduction of transaction costs incurred. Subsequently, the financial liabilities are meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.002em;">ured at amortised cost using the "effective interest method", so that the difference be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0024em;">tween the proceeds and the nominal value is recognised in the income statement under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0em;">financial expenses over the loan period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0004em;">A financial liability is derecognised when the obligation under the liability is discharged,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_136" style="word-spacing:0.0069em;">cancelled or expires.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">When an existing financial liability is replaced by another from the same lender on sub-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">stantially different terms, or the terms of an existing liability are substantially modified,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0021em;">such an exchange or modification is treated as the derecognition of the original liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.003em;">and the recognition of a new liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0046em;">The difference in the respective carrying amounts of the asset and the liability is recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_59" style="word-spacing:0.0024em;">nised in the statement of profit and loss.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.1864em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0285em;">2.7. Employee compensation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.2764em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0032em;">Employee benefits are recognised as an expense, unless the cost qualifies to be capital-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.3564em;"><span class="stl_43 stl_08 stl_34" style="word-spacing:0.0047em;">ised as an asset.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.5264em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0009em;">Employee compensations include wages and salaries, including compensated absence  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.6064em;"><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0028em;">and pensions, as well as other social security contributions made to the entity’s employ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.6964em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0023em;">ees or public &amp; government authorities. The item is net of support schemes made by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.7764em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">public &amp; government authorities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_39 stl_08 stl_54" style="word-spacing:0.0109em;">2.23. Share based payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0029em;">Employees (including senior executives) of the Group receive remuneration in the form  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0004em;">of share-based payments, whereby employees render services as consideration for eq-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">uity instruments (equity-settled transactions).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:-0.0003em;">Equity-settled transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">The cost of equity-settled transactions is determined by the fair value at the date when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0013em;">the grant is made using an appropriate valuation model.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0019em;">That cost is recognised in employee benefits expenses, together with a corresponding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0017em;">increase in equity (retained earnings), over the period in which the service and, where ap-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0023em;">plicable, the performance conditions are fulfilled (the vesting period). The cumulative ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">pense recognised for equity-settled transactions at each reporting date until the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0em;">date reflects the extent to which the vesting period has expired and the Group’s best es-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0014em;">timate of the number of equity instruments that will ultimately vest. The expense or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.003em;">credit in the statement of profit or loss for a period represents the movement in cumula-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0021em;">tive expense recognised as at the beginning and end of that period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0012em;">Service and non-market performance conditions are not taken into account when deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">mining the grant date fair value of awards, but the likelihood of the conditions being met  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0014em;">is assessed as part of the Group’s best estimate of the number of equity instrumen</span><span class="stl_43 stl_08 stl_15">ts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0011em;">that will ultimately vest. Market performance conditions are reflected within the grant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:-0.0035em;">date fair value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0024em;">Any other conditions attached to an award, but without an associated service require-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.004em;">ment, are considered to be non-vesting conditions. Non-vesting conditions are reflected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0027em;">in the fair value of an award and lead to an immediate expensing of an award unless  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">there are also service and/or performance conditions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0047em;">No expense is recognised for awards that do not ultimately vest because non-market  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0047em;">performance and/or service conditions have not been met.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0034em;">Where awards include a market or non-vesting condition, the transactions are treated as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0013em;">vested irrespective of whether the market or non-vesting condition is satisfied, provided  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0026em;">that all other performance and/or service conditions are satisfied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0022em;">The dilutive effect of outstanding options is reflected as additional share dilution in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0006em;">computation of diluted earnings per share in a loss situation only if loss per share de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_34">creases.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.1864em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0285em;">2.7. Employee compensation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.2764em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0032em;">Employee benefits are recognised as an expense, unless the cost qualifies to be capital-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.3564em;"><span class="stl_43 stl_08 stl_34" style="word-spacing:0.0047em;">ised as an asset.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.5264em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0009em;">Employee compensations include wages and salaries, including compensated absence  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.6064em;"><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0028em;">and pensions, as well as other social security contributions made to the entity’s employ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.6964em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0023em;">ees or public &amp; government authorities. The item is net of support schemes made by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.7764em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">public &amp; government authorities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_39 stl_08 stl_54" style="word-spacing:0.0109em;">2.23. Share based payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0029em;">Employees (including senior executives) of the Group receive remuneration in the form  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0004em;">of share-based payments, whereby employees render services as consideration for eq-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">uity instruments (equity-settled transactions).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:-0.0003em;">Equity-settled transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">The cost of equity-settled transactions is determined by the fair value at the date when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0013em;">the grant is made using an appropriate valuation model.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0019em;">That cost is recognised in employee benefits expenses, together with a corresponding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0017em;">increase in equity (retained earnings), over the period in which the service and, where ap-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0023em;">plicable, the performance conditions are fulfilled (the vesting period). The cumulative ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">pense recognised for equity-settled transactions at each reporting date until the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0em;">date reflects the extent to which the vesting period has expired and the Group’s best es-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0014em;">timate of the number of equity instruments that will ultimately vest. The expense or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.003em;">credit in the statement of profit or loss for a period represents the movement in cumula-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0021em;">tive expense recognised as at the beginning and end of that period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0012em;">Service and non-market performance conditions are not taken into account when deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">mining the grant date fair value of awards, but the likelihood of the conditions being met  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0014em;">is assessed as part of the Group’s best estimate of the number of equity instrumen</span><span class="stl_43 stl_08 stl_15">ts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0011em;">that will ultimately vest. Market performance conditions are reflected within the grant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:-0.0035em;">date fair value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0024em;">Any other conditions attached to an award, but without an associated service require-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.004em;">ment, are considered to be non-vesting conditions. Non-vesting conditions are reflected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0027em;">in the fair value of an award and lead to an immediate expensing of an award unless  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">there are also service and/or performance conditions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0047em;">No expense is recognised for awards that do not ultimately vest because non-market  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0047em;">performance and/or service conditions have not been met.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0034em;">Where awards include a market or non-vesting condition, the transactions are treated as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0013em;">vested irrespective of whether the market or non-vesting condition is satisfied, provided  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0026em;">that all other performance and/or service conditions are satisfied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0022em;">The dilutive effect of outstanding options is reflected as additional share dilution in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0006em;">computation of diluted earnings per share in a loss situation only if loss per share de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_34">creases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:10.3423em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.5658em;top:10.1542em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2483em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9683em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:12.0267em;"><span class="stl_67 stl_08 stl_114" style="word-spacing:0.0045em;">Administrative expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.3867em;"><span class="stl_76 stl_08 stl_40">Dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_12" style="word-spacing:-0.0026em;">ion and amo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">isa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.9258em;top:13.3667em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0015em;">, 18, 19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">020  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">414  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.7367em;"><span class="stl_76 stl_08 stl_55">Emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_34" style="word-spacing:0.0058em;">ee compensa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8958em;top:14.7167em;"><span class="stl_77 stl_08 stl_15">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6583em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">18,889  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">9,9</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:14.7367em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,6</span><span class="stl_77 stl_08 stl_15">03  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.0967em;"><span class="stl_76 stl_08 stl_99">Repai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.01em;">r </span><span class="stl_76 stl_08 stl_78" style="word-spacing:0.0159em;">and main</span><span class="stl_77 stl_08 stl_193">t</span><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0035em;">enance expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:16.0967em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:16.0967em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:16.0967em;"><span class="stl_76 stl_08 stl_15">161  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.3667em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0039em;">Legal and p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.004em;">essional </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_138">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:17.3667em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,1</span><span class="stl_77 stl_08 stl_15">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:17.3667em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:17.3667em;"><span class="stl_76 stl_08 stl_15">564  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.7167em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_15">ansac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_115" style="word-spacing:0.0068em;">ion cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8958em;top:18.6967em;"><span class="stl_76 stl_08 stl_15">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:18.7167em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">707  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:18.7167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:18.7167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:20.0783em;"><span class="stl_76 stl_08 stl_113">Ren</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_44" style="word-spacing:0.0002em;">al expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:20.0783em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:20.0783em;"><span class="stl_76 stl_08 stl_15">58</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:20.0783em;"><span class="stl_76 stl_08 stl_15">584  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.4283em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">avel expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:21.4283em;"><span class="stl_76 stl_08 stl_15">985  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:21.4283em;"><span class="stl_76 stl_08 stl_15">61</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:21.4283em;"><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.7883em;"><span class="stl_76 stl_08 stl_55">Managemen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t f</span><span class="stl_76 stl_08 stl_138" style="word-spacing:-0.009em;">ees </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.019em;">o </span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0067em;">ed pa</span><span class="stl_77 stl_08 stl_125">rty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.4458em;top:22.7583em;"><span class="stl_77 stl_08 stl_15">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7983em;top:22.7883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:22.7883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:22.7883em;"><span class="stl_76 stl_08 stl_15">115  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:24.1383em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">ke</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_52" style="word-spacing:0.0007em;">ing and en</span><span class="stl_77 stl_08 stl_72">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_113">ainmen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.01em;">t </span><span class="stl_76 stl_08 stl_44">expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:24.1383em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">02  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:24.1383em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:24.1383em;"><span class="stl_76 stl_08 stl_15">159  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:25.4883em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_44">expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:25.4883em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">45  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:25.4883em;"><span class="stl_76 stl_08 stl_15">946  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:25.4883em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">020  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:26.9083em;"><span class="stl_67 stl_08 stl_73" style="word-spacing:-0.0069em;">Total administrative expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5383em;top:26.9083em;"><span class="stl_67 stl_08 stl_29">34,458  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:26.9083em;"><span class="stl_67 stl_08 stl_29">15,696  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9783em;top:26.9083em;"><span class="stl_67 stl_08 stl_29">10,925  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_113" style="word-spacing:0.0013em;">Note 7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_64" style="word-spacing:-0.0044em;">Employee Compensation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_168 stl_08 stl_29" style="word-spacing:-0.0046em;">Onshore - presented within administra-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_168 stl_08 stl_92" style="word-spacing:0.0066em;">tive expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:13.0048em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6917em;top:12.8267em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:12.8267em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:12.8267em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:12.8267em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.2367em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0042em;">Wages and sala</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7717em;top:14.2367em;"><span class="stl_76 stl_08 stl_15">16,95</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:14.2367em;"><span class="stl_76 stl_08 stl_15">8,8</span><span class="stl_77 stl_08 stl_15">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:14.2367em;"><span class="stl_76 stl_08 stl_15">6,6</span><span class="stl_77 stl_08 stl_15">37  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.5067em;"><span class="stl_76 stl_08 stl_55">Emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">e</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_58" style="word-spacing:-0.0005em;">'s con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_22">ibu</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.005em;">ion </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_78" style="word-spacing:-0.001em;">o de</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ined con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_22">ibu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.5067em;"><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0003em;">ion plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:16.5167em;"><span class="stl_76 stl_08 stl_15">84</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:16.5167em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">02  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:16.5167em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.8667em;"><span class="stl_76 stl_08 stl_101">Sha</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_59" style="word-spacing:0.003em;">e based pa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_58">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100">expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0217em;top:17.8467em;"><span class="stl_76 stl_08 stl_15">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:17.8667em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:17.8667em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:17.8667em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.2167em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_58">sho</span><span class="stl_77 stl_08 stl_71">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_70" style="word-spacing:-0.0095em;">m bene</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:19.2167em;"><span class="stl_76 stl_08 stl_15">611  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:19.2167em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:19.2167em;"><span class="stl_76 stl_08 stl_15">145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6517em;top:20.6383em;"><span class="stl_67 stl_08 stl_29">19,549  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8342em;top:20.6383em;"><span class="stl_67 stl_08 stl_79">9,905  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5542em;top:20.6383em;"><span class="stl_67 stl_08 stl_79">7,492  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">Ave</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0066em;">age numbe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ull </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">ime emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_22">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">11</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0142em;top:21.9883em;"><span class="stl_77 stl_08 stl_15">70  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">58  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.2939em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0006em;">Employee compensation includes EUR 660 thousands related to bonus paid, included in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.3839em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0062em;">transaction cost. For more information relate administrative expense</span><span class="stl_43 stl_08 stl_212" style="word-spacing:-0.011em;">s (Note 4)</span><span class="stl_43 stl_08 stl_212" style="word-spacing:-0.011em;">.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.04em;top:29.1564em;"><span class="stl_168 stl_08 stl_41" style="word-spacing:-0.0005em;">Offshore - presented within cost of sales  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:31.0589em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7117em;top:30.8708em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3817em;top:30.8708em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1042em;top:30.8708em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:30.8708em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:32.2908em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0042em;">Wages and sala</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7917em;top:32.2908em;"><span class="stl_76 stl_08 stl_15">14,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5142em;top:32.2908em;"><span class="stl_76 stl_08 stl_15">11,69</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:32.2908em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:33.5508em;"><span class="stl_76 stl_08 stl_55">Emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">e</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_58" style="word-spacing:-0.0005em;">'s con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_22">ibu</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.005em;">ion </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_78" style="word-spacing:-0.001em;">o de</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ined con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_22">ibu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:34.5508em;"><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0003em;">ion plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2417em;top:34.5608em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9642em;top:34.5608em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7542em;top:34.5608em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:35.9125em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_58">sho</span><span class="stl_77 stl_08 stl_71">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_70" style="word-spacing:-0.0095em;">m bene</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:35.9125em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:35.9125em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2042em;top:35.9125em;"><span class="stl_77 stl_08 stl_15">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:37.3325em;"><span class="stl_67 stl_08 stl_258" style="word-spacing:0.0016em;">Total offshore employee compensation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6717em;top:37.3325em;"><span class="stl_67 stl_08 stl_29">15,921  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3942em;top:37.3325em;"><span class="stl_67 stl_08 stl_29">13,089  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5742em;top:37.3325em;"><span class="stl_67 stl_08 stl_79">1,159  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:38.7425em;"><span class="stl_76 stl_08 stl_15">Ave</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0066em;">age numbe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ull </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">ime emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_22">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:38.7425em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:38.7425em;"><span class="stl_76 stl_08 stl_15">16</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7542em;top:38.7425em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9242em;top:10.6298em;"><span class="stl_168 stl_08 stl_40">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:12.5348em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.5958em;top:12.3467em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2683em;top:12.3467em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9883em;top:12.3467em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7083em;top:12.3467em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:13.7667em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0042em;">Wages and sala</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6783em;top:13.7667em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3983em;top:13.7667em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">,566  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5683em;top:13.7667em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:15.0267em;"><span class="stl_76 stl_08 stl_55">Emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">e</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.0066em;">'s con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_22">ibu</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.005em;">ion </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_78" style="word-spacing:-0.001em;">o de</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ined con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_22">ibu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:16.0267em;"><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0003em;">ion plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1283em;top:16.0367em;"><span class="stl_76 stl_08 stl_15">1,9</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8483em;top:16.0367em;"><span class="stl_76 stl_08 stl_15">1,584  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:16.0367em;"><span class="stl_76 stl_08 stl_15">41</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:17.3867em;"><span class="stl_76 stl_08 stl_101">Sha</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_59" style="word-spacing:0.003em;">e based pa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_58">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100">expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.9258em;top:17.3667em;"><span class="stl_76 stl_08 stl_15">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1283em;top:17.3867em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:17.3867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:17.3867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:18.7367em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_58">sho</span><span class="stl_77 stl_08 stl_71">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_25" style="word-spacing:-0.0095em;">m bene</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1283em;top:18.7367em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:18.7367em;"><span class="stl_76 stl_08 stl_15">49</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:18.7367em;"><span class="stl_76 stl_08 stl_15">14</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:20.1583em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:0.001em;">Total employee compensation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5583em;top:20.1583em;"><span class="stl_67 stl_08 stl_29">35,470  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2783em;top:20.1583em;"><span class="stl_67 stl_08 stl_29">22,994  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4583em;top:20.1583em;"><span class="stl_67 stl_08 stl_79">8,651  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:21.5783em;"><span class="stl_76 stl_08 stl_15">Ave</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0066em;">age numbe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ull </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_58" style="word-spacing:0.0235em;">ime emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_22">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:21.5783em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">95  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:21.5783em;"><span class="stl_77 stl_08 stl_15">232  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.6383em;top:21.5783em;"><span class="stl_77 stl_08 stl_15">70  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:22.8383em;"><span class="stl_76 stl_08 stl_52">Numbe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_95">emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.004em;">ees a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t t</span><span class="stl_76 stl_08 stl_96" style="word-spacing:0.0045em;">he end o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.005em;">he </span><span class="stl_77 stl_08 stl_105">r</span><span class="stl_76 stl_08 stl_79">e-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:23.8383em;"><span class="stl_76 stl_08 stl_100">po</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">ing pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:23.8483em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">70  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:23.8483em;"><span class="stl_77 stl_08 stl_15">232  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:23.8483em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.0839em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0036em;">Eneti employees, both onshore and offshore, joined the Group by the end of December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.1739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.002em;">2023. Thus, average number of full-time employees as of 2023 reflect the number of em-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.2564em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0028em;">ployees divided by 12 months. Eneti had 99 onshore full time employees and 176 seafar-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.3364em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">ers by the end of 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.5064em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.002em;">Offshore crew was hired directly by the Company by the end of November 2021. Average  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.5864em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0027em;">number of full-time employees as of 2021 reflect the number of seafarers. The Company  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.6764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0003em;">had 148 seafarers by the end of 2021.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.8381em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0017em;">Labor costs related to certain employees who are working on the management of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.9281em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0012em;">newbuilding process have been capitalised. These capitalised costs amount to EUR 1.1 in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.0081em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0019em;">2023 and EUR 900 thousands in 2022.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_113" style="word-spacing:0.0013em;">Note 8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_09" style="word-spacing:-0.0006em;">Long Term Incentive Programs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0038em;">In December 2021, a new remuneration scheme was agreed starting in January 2022 and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0006em;">replacing the existing share-based incentive schemes for the majority of eligible employ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0046em;">ees. The terms of the programme initiated in December 2021 are:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0042em;">(i) with effect from 2021, an annual cash bonus up to 12 months of salary for the CEO, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">up to 6 months for selected employees. This bonus is at the discretion of the board and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">paid in cash the following January. Bonuses regarding selected employees is expensed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0036em;">in 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0057em;">(ii) with effect from 2021, an annual cash bonus up to 3 months of salary for other em-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0042em;">ployees. This bonus paid based on Company, team and individual performance. The bo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0012em;">nus is paid in cash at the end of the calendar year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0022em;">(iii) in January 2022, the executive management and selected employees were granted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0001em;">from 10,393 to 55,430 Restricted Share Units (RSU) which will vest July 2024 and are con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0039em;">ditional upon continued employment within Cadeler. The total value of the RSU alloca-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0006em;">tion is calculated based on the Company's closing share price on Nasdaq Copenhagen  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0008em;">A/S on the day of the grant and the value is EUR 394 thousand (EUR 3.3 per RSU). The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0002em;">expense recognised in profit and loss for the year amounts to EUR 143 thousand (EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0007em;">157 thousand in 2022). The average remaining contractual life as of 31 December 2023 is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_62" style="word-spacing:0.0098em;">0.5 years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0033em;">(iv) in January 2022, the executive management and selected employees were granted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0017em;">from 10,393 to 55,430 Options in Cadeler shares which will vest May 2024 and expire in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0039em;">April 2027. The strike price will range from NOK 36.02 to NOK 38.42 depending on the ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0044em;">ercise period and are conditional upon continued employment within Cadeler. The fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.003em;">value of these granted options was determined using the Black-Scholes model and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0011em;">value is EUR 160 thousand (EUR 1.3 per RSU). The expense recognised in profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0028em;">for the year amounts to EUR 62 thousand (EUR 69 thousand in 2022). The average re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0006em;">maining contractual life for the options as of 31 December 2023 is 3.3 years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.003em;">For the programmes described in (iii) and (iv) the annualised volatility of the shares 48.1%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0006em;">is based on the historical volatility of the price of shares, annual risk free interest rate of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0054em;">1%, dividend yield of zero, expected life until expiration date and average share price of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_116" style="word-spacing:-0.0012em;">EUR 3.7.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0053em;">(v) in May 2022, the executive management and selected employees were granted from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0027em;">43,420 to 221,719 Options in Cadeler shares which will vest in May 2025 and expire in May  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0021em;">2028. The strike price will be NOK 40.24 and is conditional upon continued employment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0022em;">within Cadeler. The fair value of these granted options was determined using the Black-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.004em;">Scholes model and the value is EUR 761 thousand (EUR 1.3 per RSU). The expense recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0021em;">nised in profit and loss for the year amounts to EUR 237 thousand. The average remain-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.0048em;">ing contractual life for the options as per 31 December 2023 is 4.3 years. The annualised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0009em;">volatility of the shares 42.5% is based on the historical volatility of the price of shares,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0033em;">annual risk free interest rate of 2.8%, dividend yield of zero, expected life until expiration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">date and average share price of EUR 3.7.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0016em;">(vi) in January 2023, the executive management and selected employees were granted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">from 19,760 to 130,416 Restricted Share Units which will vest in July 2025 and are condi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">tional upon continued employment within Cadeler. The total value of the RSU allocation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">is calculated based on the Black-Scholes model and the value is EUR 1.2 million (EUR 3.0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0043em;">per RSU). The expense recognised in profit and loss for the year amounts to EUR 498  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0002em;">thousand. The average remaining contractual life is 1.5 years. The average share price is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0039em;">NOK 36.56.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0023em;">(vii) In August 2023, the executive management and selected employees were granted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0002em;">from 88,920 to 385,320 Options in Cadeler shares which will vest in August 2026 and ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0004em;">pire in August 2029. The strike price will be NOK 45.49 and is conditional upon continued  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0002em;">employment within Cadeler. The fair value of these granted options was determined us-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0002em;">ing the Black-Scholes model and the value is EUR 2.2 million (EUR 1.8 per RSU). The ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0036em;">pense recognised in profit and loss for the year amounts to EUR 250 thousand. The aver-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">age remaining contractual life for the options as of 31 December 2023 is 5.5 years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">The annualised volatility of the shares 61.0% is based on the historical volatility of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0014em;">price of shares, annual risk free interest rate of 2.68%, dividend yield of zero, expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0019em;">life until expiration date and average share price of EUR 3.7.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">The Group previously had a share-based incentive scheme for its key employees in con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0002em;">nection with the IPO, with the following key terms:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0012em;">(viii) an incentive varying from 1 to 8 months of salary of the key employee paid in shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0032em;">in the event the Offering is successful. The gross monthly salary and share price for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0025em;">basis of calculation of the shares to be issued is based on the gross monthly salary of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0044em;">the employee and share price on the first day of trading of the shares. The initial share  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">price was set at observable input 27 November 2020 (146,626 shares) and was paid out in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.002em;">cash at the share price after the vesting period 27 November 2021.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0004em;">The initial cost was calculated to EUR 504 thousand but was paid out at EUR 734 thou-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0022em;">sand. The charge to equity amounts to EUR 230 thousand.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0015em;">(ix) an incentive varying from 2 to 4 months of salary of the key employee paid in shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">for the continuous employment of the employee for each full calendar year of 2020 and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_46 stl_08 stl_40">202</span><span class="stl_140 stl_08 stl_96">1</span><span class="stl_46 stl_08 stl_51" style="word-spacing:0.0008em;">. The incentive will be paid with the employee’s salary in June in the following </span><span class="stl_43 stl_08 stl_136">year,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0em;">i.e., in June 2021 and June 2022. The gross monthly salary and share price for the basis of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">calculation of the shares to be issued is based on the gross monthly salary of the em-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0028em;">ployee and share price on the date the incentive will be paid in June 2021 and June 2022.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0016em;">As stated above this programme was terminated for most of employees and this part is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">reversed in equity and in profit and loss as well. The amount reversed regarding 2020 is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0026em;">EUR 3 thousand and 2021 EUR 167 thousand.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0016em;">(x) with effect from 2021, a tiered annual bonus scheme for the CEO of the Company  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">linked to KPIs and business profitability, which is capped at 8 months of gross monthly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.001em;">salary of the CEO paid in shares. The gross monthly salary and share price for the basis  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0032em;">of calculation of the shares to be issued is based on the gross monthly salary of the CEO  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0042em;">and shares price on the date falling 30 days from the date of filing of the audited ac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0024em;">counts of the Company for the financial year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0001em;">As stated above this programme is terminated and was replaced with a cash bonus. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0007em;">programme was accounted for as a cash-based incentive programme for 2021 and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0028em;">full cash bonus was expensed for in 2021.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0068em;">None of these instruments are exercisable at the reporting period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.3858em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6983em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5542em;top:11.4667em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1458em;top:11.4667em;"><span class="stl_67 stl_08 stl_246">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.8558em;top:11.4667em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4483em;top:11.4667em;"><span class="stl_67 stl_08 stl_246">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2442em;top:12.4667em;"><span class="stl_67 stl_08 stl_293">management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3058em;top:12.4667em;"><span class="stl_67 stl_08 stl_254">employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.5458em;top:12.4667em;"><span class="stl_67 stl_08 stl_293">management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6083em;top:12.4667em;"><span class="stl_67 stl_08 stl_254">employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.04em;top:13.5823em;"><span class="stl_168 stl_08 stl_29" style="word-spacing:0.0004em;">Outstanding instruments - Options  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8742em;top:14.2348em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2742em;top:14.2348em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.0258em;top:14.2348em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.4358em;top:14.2348em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1758em;top:14.2348em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5883em;top:14.2348em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.3283em;top:14.2348em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7483em;top:14.2348em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.3867em;"><span class="stl_67 stl_08 stl_247" style="word-spacing:0.0045em;">Outstanding at 1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1242em;top:15.3867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">44,589  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5342em;top:15.3867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2758em;top:15.3867em;"><span class="stl_77 stl_08 stl_15">330</span><span class="stl_76 stl_08 stl_15">,96</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6958em;top:15.3867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:15.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:15.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:15.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:15.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:16.6567em;"><span class="stl_77 stl_08 stl_40">Gr</span><span class="stl_76 stl_08 stl_15">an</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0093em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_127">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1242em;top:16.6567em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">,44</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5342em;top:16.6567em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2758em;top:16.6567em;"><span class="stl_76 stl_08 stl_15">56</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,16</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6958em;top:16.6567em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4258em;top:16.6567em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">44,589  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.8483em;top:16.6567em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.5783em;top:16.6567em;"><span class="stl_77 stl_08 stl_15">330</span><span class="stl_76 stl_08 stl_15">,96</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.0083em;top:16.6567em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.9267em;"><span class="stl_76 stl_08 stl_157">Fo</span><span class="stl_77 stl_08 stl_33">rf</span><span class="stl_76 stl_08 stl_53">ei</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.016em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_72" style="word-spacing:0.03em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_127">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7142em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8658em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:19.1967em;"><span class="stl_76 stl_08 stl_70">Exe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0093em;">cised du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_72" style="word-spacing:0.03em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7142em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8658em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:20.4683em;"><span class="stl_76 stl_08 stl_25">Expi</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.008em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_81">ea</span><span class="stl_77 stl_08 stl_81">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7142em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8658em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.8083em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0036em;">Outstanding at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9842em;top:21.8083em;"><span class="stl_67 stl_08 stl_49">967,029  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5342em;top:21.8083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.4</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.1358em;top:21.8083em;"><span class="stl_67 stl_08 stl_49">894,123  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6958em;top:21.8083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.46  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.2858em;top:21.8083em;"><span class="stl_67 stl_08 stl_49">344,589  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.8483em;top:21.8083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4383em;top:21.8083em;"><span class="stl_67 stl_08 stl_49">330,963  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.0083em;top:21.8083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.3858em;top:27.2483em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6983em;top:27.2483em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5542em;top:28.5408em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1458em;top:28.5408em;"><span class="stl_67 stl_08 stl_246">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.8558em;top:28.5408em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4483em;top:28.5408em;"><span class="stl_67 stl_08 stl_246">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2442em;top:29.5408em;"><span class="stl_67 stl_08 stl_293">management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3058em;top:29.5408em;"><span class="stl_67 stl_08 stl_254">employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.5458em;top:29.5408em;"><span class="stl_67 stl_08 stl_293">management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6083em;top:29.5408em;"><span class="stl_67 stl_08 stl_254">employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.04em;top:30.6564em;"><span class="stl_168 stl_08 stl_47" style="word-spacing:0.0011em;">Outstanding instruments - RSU  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8742em;top:31.3089em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2742em;top:31.3089em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.0258em;top:31.3089em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.4358em;top:31.3089em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1758em;top:31.3089em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5883em;top:31.3089em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.3283em;top:31.3089em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7483em;top:31.3089em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:32.4608em;"><span class="stl_67 stl_08 stl_247" style="word-spacing:0.0045em;">Outstanding at 1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5742em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">55,4</span><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.7258em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">65,8</span><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:33.7308em;"><span class="stl_77 stl_08 stl_40">Gr</span><span class="stl_76 stl_08 stl_15">an</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0093em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_127">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1242em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">189,696  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2758em;top:33.7308em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">5,5</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8758em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">55,4</span><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.0283em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">65,8</span><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:35.0008em;"><span class="stl_76 stl_08 stl_157">Fo</span><span class="stl_77 stl_08 stl_33">rf</span><span class="stl_76 stl_08 stl_53">ei</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.016em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_72" style="word-spacing:0.03em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_127">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7142em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8658em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:36.2725em;"><span class="stl_76 stl_08 stl_70">Exe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0093em;">cised du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_72" style="word-spacing:0.03em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7142em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8658em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:37.5425em;"><span class="stl_76 stl_08 stl_25">Expi</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.008em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_81">ea</span><span class="stl_77 stl_08 stl_81">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7142em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8658em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:38.8725em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0036em;">Outstanding at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9842em;top:38.8725em;"><span class="stl_67 stl_08 stl_49">245,126  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:38.8725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.1458em;top:38.8725em;"><span class="stl_67 stl_08 stl_136">271,327  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:38.8725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.7558em;top:38.8725em;"><span class="stl_67 stl_08 stl_20">55,430  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:38.8725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.9083em;top:38.8725em;"><span class="stl_67 stl_08 stl_29">65,823  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:38.8725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:41.2369em;"><sup style="top: -0.21em;"><span class="stl_84 stl_08 stl_198">1</span></sup><span class="stl_85 stl_08 stl_89" style="word-spacing:-0.0011em;">EUR Weighted average exercise price (WAEP).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_113" style="word-spacing:0.0013em;">Note 9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_113" style="word-spacing:-0.0004em;">Board of Directors and Management Compensation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1542em;top:12.6667em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.8858em;top:12.6667em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.1983em;top:12.6667em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0917em;top:13.9567em;"><span class="stl_67 stl_08 stl_246" style="word-spacing:0.0006em;">Board of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5742em;top:13.9567em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8142em;top:13.9567em;"><span class="stl_67 stl_08 stl_246" style="word-spacing:0.0006em;">Board of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2858em;top:13.9567em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.5258em;top:13.9567em;"><span class="stl_67 stl_08 stl_246" style="word-spacing:0.0006em;">Board of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0183em;top:13.9567em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.1448em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9417em;top:14.9567em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:1.254em;">directors management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1542em;top:14.9567em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6642em;top:14.9567em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:1.2396em;">directors management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.8858em;top:14.9567em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.3758em;top:14.9567em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:1.2674em;">directors management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.1983em;top:14.9567em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.2867em;"><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0066em;">Wages, sala</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_129" style="word-spacing:0.0043em;">ies and boa</span><span class="stl_77 stl_08 stl_81">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">d </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_101">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8217em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7342em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">85</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0142em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5442em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4458em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">68</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.3658em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">86</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.2558em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.1783em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">65</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.5667em;"><span class="stl_76 stl_08 stl_101">Sha</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_59" style="word-spacing:0.003em;">e based pa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_58">men</span><span class="stl_77 stl_08 stl_58">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8942em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7342em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">588  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6342em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">588  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6158em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4458em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.3658em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3283em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.1783em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">164  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">164  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.8367em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_58">sho</span><span class="stl_77 stl_08 stl_71">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_70" style="word-spacing:-0.0095em;">m bene</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8942em;top:18.8367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1842em;top:18.8367em;"><span class="stl_76 stl_08 stl_15">55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0842em;top:18.8367em;"><span class="stl_76 stl_08 stl_15">55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6158em;top:18.8367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8958em;top:18.8367em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.8158em;top:18.8367em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3283em;top:18.8367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6283em;top:18.8367em;"><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1283em;top:18.8367em;"><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.1083em;"><span class="stl_76 stl_08 stl_99" style="word-spacing:-0.0009em;">Cash bonus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8942em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1142em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">1,155  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0142em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">1,155  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6158em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4458em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">48</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.3658em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">48</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3283em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.1783em;top:20.1083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:20.1083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.4383em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0028em;">Total management compensation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7617em;top:21.4383em;"><span class="stl_67 stl_08 stl_83">183  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0142em;top:21.4383em;"><span class="stl_67 stl_08 stl_55">2,648  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9142em;top:21.4383em;"><span class="stl_67 stl_08 stl_55">2,831  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4842em;top:21.4383em;"><span class="stl_67 stl_08 stl_83">180  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7258em;top:21.4383em;"><span class="stl_67 stl_08 stl_92">1,374  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.6458em;top:21.4383em;"><span class="stl_67 stl_08 stl_92">1,554  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.1958em;top:21.4383em;"><span class="stl_67 stl_08 stl_83">180  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.4583em;top:21.4383em;"><span class="stl_67 stl_08 stl_92">1,151  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9583em;top:21.4383em;"><span class="stl_67 stl_08 stl_92">1,331  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.9739em;"><span class="stl_118 stl_08 stl_45" style="word-spacing:0.0054em;">Executive management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.0564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0008em;">Executive management means the members of the executive management which were  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.1364em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0043em;">registered with the Danish business authority and who have the authority and responsi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.2264em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">bility for the planning, directing and controlling activities of the Company as defined by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.3064em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0029em;">IAS 24. In 2021, Key management also included personnel who supported executive man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.3864em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0031em;">agement, for the planning, directing and controlling activities of the Company.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.5564em;"><span class="stl_118 stl_08 stl_52" style="word-spacing:-0.0015em;">Board of directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.6364em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">Andreas Sohmen-Pao and Andreas Beroutsos are employed by the BW Group. These  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.7281em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:0.0007em;">board members have not received remuneration from Cadeler in 2021, 2022 and 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.8081em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0038em;">Andreas Beroutsos stepped down from the Board with effect from 25 April 2023. On the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.8881em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0033em;">same date, Andrea Abt joined the Board.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.9739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0003em;">David Peter Cogman is employed by the Swire Group and has not received remuneration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.0564em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0017em;">from Cadeler in 2021, 2022 and 2023. David Peter Cogman stepped down from the Board  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.1364em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.003em;">with effect from 16 June 2023 along with Connie Hedegaard.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.3064em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0009em;">On 20 February 2024, Emanuele Lauro and James Nish joined the Board. Emanuele  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.3864em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0004em;">Lauro is the Director and Chief Executive Officer of Scorpio Holdings Limited considered  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.4764em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0007em;">a related party (See Note 27).  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7664em;"><span class="stl_39 stl_08 stl_38" style="word-spacing:0.0549em;">2.10. Taxes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_118 stl_08 stl_47" style="word-spacing:0.0083em;">2.10.1. Pillar Two Tax Effects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0003em;">In October 2021, more than 130 countries agreed on a two-pillar approach to reform the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.003em;">international tax system. The so-called Pillar Two rules are designed to compel multina-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0024em;">tional corporations with EUR 750 million or more in annual revenue to pay a minimum ef-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0005em;">fective corporate tax rate of 15% on income received in each jurisdiction in which they  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.2781em;"><span class="stl_43 stl_08 stl_15">operate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">The principal jurisdictions in which the Group may be exposed to additional taxation as a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">result of the Pillar Two rules include Denmark and the United Kingdom (each of which has  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0015em;">enacted legislation implementing the Pillar Two rules), as well as Cyprus (where public  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0027em;">consultation on draft legislation is ongoing). In light of the Group’s total revenue, </span><span class="stl_43 stl_08 stl_79" style="word-spacing:-0.008em;">at 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">December 2023, the Group does not expect to be in scope of the Pillar Two rules in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_57">2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">The Group is actively assessing the potential future impact of the Pillar Two rules on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_46 stl_08 stl_42" style="word-spacing:-0.0001em;">Group’s business. It is the Group’s initial assessment that a portion of its revenues in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0006em;">each of the relevant jurisdictions will be subject to top-up tax under the Pillar Two rules  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">as shipping income, which is generally excluded from the computation of income under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_46 stl_08 stl_42" style="word-spacing:0.0013em;">Pillar Two. Certain other exclusions may also be applicable and the Group’s analysis of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0015em;">such exclusions is ongoing.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.0115em;">2.10.2. Income tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0025em;">Current income tax for current and prior periods is recognised at the amount expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">be paid to or recovered from the tax authorities, using the tax rates and tax laws that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0024em;">have been enacted or substantively enacted by the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.001em;">Management periodically evaluates positions taken in tax returns with respect to situa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0007em;">tions in which applicable tax regulation is subject to interpretation. It establishes provi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0012em;">sions, where appropriate, on the basis of amounts expected to be paid to the tax author-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_25">ities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.003em;">Deferred income tax is recognised for all temporary differences arising between the tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">bases of assets and liabilities and their carrying amounts in the financial statements ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0em;">cept when the deferred income tax arises from the initial recognition of an asset or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">liability that affects neither accounting nor taxable profit or loss at the time of the trans-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_15">action.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0007em;">Deferred income tax is measured at the tax rates that are expected to apply when the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0001em;">related deferred income tax asset is realised or the deferred income tax liability is set-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0018em;">tled, based on tax rates and tax laws that have been enacted or substantively enacted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0008em;">by the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">Current and deferred income taxes are recognised as income or expenses in profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0004em;">loss, except to the extent that the tax arises from a transaction which is recognised di-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_136" style="word-spacing:0.0013em;">rectly in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_118 stl_08 stl_51" style="word-spacing:0.0107em;">2.10.3. Tonnage tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0029em;">Under the scheme, ship-owners (or bareboat charterers) pay a fixed tax amount per net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">tonne at their disposal rather than paying taxes based on income, expenses, and depre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:0.0009em;">ciation. The Company participates in the Danish scheme from 27 November 2020.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.1964em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">As the vessels are owned and registered by subsidiaries in jurisdictions different than  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.2764em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0024em;">Denmark, the Group is also subject to tonnage taxation in such jurisdictions. This ton-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.3564em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0014em;">nage taxation income is calculated based on a fixed tax amount per tonne.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.2764em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">This scheme is on a notional income derived from tonnage capacity and not based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.3564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0005em;">the entities' actual income and expenses, the Group does not consider the scheme to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.4464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0006em;">fall under the rules of IAS 12. Consequently, the tonnage tax expenses are not presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.5264em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0023em;">as part of tax expense in the statement of profit and loss, but are recognised under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.6081em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0016em;">costs of sales.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7664em;"><span class="stl_39 stl_08 stl_38" style="word-spacing:0.0549em;">2.10. Taxes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_118 stl_08 stl_47" style="word-spacing:0.0083em;">2.10.1. Pillar Two Tax Effects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0003em;">In October 2021, more than 130 countries agreed on a two-pillar approach to reform the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.003em;">international tax system. The so-called Pillar Two rules are designed to compel multina-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0024em;">tional corporations with EUR 750 million or more in annual revenue to pay a minimum ef-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0005em;">fective corporate tax rate of 15% on income received in each jurisdiction in which they  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.2781em;"><span class="stl_43 stl_08 stl_15">operate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">The principal jurisdictions in which the Group may be exposed to additional taxation as a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">result of the Pillar Two rules include Denmark and the United Kingdom (each of which has  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0015em;">enacted legislation implementing the Pillar Two rules), as well as Cyprus (where public  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0027em;">consultation on draft legislation is ongoing). In light of the Group’s total revenue, </span><span class="stl_43 stl_08 stl_79" style="word-spacing:-0.008em;">at 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">December 2023, the Group does not expect to be in scope of the Pillar Two rules in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_57">2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">The Group is actively assessing the potential future impact of the Pillar Two rules on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_46 stl_08 stl_42" style="word-spacing:-0.0001em;">Group’s business. It is the Group’s initial assessment that a portion of its revenues in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0006em;">each of the relevant jurisdictions will be subject to top-up tax under the Pillar Two rules  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">as shipping income, which is generally excluded from the computation of income under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_46 stl_08 stl_42" style="word-spacing:0.0013em;">Pillar Two. Certain other exclusions may also be applicable and the Group’s analysis of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0015em;">such exclusions is ongoing.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.0115em;">2.10.2. Income tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0025em;">Current income tax for current and prior periods is recognised at the amount expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">be paid to or recovered from the tax authorities, using the tax rates and tax laws that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0024em;">have been enacted or substantively enacted by the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.001em;">Management periodically evaluates positions taken in tax returns with respect to situa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0007em;">tions in which applicable tax regulation is subject to interpretation. It establishes provi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0012em;">sions, where appropriate, on the basis of amounts expected to be paid to the tax author-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_25">ities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.003em;">Deferred income tax is recognised for all temporary differences arising between the tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">bases of assets and liabilities and their carrying amounts in the financial statements ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0em;">cept when the deferred income tax arises from the initial recognition of an asset or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">liability that affects neither accounting nor taxable profit or loss at the time of the trans-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_15">action.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0007em;">Deferred income tax is measured at the tax rates that are expected to apply when the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0001em;">related deferred income tax asset is realised or the deferred income tax liability is set-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0018em;">tled, based on tax rates and tax laws that have been enacted or substantively enacted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0008em;">by the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">Current and deferred income taxes are recognised as income or expenses in profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0004em;">loss, except to the extent that the tax arises from a transaction which is recognised di-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_136" style="word-spacing:0.0013em;">rectly in equity.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7664em;"><span class="stl_39 stl_08 stl_38" style="word-spacing:0.0549em;">2.10. Taxes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_118 stl_08 stl_47" style="word-spacing:0.0083em;">2.10.1. Pillar Two Tax Effects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0003em;">In October 2021, more than 130 countries agreed on a two-pillar approach to reform the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.003em;">international tax system. The so-called Pillar Two rules are designed to compel multina-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0024em;">tional corporations with EUR 750 million or more in annual revenue to pay a minimum ef-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0005em;">fective corporate tax rate of 15% on income received in each jurisdiction in which they  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.2781em;"><span class="stl_43 stl_08 stl_15">operate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">The principal jurisdictions in which the Group may be exposed to additional taxation as a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">result of the Pillar Two rules include Denmark and the United Kingdom (each of which has  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0015em;">enacted legislation implementing the Pillar Two rules), as well as Cyprus (where public  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0027em;">consultation on draft legislation is ongoing). In light of the Group’s total revenue, </span><span class="stl_43 stl_08 stl_79" style="word-spacing:-0.008em;">at 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">December 2023, the Group does not expect to be in scope of the Pillar Two rules in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_57">2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">The Group is actively assessing the potential future impact of the Pillar Two rules on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_46 stl_08 stl_42" style="word-spacing:-0.0001em;">Group’s business. It is the Group’s initial assessment that a portion of its revenues in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0006em;">each of the relevant jurisdictions will be subject to top-up tax under the Pillar Two rules  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">as shipping income, which is generally excluded from the computation of income under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_46 stl_08 stl_42" style="word-spacing:0.0013em;">Pillar Two. Certain other exclusions may also be applicable and the Group’s analysis of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0015em;">such exclusions is ongoing.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.0115em;">2.10.2. Income tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0025em;">Current income tax for current and prior periods is recognised at the amount expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">be paid to or recovered from the tax authorities, using the tax rates and tax laws that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0024em;">have been enacted or substantively enacted by the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.001em;">Management periodically evaluates positions taken in tax returns with respect to situa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0007em;">tions in which applicable tax regulation is subject to interpretation. It establishes provi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0012em;">sions, where appropriate, on the basis of amounts expected to be paid to the tax author-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_25">ities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.003em;">Deferred income tax is recognised for all temporary differences arising between the tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">bases of assets and liabilities and their carrying amounts in the financial statements ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0em;">cept when the deferred income tax arises from the initial recognition of an asset or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">liability that affects neither accounting nor taxable profit or loss at the time of the trans-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_15">action.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0007em;">Deferred income tax is measured at the tax rates that are expected to apply when the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0001em;">related deferred income tax asset is realised or the deferred income tax liability is set-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0018em;">tled, based on tax rates and tax laws that have been enacted or substantively enacted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0008em;">by the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">Current and deferred income taxes are recognised as income or expenses in profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0004em;">loss, except to the extent that the tax arises from a transaction which is recognised di-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_136" style="word-spacing:0.0013em;">rectly in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 21  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_106" style="word-spacing:0.0014em;">Deferred Income Taxes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:9.9898em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0021em;">Cadeler A/S has material tax losses from previous periods available to carry forward.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0011em;">Such tax losses can be utilised against future tonnage taxation income and other in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0038em;">come, which does not quality for tonnage taxation. The tax value of tax losses to be car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0012em;">ried forward as of 31 December 2023 are in the region of EUR 13 million. The tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4123em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.007em;">are not subject to expiration.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5623em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0007em;">No deferred tax asset in relation to the tax losses has been recognised as of 31 Decem-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6623em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0011em;">ber 2023 as they are not expected to be utilised within the foreseeable future (3-5 years).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0039em;">As at 31 December 2023, due to the business combination and the potential election to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0015em;">the UK tonnage tax, the Group had a gross unrecognised deferred tax asset balance of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0009em;">EUR 490.2 million. This balance is unrecognised at the UK corporate tax rate of 25% cre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0739em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0033em;">ating a net balance of EUR 135.6 million.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2339em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0007em;">Deferred tax impact have been recognised to the extent these adjustments increase or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3139em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0009em;">reduce recognised deferred tax liabilities. Because of uncertainty related to future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0016em;">choices of tax regimes, e.g. a tonnage taxation regime or an income tax regime, or un-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4864em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0007em;">certainty on future earnings that can recover previous not recognised deferred tax as-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.5664em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0001em;">sets or tax assets arising from other pro forma adjustments, no deferred tax assets have  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6664em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0012em;">been recognised.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7664em;"><span class="stl_39 stl_08 stl_38" style="word-spacing:0.0549em;">2.10. Taxes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_118 stl_08 stl_47" style="word-spacing:0.0083em;">2.10.1. Pillar Two Tax Effects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0003em;">In October 2021, more than 130 countries agreed on a two-pillar approach to reform the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.003em;">international tax system. The so-called Pillar Two rules are designed to compel multina-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0024em;">tional corporations with EUR 750 million or more in annual revenue to pay a minimum ef-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0005em;">fective corporate tax rate of 15% on income received in each jurisdiction in which they  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.2781em;"><span class="stl_43 stl_08 stl_15">operate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">The principal jurisdictions in which the Group may be exposed to additional taxation as a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">result of the Pillar Two rules include Denmark and the United Kingdom (each of which has  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0015em;">enacted legislation implementing the Pillar Two rules), as well as Cyprus (where public  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0027em;">consultation on draft legislation is ongoing). In light of the Group’s total revenue, </span><span class="stl_43 stl_08 stl_79" style="word-spacing:-0.008em;">at 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">December 2023, the Group does not expect to be in scope of the Pillar Two rules in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_57">2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">The Group is actively assessing the potential future impact of the Pillar Two rules on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_46 stl_08 stl_42" style="word-spacing:-0.0001em;">Group’s business. It is the Group’s initial assessment that a portion of its revenues in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0006em;">each of the relevant jurisdictions will be subject to top-up tax under the Pillar Two rules  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">as shipping income, which is generally excluded from the computation of income under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_46 stl_08 stl_42" style="word-spacing:0.0013em;">Pillar Two. Certain other exclusions may also be applicable and the Group’s analysis of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0015em;">such exclusions is ongoing.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.0115em;">2.10.2. Income tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0025em;">Current income tax for current and prior periods is recognised at the amount expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">be paid to or recovered from the tax authorities, using the tax rates and tax laws that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0024em;">have been enacted or substantively enacted by the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.001em;">Management periodically evaluates positions taken in tax returns with respect to situa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0007em;">tions in which applicable tax regulation is subject to interpretation. It establishes provi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0012em;">sions, where appropriate, on the basis of amounts expected to be paid to the tax author-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_25">ities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.003em;">Deferred income tax is recognised for all temporary differences arising between the tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">bases of assets and liabilities and their carrying amounts in the financial statements ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0em;">cept when the deferred income tax arises from the initial recognition of an asset or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">liability that affects neither accounting nor taxable profit or loss at the time of the trans-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_15">action.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0007em;">Deferred income tax is measured at the tax rates that are expected to apply when the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0001em;">related deferred income tax asset is realised or the deferred income tax liability is set-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0018em;">tled, based on tax rates and tax laws that have been enacted or substantively enacted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0008em;">by the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">Current and deferred income taxes are recognised as income or expenses in profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0004em;">loss, except to the extent that the tax arises from a transaction which is recognised di-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_136" style="word-spacing:0.0013em;">rectly in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_118 stl_08 stl_51" style="word-spacing:0.0107em;">2.10.3. Tonnage tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0029em;">Under the scheme, ship-owners (or bareboat charterers) pay a fixed tax amount per net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">tonne at their disposal rather than paying taxes based on income, expenses, and depre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:0.0009em;">ciation. The Company participates in the Danish scheme from 27 November 2020.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.1964em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">As the vessels are owned and registered by subsidiaries in jurisdictions different than  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.2764em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0024em;">Denmark, the Group is also subject to tonnage taxation in such jurisdictions. This ton-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.3564em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0014em;">nage taxation income is calculated based on a fixed tax amount per tonne.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.2764em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">This scheme is on a notional income derived from tonnage capacity and not based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.3564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0005em;">the entities' actual income and expenses, the Group does not consider the scheme to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.4464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0006em;">fall under the rules of IAS 12. Consequently, the tonnage tax expenses are not presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.5264em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0023em;">as part of tax expense in the statement of profit and loss, but are recognised under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.6081em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0016em;">costs of sales.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_102" style="word-spacing:0.0115em;">Note 11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_64" style="word-spacing:-0.0024em;">Income Taxes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:10.3423em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:12.0267em;"><span class="stl_67 stl_08 stl_253" style="word-spacing:-0.0016em;">Income tax expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:13.8467em;"><span class="stl_67 stl_08 stl_258" style="word-spacing:-0.0019em;">Tax expense attributable to profit is made up of:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.1067em;"><span class="stl_76 stl_08 stl_79">U</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_56">ilisa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_58" style="word-spacing:0.0047em;">ion o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0046em;">f </span><span class="stl_76 stl_08 stl_101">non-</span><span class="stl_77 stl_08 stl_210">r</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.0077em;">ecognised </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0074em;">ax losses o</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_59">se</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_136">agains</span><span class="stl_77 stl_08 stl_136">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.1067em;"><span class="stl_76 stl_08 stl_09" style="word-spacing:0.0049em;">Danish Tonnage Tax expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:16.1167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:16.1167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3342em;top:16.1167em;"><span class="stl_76 stl_08 stl_15">(1</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.4467em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0007em;">Total Income tax expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:17.4467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:17.4467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3342em;top:17.4467em;"><span class="stl_76 stl_08 stl_15">(1</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">An expansion of the Danish tonnage tax regime to cover wind farm installation vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0014em;">was passed in January 2020 with retroactive effect from 2017, inclusive.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.9039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0009em;">On 15 December 2020, Cadeler A/S received a binding ruling from the Danish Tax Au-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.9839em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0007em;">thorities. According to this, Cadeler A/S was able to apply the Danish Tonnage Taxation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.0639em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0025em;">after the listing of the shares 27 November 2020. Management applied the Danish Ton-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.1539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0005em;">nage Taxation since 2021. The recorded tonnage tax expense for 2023 in Denmark and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.2364em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.002em;">Cyprus amount to EUR 0 thousand and EUR 5 thousand respectively (2022: EUR 0 thou-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.3164em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0054em;">sand and EUR 5 thousand respectively; 2021: EUR -13 thousand and EUR 5 thousand re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.4064em;"><span class="stl_43 stl_08 stl_57">spectively).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.4064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0004em;">Cadeler A/S also has material tax losses from previous periods available for carry for-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.4864em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0005em;">ward. Such tax losses can be utilised against future tonnage taxation income and other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.5664em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">income, which does not qualify for tonnage taxation. The tax value of tax losses to be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.6564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0025em;">carried forward as of 31 December 2023 are approximately EUR 13 million (EUR 13 and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.7381em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0018em;">EUR 12 million as of 31 December 2022 and 2021, respectively) and have not been recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.8181em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0032em;">nised as it is not considered probable that the tax loss will be utilised. The tax losses are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.9081em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0038em;">not subject to expiration.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0044em;">The Company operates in several countries. The </span><span class="stl_46 stl_08 stl_20" style="word-spacing:-0.0006em;">Group’s </span><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0016em;">annual tax positions are based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0008em;">on taxable income, statutory rates and allowances, transfer pricing assumptions and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0028em;">interpretation of the tax laws in the various jurisdictions of its operations.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0006em;">Such positions require significant judgment and the use of estimates and assumptions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.2723em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0045em;">regarding significant future events such as the amount, timing and tax characterisation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.3523em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0015em;">of certain transactions, changes in tax laws and treaties, and the timing and amount of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.4423em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0001em;">profitability in each location in any given year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.4423em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">Additionally, certain of our entities enter into agreements with other of our entities to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.5239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0007em;">provide specialised services and equipment to their operations. However, in some juris-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.6039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0017em;">dictions the interpretation of tax laws relating to the pricing of transactions between re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.6939em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0024em;">lated parties could potentially result in tax authorities asserting additional tax liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.7739em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0005em;">with no offsetting tax recovery in other jurisdictions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.7739em;"><span class="stl_46 stl_08 stl_45" style="word-spacing:-0.0002em;">The Company’s tax filings </span><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0002em;">may be subject to regular audits by the tax authorities as ap-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.8539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">plicable to local law. These audits may result in assessments for additional taxes that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.9464em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">resolved with the authorities or, potentially, through the courts. Due to the uncertain and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.0264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0014em;">complex application of tax regulations, the ultimate resolution of audits may result in lia-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.1064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0023em;">bilities that could be materially different from these estimates. In such an event, the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.1964em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.002em;">Company will record additional tax expense or tax benefit in the period in which such  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.2764em;"><span class="stl_43 stl_08 stl_25" style="word-spacing:0.0208em;">resolution occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.2764em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">The Company reviewed the carrying amount of deferred tax assets at the reporting date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.3564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0018em;">and assessed if sufficient taxable profits will be available to allow a deferred tax asset to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.4481em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0022em;">be utilised either in full or in part. To assess the availability of future taxable profits, man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.5281em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0015em;">agement estimates future revenues and costs, capital allowances and tax planning op-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.6081em;"><span class="stl_43 stl_08 stl_15">portunities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0023em;">After consideration of all the information available, including its historical operating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0016em;">losses over the last three years, management believes that sufficient uncertainty exists  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0026em;">with respect to future realisation of deferred tax assets and therefore has not been rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0017em;">ognised. The Company assess that such deferred tax assets do not meet the recogni-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0018em;">tion criteria until it can sustain a level of taxable profitability that demonstrates its ability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0031em;">to realise these assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_118 stl_08 stl_51" style="word-spacing:-0.0003em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0009em;">Deferred tax relates to the following:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.5948em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2483em;top:13.4067em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9683em;top:13.4067em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:13.4067em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:15.2767em;"><span class="stl_67 stl_08 stl_117" style="word-spacing:-0.0035em;">Reconciliation of deferred tax liabilities, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.0967em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:0.0024em;">Beginning of financial year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7983em;top:17.0967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:17.0967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:17.0967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.3667em;"><span class="stl_76 stl_08 stl_42">Acquisi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0067em;">ion o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_42">businesses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6583em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">32</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:19.6383em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.3283em;top:19.6383em;"><span class="stl_76 stl_08 stl_15">(1</span><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:19.6383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:19.6383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:20.9083em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6583em;top:20.9083em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">,191  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:20.9083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:20.9083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9339em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0032em;">Deferred tax positions as at 31 December 2023 relates to vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:26.0583em;"><span class="stl_67 stl_08 stl_55" style="word-spacing:-0.0052em;">Effective Tax Rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8842em;top:26.0583em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3358em;top:26.0583em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.7758em;top:26.0583em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7042em;top:27.3664em;"><span class="stl_74 stl_08 stl_132">EUR’</span><span class="stl_98 stl_08 stl_172">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3742em;top:27.3664em;"><span class="stl_74 stl_08 stl_15">%</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.1542em;top:27.3664em;"><span class="stl_74 stl_08 stl_132">EUR’</span><span class="stl_98 stl_08 stl_172">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.8258em;top:27.3664em;"><span class="stl_74 stl_08 stl_15">%</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.5958em;top:27.3664em;"><span class="stl_74 stl_08 stl_132">EUR’</span><span class="stl_98 stl_08 stl_172">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2658em;top:27.3664em;"><span class="stl_74 stl_08 stl_15">%</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:29.0608em;"><span class="stl_67 stl_08 stl_258" style="word-spacing:-0.0019em;">Tax expense attributable to profit is made up of:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:30.3308em;"><span class="stl_76 stl_08 stl_100">Accoun</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_51" style="word-spacing:-0.0033em;">ing p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_104">be</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_164" style="word-spacing:0.0116em;">e income </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">ax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5742em;top:30.3308em;"><span class="stl_76 stl_08 stl_09">11,498  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0242em;top:30.3308em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5,541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.9158em;top:30.3308em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,45</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.6008em;"><span class="stl_76 stl_08 stl_79">Ad</span><span class="stl_77 stl_08 stl_96">j</span><span class="stl_76 stl_08 stl_20">us</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_51">men</span><span class="stl_77 stl_08 stl_104" style="word-spacing:-0.0138em;">t r</span><span class="stl_76 stl_08 stl_96">ega</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57" style="word-spacing:-0.0027em;">ding </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_164" style="word-spacing:0.0116em;">onnage </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_62" style="word-spacing:0.0058em;">axed income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1742em;top:31.6008em;"><span class="stl_76 stl_08 stl_09">(11,498)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6242em;top:31.6008em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_64">5,541)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.5158em;top:31.6008em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_102">,45</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.8708em;"><span class="stl_76 stl_08 stl_100">Accoun</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_51" style="word-spacing:-0.0033em;">ing p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_104">be</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_164" style="word-spacing:0.0116em;">e income </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.01em;">ax </span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_96" style="word-spacing:0em;">o Co</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_100">po</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ion Tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7142em;top:32.8708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1642em;top:32.8708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6058em;top:32.8708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.1408em;"><span class="stl_76 stl_08 stl_34">Calcula</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_103" style="word-spacing:0.014em;">ax a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15">s</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_131">t</span><span class="stl_76 stl_08 stl_79">u</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_33" style="word-spacing:-0.003em;">ry t</span><span class="stl_76 stl_08 stl_72" style="word-spacing:0.032em;">ax </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_78" style="word-spacing:0.0065em;">e in Denma</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.004em;">k, </span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">22 </span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.002em;">%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7142em;top:34.1408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8142em;top:34.1408em;"><span class="stl_77 stl_08 stl_15">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1642em;top:34.1408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2658em;top:34.1408em;"><span class="stl_77 stl_08 stl_15">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6058em;top:34.1408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7058em;top:34.1408em;"><span class="stl_77 stl_08 stl_15">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:36.0225em;"><span class="stl_67 stl_08 stl_252" style="word-spacing:0.0013em;">Tax impact from:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:37.2925em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0037em;">Change in impai</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_101">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_103">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_138">de</span><span class="stl_77 stl_08 stl_172">f</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_100">rr</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.004em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0096em;">ax asse</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">s in </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.007em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7142em;top:37.2925em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8142em;top:37.2925em;"><span class="stl_77 stl_08 stl_15">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1642em;top:37.2925em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2658em;top:37.2925em;"><span class="stl_77 stl_08 stl_15">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5858em;top:37.2925em;"><span class="stl_76 stl_08 stl_15">(1</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7058em;top:37.2925em;"><span class="stl_77 stl_08 stl_15">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:38.5625em;"><span class="stl_67 stl_08 stl_258" style="word-spacing:-0.0008em;">Income tax expense, reported  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6742em;top:38.5625em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3942em;top:38.5625em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1242em;top:38.5625em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.8458em;top:38.5625em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.4758em;top:38.5625em;"><span class="stl_67 stl_08 stl_171">(13)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2858em;top:38.5625em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:39.8925em;"><span class="stl_67 stl_08 stl_292" style="word-spacing:0.0009em;">Effective tax rate (%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3942em;top:39.8925em;"><span class="stl_67 stl_08 stl_108">0.0%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8442em;top:39.8925em;"><span class="stl_67 stl_08 stl_108">0.0%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.2858em;top:39.8925em;"><span class="stl_67 stl_08 stl_108">0.0%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:0.0543em;">2.11. Inventories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0023em;">Inventories are carried at the lower of cost and net realisable value. Cost is determined  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0024em;">using the first-in, first-out basis. Net realisable value is the estimated selling price in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0015em;">ordinary course of business, less applicable variable selling expenses. Inventory mainly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_59" style="word-spacing:0.0051em;">covers fuel and oil.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:0.0543em;">2.11. Inventories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0023em;">Inventories are carried at the lower of cost and net realisable value. Cost is determined  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0024em;">using the first-in, first-out basis. Net realisable value is the estimated selling price in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0015em;">ordinary course of business, less applicable variable selling expenses. Inventory mainly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_59" style="word-spacing:0.0051em;">covers fuel and oil.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_102" style="word-spacing:0.0115em;">Note 15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_100">Inventories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:11.5948em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:11.4067em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:11.4067em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:11.4067em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:12.7367em;"><span class="stl_76 stl_08 stl_92" style="word-spacing:0.0011em;">Fuel and oil  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8517em;top:12.7367em;"><span class="stl_76 stl_08 stl_15">1,8</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:12.7367em;"><span class="stl_76 stl_08 stl_15">549  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:12.7367em;"><span class="stl_76 stl_08 stl_15">44</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.8823em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0001em;">As of 31 December 2023, the Company's inventories include fuel and oil totalling EUR 1.8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.9623em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.001em;">million, a significant increase from EUR 0.5 million in 2022 since three of our four operat-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.0423em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0em;">ing vessels were off hire at the end of the reporting period.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.3423em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0108em;">2.12. Property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0002em;">Property, plant and equipment are recognised at cost less accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.5239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0005em;">and accumulated impairment losses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.4439em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0016em;">The cost of an item of property, plant and equipment initially recognised includes its pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.5239em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0017em;">chase price and any costs that are directly attributable to bringing the asset to the loca-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.6039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0019em;">tion and condition necessary for it to be capable of operating in the manner intended by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.6939em;"><span class="stl_43 stl_08 stl_92">management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.6039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0026em;">Subsequent expenditure relating to property, plant and equipment that has already been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.6964em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">recognised is added to the carrying amount of the asset only when it is probable that fu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.7764em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0038em;">ture economic benefits associated with the item will flow to the Group and the cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0003em;">the item can be measured reliably. All other repair and maintenance expenses are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.9464em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">nised in profit or loss when incurred.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.8564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.001em;">To keep performing their operational activity, the vessels have an obligation to go  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.9464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">through drydock procedures every five years. The costs of the drydock procedures are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.0264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0004em;">capitalised per their purchase price and any costs that are directly attributable to bring-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0027em;">ing the vessels to the location and condition necessary for the drydock procedures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.0281em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0041em;">Depreciation is calculated using the straight-line method to allocate their depreciable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.1081em;"><span class="stl_46 stl_08 stl_41" style="word-spacing:-0.0016em;">amounts over the assets’ estimated useful life. The estimated useful life is as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:12.1867em;"><span class="stl_67 stl_08 stl_102" style="word-spacing:-0.0055em;">Useful life  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.5267em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0037em;">Vessels and </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_104">u</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0077em;">nished equipmen</span><span class="stl_77 stl_08 stl_17" style="word-spacing:0.0077em;">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:13.5267em;"><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.002em;">Up </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o </span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">5 </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_128">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.7967em;"><span class="stl_76 stl_08 stl_81">D</span><span class="stl_77 stl_08 stl_33">ry</span><span class="stl_76 stl_08 stl_58">dock  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:14.7967em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">5 </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_128">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.0667em;"><span class="stl_76 stl_08 stl_15">Ca</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_171">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:16.0667em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">5 </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_128">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.2623em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.003em;">Other fixtures and fittings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:17.2623em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0048em;">2 to 3 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.0339em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">The estimated useful life of the vessels of 25 years has been estimated by an external  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.1139em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0004em;">consultant through a determined fatigue analysis based on the technical specification of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.2039em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0045em;">the vessels. Prior to their acquisition, the vessels had already been in use for 8 years,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.2839em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">therefore the remaining useful life of the vessels is estimated at 17 years for all compo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.3639em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0007em;">nents except jacking system and main crane with a remaining useful life of 3 years from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.4539em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0028em;">the acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.5339em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0039em;">vessel by the end of their useful life. Depreciation is based on costs less the estimated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.6164em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0005em;">residual value. Residual value is estimated as the lightweight tonnage of each vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.7064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0023em;">multiplied by the scrap value per ton.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6164em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.002em;">More information can be found in Material accounting judgements, estimates and as-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7064em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0035em;">sumptions section with regards of acquired vessels trough the business combination.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.6164em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0004em;">The residual value, useful life, and methods of depreciation of property, plant, and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.7064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0017em;">ment are reviewed at each financial year end and adjusted accordingly, if appropriate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_136" style="word-spacing:0.0559em;">2.13. Leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0005em;">When the Group is the lessor  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_118 stl_08 stl_22" style="word-spacing:-0.0055em;">Lessor </span><span class="stl_90 stl_08 stl_15" style="word-spacing:0.0054em;">– </span><span class="stl_118 stl_08 stl_29" style="word-spacing:-0.0035em;">operating leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0001em;">The Group leases vessels (the bareboat element relating to hire of the vessel as part of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0025em;">the time charter contracts) under operating leases to non-related parties. This is classi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0006em;">fied as an operational lease, as such leases do not cover a significant part of the eco-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0018em;">nomic life of the vessels and the Group retains substantially all risks and rewards inci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0013em;">dental to ownership of the vessels. Rental income from operating leases is recognised in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0054em;">profit or loss on an over time basis over the charter period and included in revenue as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0047em;">stated in Material Accounting Policies section under 2.3.1.1.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0018em;">Initial direct costs incurred by the Group in negotiating and arranging operating leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0014em;">are capitalised and recognised as an expense in profit or loss over the lease term on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0014em;">same basis as the lease income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0005em;">When the Group is the lessee  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">At the inception of the contract, the Group assesses if the contract contains a lease. A  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">contract contains a lease if the contract conveys the right to control the use of an identi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0017em;">fied asset for a period of time in exchange for consideration. Reassessment is only re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0016em;">quired when the terms and conditions of the contract are changed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.013em;">a. Right-of-use assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.004em;">The Group recognises a right-of-use asset and lease liability at the date which the under-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">lying asset is available for use. Right-of-use assets are measured at cost which com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">prises the initial measurement of lease liabilities using an incremental borrowing rate ad-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0052em;">justed for any lease payments made at or before the commencement date and lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">incentive received. Any initial direct costs that would not have been incurred if the lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.002em;">had not been obtained are added to the carrying amount of the right-of-use assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0008em;">The right-of-use asset is subsequently measured at cost, less any accumulated depreci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.002em;">ation and impairment losses, and adjusted for any remeasurement of lease liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0039em;">Right-of-use assets are depreciated on a straight-line basis lease term.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1839em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0204em;">2.14. Impairment of non</span><span class="stl_168 stl_08 stl_116">–</span><span class="stl_39 stl_08 stl_40" style="word-spacing:0.001em;">financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_118 stl_08 stl_136">Goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.002em;">Goodwill is tested for impairment at least once a year or sooner if impairment indication  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0007em;">arises. Impairment testing is performed for each cash-generating unit to which goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0015em;">is allocated, as determined by Management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">If the carrying amount of intangible assets exceeds the recoverable, an impairment loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0003em;">is recognised in profit or loss. Goodwill impairment losses are not subsequently reversed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_118 stl_08 stl_29" style="word-spacing:0.0021em;">Property, plant and equipment and right-of-use-assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">Property, plant and equipment and right-of-use assets are tested for impairment when-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0037em;">ever there is any objective evidence or indication that these assets may be impaired.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0002em;">For the purpose of impairment testing of assets, recoverable amount (i.e. the higher of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">the fair value less cost to sell and the value in use) is determined on an individual asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.005em;">basis unless the asset does not generate cash flows that are largely independent of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0002em;">those from other assets. If this is the case, the recoverable amount is determined for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0008em;">cash-generating unit (CGU) to which the asset belongs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0022em;">If the recoverable amount of the asset or CGU is estimated to be less than its carrying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0016em;">amount, the carrying amount of the asset or CGU is reduced to its recoverable amount.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">The difference between the carrying amount and recoverable amount is recognised as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0028em;">an impairment loss in profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0005em;">An impairment loss for an asset is reversed if, and only if, there has been a change in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0001em;">estimates used to </span><span class="stl_46 stl_08 stl_31" style="word-spacing:-0.0058em;">determine the asset’s recoverable amount since the last impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0024em;">loss was recognised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0025em;">The carrying amount of this asset is increased to its revised recoverable amount, pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">vided that this amount does not exceed the carrying amount that would have been de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0025em;">termined (net of accumulated depreciation) had no impairment loss been recognised for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0016em;">the asset in prior years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0005em;">A reversal of impairment loss for an asset is recognised in profit or loss.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.3423em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0108em;">2.12. Property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0002em;">Property, plant and equipment are recognised at cost less accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.5239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0005em;">and accumulated impairment losses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.4439em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0016em;">The cost of an item of property, plant and equipment initially recognised includes its pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.5239em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0017em;">chase price and any costs that are directly attributable to bringing the asset to the loca-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.6039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0019em;">tion and condition necessary for it to be capable of operating in the manner intended by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.6939em;"><span class="stl_43 stl_08 stl_92">management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.6039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0026em;">Subsequent expenditure relating to property, plant and equipment that has already been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.6964em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">recognised is added to the carrying amount of the asset only when it is probable that fu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.7764em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0038em;">ture economic benefits associated with the item will flow to the Group and the cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0003em;">the item can be measured reliably. All other repair and maintenance expenses are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.9464em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">nised in profit or loss when incurred.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.8564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.001em;">To keep performing their operational activity, the vessels have an obligation to go  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.9464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">through drydock procedures every five years. The costs of the drydock procedures are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.0264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0004em;">capitalised per their purchase price and any costs that are directly attributable to bring-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0027em;">ing the vessels to the location and condition necessary for the drydock procedures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.0281em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0041em;">Depreciation is calculated using the straight-line method to allocate their depreciable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.1081em;"><span class="stl_46 stl_08 stl_41" style="word-spacing:-0.0016em;">amounts over the assets’ estimated useful life. The estimated useful life is as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:12.1867em;"><span class="stl_67 stl_08 stl_102" style="word-spacing:-0.0055em;">Useful life  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.5267em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0037em;">Vessels and </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_104">u</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0077em;">nished equipmen</span><span class="stl_77 stl_08 stl_17" style="word-spacing:0.0077em;">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:13.5267em;"><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.002em;">Up </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o </span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">5 </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_128">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.7967em;"><span class="stl_76 stl_08 stl_81">D</span><span class="stl_77 stl_08 stl_33">ry</span><span class="stl_76 stl_08 stl_58">dock  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:14.7967em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">5 </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_128">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.0667em;"><span class="stl_76 stl_08 stl_15">Ca</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_171">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:16.0667em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">5 </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_128">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.2623em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.003em;">Other fixtures and fittings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:17.2623em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0048em;">2 to 3 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.0339em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">The estimated useful life of the vessels of 25 years has been estimated by an external  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.1139em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0004em;">consultant through a determined fatigue analysis based on the technical specification of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.2039em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0045em;">the vessels. Prior to their acquisition, the vessels had already been in use for 8 years,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.2839em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">therefore the remaining useful life of the vessels is estimated at 17 years for all compo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.3639em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0007em;">nents except jacking system and main crane with a remaining useful life of 3 years from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.4539em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0028em;">the acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.5339em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0039em;">vessel by the end of their useful life. Depreciation is based on costs less the estimated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.6164em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0005em;">residual value. Residual value is estimated as the lightweight tonnage of each vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.7064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0023em;">multiplied by the scrap value per ton.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6164em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.002em;">More information can be found in Material accounting judgements, estimates and as-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7064em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0035em;">sumptions section with regards of acquired vessels trough the business combination.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.6164em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0004em;">The residual value, useful life, and methods of depreciation of property, plant, and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.7064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0017em;">ment are reviewed at each financial year end and adjusted accordingly, if appropriate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_136" style="word-spacing:0.0559em;">2.13. Leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0005em;">When the Group is the lessor  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_118 stl_08 stl_22" style="word-spacing:-0.0055em;">Lessor </span><span class="stl_90 stl_08 stl_15" style="word-spacing:0.0054em;">– </span><span class="stl_118 stl_08 stl_29" style="word-spacing:-0.0035em;">operating leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0001em;">The Group leases vessels (the bareboat element relating to hire of the vessel as part of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0025em;">the time charter contracts) under operating leases to non-related parties. This is classi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0006em;">fied as an operational lease, as such leases do not cover a significant part of the eco-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0018em;">nomic life of the vessels and the Group retains substantially all risks and rewards inci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0013em;">dental to ownership of the vessels. Rental income from operating leases is recognised in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0054em;">profit or loss on an over time basis over the charter period and included in revenue as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0047em;">stated in Material Accounting Policies section under 2.3.1.1.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0018em;">Initial direct costs incurred by the Group in negotiating and arranging operating leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0014em;">are capitalised and recognised as an expense in profit or loss over the lease term on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0014em;">same basis as the lease income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0005em;">When the Group is the lessee  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">At the inception of the contract, the Group assesses if the contract contains a lease. A  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">contract contains a lease if the contract conveys the right to control the use of an identi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0017em;">fied asset for a period of time in exchange for consideration. Reassessment is only re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0016em;">quired when the terms and conditions of the contract are changed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.013em;">a. Right-of-use assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.004em;">The Group recognises a right-of-use asset and lease liability at the date which the under-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">lying asset is available for use. Right-of-use assets are measured at cost which com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">prises the initial measurement of lease liabilities using an incremental borrowing rate ad-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0052em;">justed for any lease payments made at or before the commencement date and lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">incentive received. Any initial direct costs that would not have been incurred if the lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.002em;">had not been obtained are added to the carrying amount of the right-of-use assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0008em;">The right-of-use asset is subsequently measured at cost, less any accumulated depreci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.002em;">ation and impairment losses, and adjusted for any remeasurement of lease liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0039em;">Right-of-use assets are depreciated on a straight-line basis lease term.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.3423em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0108em;">2.12. Property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0002em;">Property, plant and equipment are recognised at cost less accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.5239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0005em;">and accumulated impairment losses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.4439em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0016em;">The cost of an item of property, plant and equipment initially recognised includes its pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.5239em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0017em;">chase price and any costs that are directly attributable to bringing the asset to the loca-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.6039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0019em;">tion and condition necessary for it to be capable of operating in the manner intended by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.6939em;"><span class="stl_43 stl_08 stl_92">management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.6039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0026em;">Subsequent expenditure relating to property, plant and equipment that has already been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.6964em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">recognised is added to the carrying amount of the asset only when it is probable that fu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.7764em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0038em;">ture economic benefits associated with the item will flow to the Group and the cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0003em;">the item can be measured reliably. All other repair and maintenance expenses are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.9464em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">nised in profit or loss when incurred.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.8564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.001em;">To keep performing their operational activity, the vessels have an obligation to go  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.9464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">through drydock procedures every five years. The costs of the drydock procedures are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.0264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0004em;">capitalised per their purchase price and any costs that are directly attributable to bring-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0027em;">ing the vessels to the location and condition necessary for the drydock procedures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.0281em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0041em;">Depreciation is calculated using the straight-line method to allocate their depreciable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.1081em;"><span class="stl_46 stl_08 stl_41" style="word-spacing:-0.0016em;">amounts over the assets’ estimated useful life. The estimated useful life is as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:12.1867em;"><span class="stl_67 stl_08 stl_102" style="word-spacing:-0.0055em;">Useful life  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.5267em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0037em;">Vessels and </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_104">u</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0077em;">nished equipmen</span><span class="stl_77 stl_08 stl_17" style="word-spacing:0.0077em;">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:13.5267em;"><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.002em;">Up </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o </span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">5 </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_128">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.7967em;"><span class="stl_76 stl_08 stl_81">D</span><span class="stl_77 stl_08 stl_33">ry</span><span class="stl_76 stl_08 stl_58">dock  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:14.7967em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">5 </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_128">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.0667em;"><span class="stl_76 stl_08 stl_15">Ca</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_171">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:16.0667em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">5 </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_128">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.2623em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.003em;">Other fixtures and fittings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:17.2623em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0048em;">2 to 3 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.0339em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">The estimated useful life of the vessels of 25 years has been estimated by an external  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.1139em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0004em;">consultant through a determined fatigue analysis based on the technical specification of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.2039em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0045em;">the vessels. Prior to their acquisition, the vessels had already been in use for 8 years,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.2839em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">therefore the remaining useful life of the vessels is estimated at 17 years for all compo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.3639em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0007em;">nents except jacking system and main crane with a remaining useful life of 3 years from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.4539em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0028em;">the acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.5339em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0039em;">vessel by the end of their useful life. Depreciation is based on costs less the estimated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.6164em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0005em;">residual value. Residual value is estimated as the lightweight tonnage of each vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.7064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0023em;">multiplied by the scrap value per ton.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6164em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.002em;">More information can be found in Material accounting judgements, estimates and as-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7064em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0035em;">sumptions section with regards of acquired vessels trough the business combination.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.6164em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0004em;">The residual value, useful life, and methods of depreciation of property, plant, and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.7064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0017em;">ment are reviewed at each financial year end and adjusted accordingly, if appropriate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_136" style="word-spacing:0.0559em;">2.13. Leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0005em;">When the Group is the lessor  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_118 stl_08 stl_22" style="word-spacing:-0.0055em;">Lessor </span><span class="stl_90 stl_08 stl_15" style="word-spacing:0.0054em;">– </span><span class="stl_118 stl_08 stl_29" style="word-spacing:-0.0035em;">operating leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0001em;">The Group leases vessels (the bareboat element relating to hire of the vessel as part of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0025em;">the time charter contracts) under operating leases to non-related parties. This is classi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0006em;">fied as an operational lease, as such leases do not cover a significant part of the eco-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0018em;">nomic life of the vessels and the Group retains substantially all risks and rewards inci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0013em;">dental to ownership of the vessels. Rental income from operating leases is recognised in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0054em;">profit or loss on an over time basis over the charter period and included in revenue as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0047em;">stated in Material Accounting Policies section under 2.3.1.1.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0018em;">Initial direct costs incurred by the Group in negotiating and arranging operating leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0014em;">are capitalised and recognised as an expense in profit or loss over the lease term on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0014em;">same basis as the lease income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0005em;">When the Group is the lessee  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">At the inception of the contract, the Group assesses if the contract contains a lease. A  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">contract contains a lease if the contract conveys the right to control the use of an identi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0017em;">fied asset for a period of time in exchange for consideration. Reassessment is only re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0016em;">quired when the terms and conditions of the contract are changed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.013em;">a. Right-of-use assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.004em;">The Group recognises a right-of-use asset and lease liability at the date which the under-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">lying asset is available for use. Right-of-use assets are measured at cost which com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">prises the initial measurement of lease liabilities using an incremental borrowing rate ad-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0052em;">justed for any lease payments made at or before the commencement date and lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">incentive received. Any initial direct costs that would not have been incurred if the lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.002em;">had not been obtained are added to the carrying amount of the right-of-use assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0008em;">The right-of-use asset is subsequently measured at cost, less any accumulated depreci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.002em;">ation and impairment losses, and adjusted for any remeasurement of lease liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0039em;">Right-of-use assets are depreciated on a straight-line basis lease term.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1839em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0204em;">2.14. Impairment of non</span><span class="stl_168 stl_08 stl_116">–</span><span class="stl_39 stl_08 stl_40" style="word-spacing:0.001em;">financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_118 stl_08 stl_136">Goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.002em;">Goodwill is tested for impairment at least once a year or sooner if impairment indication  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0007em;">arises. Impairment testing is performed for each cash-generating unit to which goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0015em;">is allocated, as determined by Management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">If the carrying amount of intangible assets exceeds the recoverable, an impairment loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0003em;">is recognised in profit or loss. Goodwill impairment losses are not subsequently reversed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_118 stl_08 stl_29" style="word-spacing:0.0021em;">Property, plant and equipment and right-of-use-assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">Property, plant and equipment and right-of-use assets are tested for impairment when-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0037em;">ever there is any objective evidence or indication that these assets may be impaired.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0002em;">For the purpose of impairment testing of assets, recoverable amount (i.e. the higher of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">the fair value less cost to sell and the value in use) is determined on an individual asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.005em;">basis unless the asset does not generate cash flows that are largely independent of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0002em;">those from other assets. If this is the case, the recoverable amount is determined for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0008em;">cash-generating unit (CGU) to which the asset belongs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0022em;">If the recoverable amount of the asset or CGU is estimated to be less than its carrying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0016em;">amount, the carrying amount of the asset or CGU is reduced to its recoverable amount.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">The difference between the carrying amount and recoverable amount is recognised as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0028em;">an impairment loss in profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0005em;">An impairment loss for an asset is reversed if, and only if, there has been a change in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0001em;">estimates used to </span><span class="stl_46 stl_08 stl_31" style="word-spacing:-0.0058em;">determine the asset’s recoverable amount since the last impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0024em;">loss was recognised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0025em;">The carrying amount of this asset is increased to its revised recoverable amount, pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">vided that this amount does not exceed the carrying amount that would have been de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0025em;">termined (net of accumulated depreciation) had no impairment loss been recognised for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0016em;">the asset in prior years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0005em;">A reversal of impairment loss for an asset is recognised in profit or loss.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.3423em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0108em;">2.12. Property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0002em;">Property, plant and equipment are recognised at cost less accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.5239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0005em;">and accumulated impairment losses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.4439em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0016em;">The cost of an item of property, plant and equipment initially recognised includes its pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.5239em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0017em;">chase price and any costs that are directly attributable to bringing the asset to the loca-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.6039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0019em;">tion and condition necessary for it to be capable of operating in the manner intended by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.6939em;"><span class="stl_43 stl_08 stl_92">management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.6039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0026em;">Subsequent expenditure relating to property, plant and equipment that has already been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.6964em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">recognised is added to the carrying amount of the asset only when it is probable that fu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.7764em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0038em;">ture economic benefits associated with the item will flow to the Group and the cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0003em;">the item can be measured reliably. All other repair and maintenance expenses are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.9464em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">nised in profit or loss when incurred.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.8564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.001em;">To keep performing their operational activity, the vessels have an obligation to go  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.9464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">through drydock procedures every five years. The costs of the drydock procedures are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.0264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0004em;">capitalised per their purchase price and any costs that are directly attributable to bring-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0027em;">ing the vessels to the location and condition necessary for the drydock procedures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.0281em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0041em;">Depreciation is calculated using the straight-line method to allocate their depreciable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.1081em;"><span class="stl_46 stl_08 stl_41" style="word-spacing:-0.0016em;">amounts over the assets’ estimated useful life. The estimated useful life is as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:12.1867em;"><span class="stl_67 stl_08 stl_102" style="word-spacing:-0.0055em;">Useful life  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.5267em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0037em;">Vessels and </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_104">u</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0077em;">nished equipmen</span><span class="stl_77 stl_08 stl_17" style="word-spacing:0.0077em;">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:13.5267em;"><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.002em;">Up </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o </span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">5 </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_128">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.7967em;"><span class="stl_76 stl_08 stl_81">D</span><span class="stl_77 stl_08 stl_33">ry</span><span class="stl_76 stl_08 stl_58">dock  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:14.7967em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">5 </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_128">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.0667em;"><span class="stl_76 stl_08 stl_15">Ca</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_171">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:16.0667em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">5 </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_128">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.2623em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.003em;">Other fixtures and fittings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:17.2623em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0048em;">2 to 3 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.0339em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">The estimated useful life of the vessels of 25 years has been estimated by an external  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.1139em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0004em;">consultant through a determined fatigue analysis based on the technical specification of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.2039em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0045em;">the vessels. Prior to their acquisition, the vessels had already been in use for 8 years,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.2839em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">therefore the remaining useful life of the vessels is estimated at 17 years for all compo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.3639em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0007em;">nents except jacking system and main crane with a remaining useful life of 3 years from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.4539em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0028em;">the acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.5339em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0039em;">vessel by the end of their useful life. Depreciation is based on costs less the estimated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.6164em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0005em;">residual value. Residual value is estimated as the lightweight tonnage of each vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.7064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0023em;">multiplied by the scrap value per ton.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6164em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.002em;">More information can be found in Material accounting judgements, estimates and as-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7064em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0035em;">sumptions section with regards of acquired vessels trough the business combination.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.6164em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0004em;">The residual value, useful life, and methods of depreciation of property, plant, and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.7064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0017em;">ment are reviewed at each financial year end and adjusted accordingly, if appropriate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_136" style="word-spacing:0.0559em;">2.13. Leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0005em;">When the Group is the lessor  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_118 stl_08 stl_22" style="word-spacing:-0.0055em;">Lessor </span><span class="stl_90 stl_08 stl_15" style="word-spacing:0.0054em;">– </span><span class="stl_118 stl_08 stl_29" style="word-spacing:-0.0035em;">operating leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0001em;">The Group leases vessels (the bareboat element relating to hire of the vessel as part of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0025em;">the time charter contracts) under operating leases to non-related parties. This is classi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0006em;">fied as an operational lease, as such leases do not cover a significant part of the eco-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0018em;">nomic life of the vessels and the Group retains substantially all risks and rewards inci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0013em;">dental to ownership of the vessels. Rental income from operating leases is recognised in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0054em;">profit or loss on an over time basis over the charter period and included in revenue as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0047em;">stated in Material Accounting Policies section under 2.3.1.1.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0018em;">Initial direct costs incurred by the Group in negotiating and arranging operating leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0014em;">are capitalised and recognised as an expense in profit or loss over the lease term on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0014em;">same basis as the lease income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0005em;">When the Group is the lessee  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">At the inception of the contract, the Group assesses if the contract contains a lease. A  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">contract contains a lease if the contract conveys the right to control the use of an identi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0017em;">fied asset for a period of time in exchange for consideration. Reassessment is only re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0016em;">quired when the terms and conditions of the contract are changed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.013em;">a. Right-of-use assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.004em;">The Group recognises a right-of-use asset and lease liability at the date which the under-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">lying asset is available for use. Right-of-use assets are measured at cost which com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">prises the initial measurement of lease liabilities using an incremental borrowing rate ad-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0052em;">justed for any lease payments made at or before the commencement date and lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">incentive received. Any initial direct costs that would not have been incurred if the lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.002em;">had not been obtained are added to the carrying amount of the right-of-use assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0008em;">The right-of-use asset is subsequently measured at cost, less any accumulated depreci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.002em;">ation and impairment losses, and adjusted for any remeasurement of lease liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0039em;">Right-of-use assets are depreciated on a straight-line basis lease term.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1839em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0204em;">2.14. Impairment of non</span><span class="stl_168 stl_08 stl_116">–</span><span class="stl_39 stl_08 stl_40" style="word-spacing:0.001em;">financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_118 stl_08 stl_136">Goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.002em;">Goodwill is tested for impairment at least once a year or sooner if impairment indication  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0007em;">arises. Impairment testing is performed for each cash-generating unit to which goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0015em;">is allocated, as determined by Management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">If the carrying amount of intangible assets exceeds the recoverable, an impairment loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0003em;">is recognised in profit or loss. Goodwill impairment losses are not subsequently reversed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_118 stl_08 stl_29" style="word-spacing:0.0021em;">Property, plant and equipment and right-of-use-assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">Property, plant and equipment and right-of-use assets are tested for impairment when-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0037em;">ever there is any objective evidence or indication that these assets may be impaired.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0002em;">For the purpose of impairment testing of assets, recoverable amount (i.e. the higher of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">the fair value less cost to sell and the value in use) is determined on an individual asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.005em;">basis unless the asset does not generate cash flows that are largely independent of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0002em;">those from other assets. If this is the case, the recoverable amount is determined for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0008em;">cash-generating unit (CGU) to which the asset belongs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0022em;">If the recoverable amount of the asset or CGU is estimated to be less than its carrying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0016em;">amount, the carrying amount of the asset or CGU is reduced to its recoverable amount.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">The difference between the carrying amount and recoverable amount is recognised as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0028em;">an impairment loss in profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0005em;">An impairment loss for an asset is reversed if, and only if, there has been a change in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0001em;">estimates used to </span><span class="stl_46 stl_08 stl_31" style="word-spacing:-0.0058em;">determine the asset’s recoverable amount since the last impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0024em;">loss was recognised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0025em;">The carrying amount of this asset is increased to its revised recoverable amount, pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">vided that this amount does not exceed the carrying amount that would have been de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0025em;">termined (net of accumulated depreciation) had no impairment loss been recognised for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0016em;">the asset in prior years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0005em;">A reversal of impairment loss for an asset is recognised in profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.01em;">2.26. Material accounting judgements, estimates and assumptions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_46 stl_08 stl_47" style="word-spacing:-0.001em;">The preparation of the Group’s consolidated financial statements requires management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.002em;">to make judgements, estimates and assumptions that affect the reported amounts of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0003em;">revenues, expenses, assets and liabilities, and the accompanying disclosures, and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0021em;">disclosure of contingent liabilities. Uncertainty about these assumptions and estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0019em;">could result in outcomes that require a material adjustment to the carrying amount of as-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">sets or liabilities affected in future periods.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.8539em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">The key assumptions concerning the future and other key sources of estimation uncer-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0017em;">tainty at the reporting date, that have a significant risk of causing a material adjustment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.0239em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0005em;">to the carrying amounts of assets and liabilities within the next financial year, are de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.1039em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.003em;">scribed below. The Group based its assumptions and estimates on parameters available  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.1964em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0013em;">when the consolidated financial statements were prepared. Existing circumstances and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.2764em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0041em;">assumptions about future developments, however, may change due to market changes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.3564em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0033em;">or circumstances arising that are beyond the control of the Group. Such changes are re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.4464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0008em;">flected in the assumptions when they occur.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.3564em;"><span class="stl_118 stl_08 stl_33">Estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.4464em;"><span class="stl_118 stl_08 stl_51" style="word-spacing:-0.0016em;">Useful life of vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.5264em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0027em;">The estimation made regarding the duration of the useful life of the vessels has been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.6081em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0049em;">based on, among other things, an analysis made by an external expert. The determined  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.6981em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0005em;">fatigue analysis is based on the technical specification of the wind turbine installation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.7781em;"><span class="stl_43 stl_08 stl_15" style="word-spacing:0.0057em;">vessels </span><span class="stl_46 stl_08 stl_22" style="word-spacing:-0.0031em;">(“WTIV”) </span><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0029em;">and comparable vessels, the useful life of the vessels is estimated at 25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.8581em;"><span class="stl_43 stl_08 stl_10">years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0004em;">In 2020, the Group acquired two vessels which had already been in use for 8 years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">Therefore, the remaining useful life of these vessels is estimated at 17 years for all com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0004em;">ponents except the jacking system and main crane. These components have a remain-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0006em;">ing useful life of 3 years from the acquisition of the vessels. In the current year, the main  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0024em;">crane of these vessels is undergoing an upgrade. The old main crane has been disposed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0037em;">of, and the new main crane is expected to be activated in the new year, matching the re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0052em;">maining useful life of the vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">In 2023, as part of the business combination, the Group acquired two additional vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0016em;">One of these vessels was delivered in 2015 and the other in 2012. Similar to the vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0029em;">acquired in 2020, the estimated useful life of these vessels, 25 years when first acquired,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0028em;">depend on initial delivery. Therefore its useful life is 17 and 14 years, and all components  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">will have the same useful life. The depreciation will be calculated over the remaining use-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0055em;">ful life of these vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0004em;">The residual value, useful life, and methods of depreciation of property, plant, and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0017em;">ment are reviewed at each financial year end and adjusted accordingly, if appropriate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:12.5348em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2683em;top:12.3467em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9883em;top:12.3467em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7083em;top:12.3467em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:13.6767em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_40">ope</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_62" style="word-spacing:0.0017em;">ing income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1283em;top:13.6767em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5383em;top:13.6767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2583em;top:13.6767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:14.9467em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_40">ope</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0013em;">ing expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.7283em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_102">,86</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5383em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2583em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:16.2867em;"><span class="stl_67 stl_08 stl_257" style="word-spacing:-0.001em;">Net other operating income and expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6883em;top:16.2867em;"><span class="stl_67 stl_08 stl_83">137  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.4983em;top:16.2867em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2183em;top:16.2867em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_102" style="word-spacing:0.0115em;">Note 18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_64" style="word-spacing:-0.0015em;">Property Plant and Equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4642em;top:10.1742em;"><span class="stl_67 stl_08 stl_248" style="word-spacing:0.0004em;">Other fixtures  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.8458em;top:10.1742em;"><span class="stl_67 stl_08 stl_245" style="word-spacing:-0.0092em;">Assets under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:11.3623em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:11.1742em;"><span class="stl_67 stl_08 stl_114">Vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1642em;top:11.1742em;"><span class="stl_67 stl_08 stl_247" style="word-spacing:-0.0042em;">Dry Dock  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3442em;top:11.1742em;"><span class="stl_67 stl_08 stl_72" style="word-spacing:0.001em;">and fittings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.8458em;top:11.1742em;"><span class="stl_67 stl_08 stl_229">Construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.7958em;top:11.1742em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:13.4267em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0077em;">Cost 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.6967em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4017em;top:14.6967em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3942em;top:14.6967em;"><span class="stl_76 stl_08 stl_15">9,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">61  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1042em;top:14.6967em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.6758em;top:14.6967em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">56,16</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7558em;top:14.6967em;"><span class="stl_76 stl_08 stl_15">648,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.9667em;"><span class="stl_76 stl_08 stl_42">Acquisi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0067em;">ion o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_42">businesses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4017em;top:15.9667em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">96,5</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0142em;top:15.9667em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1042em;top:15.9667em;"><span class="stl_76 stl_08 stl_15">599  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.6758em;top:15.9667em;"><span class="stl_76 stl_08 stl_15">144,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7558em;top:15.9667em;"><span class="stl_76 stl_08 stl_15">441,5</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.2367em;"><span class="stl_76 stl_08 stl_22">Addi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91">ions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9242em;top:17.2367em;"><span class="stl_77 stl_08 stl_15">227  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0842em;top:17.2367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0042em;top:17.2367em;"><span class="stl_77 stl_08 stl_15">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1258em;top:17.2367em;"><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_15">,169  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2058em;top:17.2367em;"><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">99  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:18.5167em;"><span class="stl_76 stl_08 stl_100">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9017em;top:18.5167em;"><span class="stl_76 stl_08 stl_102">(8,</span><span class="stl_77 stl_08 stl_15">002</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6142em;top:18.5167em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">91)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1742em;top:18.5167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:18.5167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2558em;top:18.5167em;"><span class="stl_76 stl_08 stl_102">(8,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:19.7883em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9017em;top:19.7883em;"><span class="stl_76 stl_08 stl_64">(4,68</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5142em;top:19.7883em;"><span class="stl_76 stl_08 stl_15">(6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7042em;top:19.7883em;"><span class="stl_76 stl_08 stl_15">(159)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1758em;top:19.7883em;"><span class="stl_76 stl_08 stl_100">(1,8</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2558em;top:19.7883em;"><span class="stl_76 stl_08 stl_113">(6,654)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.0583em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.2717em;top:21.0583em;"><span class="stl_67 stl_08 stl_136">566,360  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2842em;top:21.0583em;"><span class="stl_67 stl_08 stl_79">9,135  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0442em;top:21.0583em;"><span class="stl_67 stl_08 stl_83">979  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5358em;top:21.0583em;"><span class="stl_67 stl_08 stl_49">571,745  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.9558em;top:21.0583em;"><span class="stl_67 stl_08 stl_44">1,148,219  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:22.9283em;"><span class="stl_67 stl_08 stl_253" style="word-spacing:-0.0016em;">Accumulated depreciation and impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:24.1983em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8517em;top:24.1983em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9,5</span><span class="stl_77 stl_08 stl_15">70  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3942em;top:24.1983em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1042em;top:24.1983em;"><span class="stl_76 stl_08 stl_15">445  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:24.1983em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2058em;top:24.1983em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">03</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:25.4683em;"><span class="stl_76 stl_08 stl_40">Dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0016em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8517em;top:25.4683em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">,84</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3942em;top:25.4683em;"><span class="stl_76 stl_08 stl_15">1,6</span><span class="stl_77 stl_08 stl_15">37  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5542em;top:25.4683em;"><span class="stl_76 stl_08 stl_15">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:25.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2058em;top:25.4683em;"><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">,5</span><span class="stl_77 stl_08 stl_15">03  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:26.7383em;"><span class="stl_76 stl_08 stl_100">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9017em;top:26.7383em;"><span class="stl_76 stl_08 stl_102">(5,</span><span class="stl_77 stl_08 stl_15">722</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6142em;top:26.7383em;"><span class="stl_76 stl_08 stl_15">(1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1742em;top:26.7383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:26.7383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2558em;top:26.7383em;"><span class="stl_76 stl_08 stl_100">(5,8</span><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:28.0208em;"><span class="stl_76 stl_08 stl_25">Impai</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_87" style="word-spacing:0.0038em;">on disposal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3017em;top:28.0208em;"><span class="stl_76 stl_08 stl_15">5,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0842em;top:28.0208em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1742em;top:28.0208em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:28.0208em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.6558em;top:28.0208em;"><span class="stl_76 stl_08 stl_15">5,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:29.2908em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5242em;top:29.2908em;"><span class="stl_76 stl_08 stl_15">(968)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5142em;top:29.2908em;"><span class="stl_76 stl_08 stl_15">(4)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7042em;top:29.2908em;"><span class="stl_76 stl_08 stl_15">(15</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:29.2908em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2558em;top:29.2908em;"><span class="stl_76 stl_08 stl_100">(1,1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:30.5608em;"><span class="stl_67 stl_08 stl_196" style="word-spacing:-0.0038em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7317em;top:30.5608em;"><span class="stl_67 stl_08 stl_29">58,727  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2942em;top:30.5608em;"><span class="stl_67 stl_08 stl_55">3,548  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0442em;top:30.5608em;"><span class="stl_67 stl_08 stl_83">312  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2258em;top:30.5608em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.0858em;top:30.5608em;"><span class="stl_67 stl_08 stl_29">62,587  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:32.4308em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0109em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.2617em;top:32.4308em;"><span class="stl_67 stl_08 stl_49">507,633  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2942em;top:32.4308em;"><span class="stl_67 stl_08 stl_55">5,587  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0442em;top:32.4308em;"><span class="stl_67 stl_08 stl_83">667  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5358em;top:32.4308em;"><span class="stl_67 stl_08 stl_49">571,745  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.9558em;top:32.4308em;"><span class="stl_67 stl_08 stl_92">1,085,632  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_46 stl_08 stl_29" style="word-spacing:0.001em;">Due to business combination with Eneti, the Group’s property, plant, and </span><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0034em;">equipment in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0009em;">creased by EUR 441.5 million in 2023. This primarily comprised the Operating Vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0019em;">Wind Scylla and Wind Zaratan (EUR 205,879 and EUR 86,927, respectively) and the new-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0017em;">builds under construction, the M-Class down payments for EUR 144 million.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">Additions during 2023 are mainly driven by down payments of EUR 42 million for the new  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0052em;">P-class installation vessels (EUR 15.4 million), the new A-class foundation installation ves-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0037em;">sels (EUR 3.8 million) and instalments for the main cranes for both Wind Orca (EUR 16.0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0004em;">million) and Wind Osprey (EUR 6.8 million), represented above on Assets under Construc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0022em;">tion. In addition, Assets under Construction contains EUR 7.6 million worth of guarantee  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0008em;">fees to BW Group related to the A-class and P-class newbuild vessels as well as EUR 5.7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">million of assets related to future projects that have not yet started.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0012em;">Borrowing costs for 2023 has been capitalised for a total of EUR 7.1 million (2022: EUR 4.2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0015em;">million). The capitalisation rate used to determine the amount of borrowing costs to be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_136">capitalise</span><span class="stl_46 stl_08 stl_31" style="word-spacing:-0.0049em;">d is the weighted average interest rate applicable to the Company’s general  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0032em;">borrowings during the reported period, in this case 5.5% (2022: 5.7%).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0051em;">Disposals during 2023 are mainly driven by the main cranes upgraded in both O-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0001em;">vessels, as well as impairment recognised. For further details, please refer to </span><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0092em;">Note 5.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4642em;top:10.1742em;"><span class="stl_67 stl_08 stl_248" style="word-spacing:0.0004em;">Other fixtures  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.8458em;top:10.1742em;"><span class="stl_67 stl_08 stl_245" style="word-spacing:-0.0099em;">Assets under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:11.3623em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:11.1742em;"><span class="stl_67 stl_08 stl_114">Vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1642em;top:11.1742em;"><span class="stl_67 stl_08 stl_247" style="word-spacing:-0.0042em;">Dry Dock  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3442em;top:11.1742em;"><span class="stl_67 stl_08 stl_72" style="word-spacing:0.001em;">and fittings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.8458em;top:11.1742em;"><span class="stl_67 stl_08 stl_229">Construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.7958em;top:11.1742em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:13.0567em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0077em;">Cost 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.3267em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4017em;top:14.3267em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">58,148  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3942em;top:14.3267em;"><span class="stl_76 stl_08 stl_15">1,98</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1042em;top:14.3267em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.6758em;top:14.3267em;"><span class="stl_76 stl_08 stl_15">158,</span><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7558em;top:14.3267em;"><span class="stl_76 stl_08 stl_15">419,4</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.5967em;"><span class="stl_76 stl_08 stl_22">Addi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91">ions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8517em;top:15.5967em;"><span class="stl_76 stl_08 stl_15">15,1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3942em;top:15.5967em;"><span class="stl_76 stl_08 stl_15">5,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">81  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1742em;top:15.5967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.6758em;top:15.5967em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">8,455  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7558em;top:15.5967em;"><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">8,841  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:16.8667em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_15">ans</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_22">e</span><span class="stl_77 stl_08 stl_22" style="word-spacing:-0.011em;">r fr</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.013em;">om asse</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0065em;">s unde</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_89">cons</span><span class="stl_77 stl_08 stl_53">tr</span><span class="stl_76 stl_08 stl_15">uc</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3017em;top:16.8667em;"><span class="stl_76 stl_08 stl_15">9,</span><span class="stl_77 stl_08 stl_15">02</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3942em;top:16.8667em;"><span class="stl_76 stl_08 stl_15">1,99</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1742em;top:16.8667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.7258em;top:16.8667em;"><span class="stl_76 stl_08 stl_100">(11,</span><span class="stl_77 stl_08 stl_15">02</span><span class="stl_76 stl_08 stl_15">6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3458em;top:16.8667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:18.1367em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.2617em;top:18.1367em;"><span class="stl_67 stl_08 stl_49">282,282  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2942em;top:18.1367em;"><span class="stl_67 stl_08 stl_55">9,261  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0442em;top:18.1367em;"><span class="stl_67 stl_08 stl_83">536  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5358em;top:18.1367em;"><span class="stl_67 stl_08 stl_49">356,163  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6158em;top:18.1367em;"><span class="stl_67 stl_08 stl_49">648,242  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:20.0083em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0019em;">Accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.2883em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8517em;top:21.2883em;"><span class="stl_76 stl_08 stl_15">19,6</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0142em;top:21.2883em;"><span class="stl_77 stl_08 stl_15">300  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1042em;top:21.2883em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">86  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:21.2883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2058em;top:21.2883em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:22.5583em;"><span class="stl_76 stl_08 stl_40">Dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0016em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8517em;top:22.5583em;"><span class="stl_76 stl_08 stl_15">19,941  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3942em;top:22.5583em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">723  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5542em;top:22.5583em;"><span class="stl_76 stl_08 stl_15">59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:22.5583em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2058em;top:22.5583em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">723  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:23.8283em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7317em;top:23.8283em;"><span class="stl_67 stl_08 stl_29">39,570  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2942em;top:23.8283em;"><span class="stl_67 stl_08 stl_55">2,023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0442em;top:23.8283em;"><span class="stl_67 stl_08 stl_83">445  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2258em;top:23.8283em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.0858em;top:23.8283em;"><span class="stl_67 stl_08 stl_29">42,038  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:25.6983em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0109em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.2617em;top:25.6983em;"><span class="stl_67 stl_08 stl_49">242,712  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2942em;top:25.6983em;"><span class="stl_67 stl_08 stl_55">7,238  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5142em;top:25.6983em;"><span class="stl_67 stl_08 stl_83">91  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5358em;top:25.6983em;"><span class="stl_67 stl_08 stl_49">356,163  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6158em;top:25.6983em;"><span class="stl_67 stl_08 stl_49">606,204  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.3664em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">Additions during 2022 are mainly driven by down payments for EUR 167 million of the two  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.4564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">new A-class foundation installation vessels and instalments for the main cranes for both  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.5364em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">Wind Orca (EUR 10.7 million) and Wind Osprey (EUR 16.3 million), represented above on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.6164em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0005em;">Assets under Construction. There was also a transfer from assets under construction to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.7064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0006em;">additions for EUR 11 million, of which EUR 9 million due to the capitalisation of vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.7864em;"><span class="stl_43 stl_08 stl_42">equipment.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.9581em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0011em;">Borrowing costs for 2022 has been capitalised for a total of EUR 4.2 million. The capitali-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.0381em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0041em;">sation rate used to determine the amount of borrowing costs to be capitalised is the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.3664em;"><span class="stl_46 stl_08 stl_51" style="word-spacing:-0.0024em;">weighted average interest rate applicable to the Company’s general borrowings during  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.4564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0013em;">the reported period, in this case 5.7%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4642em;top:10.1742em;"><span class="stl_67 stl_08 stl_248" style="word-spacing:0.0004em;">Other fixtures  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.8458em;top:10.1742em;"><span class="stl_67 stl_08 stl_245" style="word-spacing:-0.0099em;">Assets under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:11.3623em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:11.1742em;"><span class="stl_67 stl_08 stl_114">Vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1642em;top:11.1742em;"><span class="stl_67 stl_08 stl_247" style="word-spacing:-0.0042em;">Dry Dock  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3442em;top:11.1742em;"><span class="stl_67 stl_08 stl_72" style="word-spacing:0.001em;">and fittings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.8458em;top:11.1742em;"><span class="stl_67 stl_08 stl_229">Construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.7958em;top:11.1742em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:13.0567em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0077em;">Cost 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.3267em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4017em;top:14.3267em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">55,</span><span class="stl_77 stl_08 stl_15">030  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3942em;top:14.3267em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1042em;top:14.3267em;"><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:14.3267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7558em;top:14.3267em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">56,459  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.5967em;"><span class="stl_76 stl_08 stl_22">Addi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91">ions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3017em;top:15.5967em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,118  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0142em;top:15.5967em;"><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1042em;top:15.5967em;"><span class="stl_76 stl_08 stl_15">15</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.6758em;top:15.5967em;"><span class="stl_76 stl_08 stl_15">158,</span><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7558em;top:15.5967em;"><span class="stl_76 stl_08 stl_15">16</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,94</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:16.8667em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.2617em;top:16.8667em;"><span class="stl_67 stl_08 stl_49">258,148  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2942em;top:16.8667em;"><span class="stl_67 stl_08 stl_55">1,983  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0442em;top:16.8667em;"><span class="stl_67 stl_08 stl_83">536  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5358em;top:16.8667em;"><span class="stl_67 stl_08 stl_49">158,734  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6158em;top:16.8667em;"><span class="stl_67 stl_08 stl_49">419,401  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:18.7367em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0019em;">Accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:20.0183em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3017em;top:20.0183em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,85</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0842em;top:20.0183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1042em;top:20.0183em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:20.0183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.6558em;top:20.0183em;"><span class="stl_76 stl_08 stl_15">4,1</span><span class="stl_77 stl_08 stl_15">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.2883em;"><span class="stl_76 stl_08 stl_40">Dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0016em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8517em;top:21.2883em;"><span class="stl_76 stl_08 stl_15">15,</span><span class="stl_77 stl_08 stl_15">77</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0142em;top:21.2883em;"><span class="stl_77 stl_08 stl_15">300  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1042em;top:21.2883em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:21.2883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2058em;top:21.2883em;"><span class="stl_76 stl_08 stl_15">16,18</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:22.5583em;"><span class="stl_67 stl_08 stl_196" style="word-spacing:-0.0033em;">31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7317em;top:22.5583em;"><span class="stl_67 stl_08 stl_29">19,629  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9542em;top:22.5583em;"><span class="stl_67 stl_08 stl_83">300  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0442em;top:22.5583em;"><span class="stl_67 stl_08 stl_83">386  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2258em;top:22.5583em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.0858em;top:22.5583em;"><span class="stl_67 stl_08 stl_29">20,315  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:24.4283em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0109em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.2617em;top:24.4283em;"><span class="stl_67 stl_08 stl_49">238,520  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2942em;top:24.4283em;"><span class="stl_67 stl_08 stl_55">1,683  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0442em;top:24.4283em;"><span class="stl_67 stl_08 stl_83">150  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5358em;top:24.4283em;"><span class="stl_67 stl_08 stl_49">158,734  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6158em;top:24.4283em;"><span class="stl_67 stl_08 stl_49">399,087  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.0964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0009em;">Additions during 2021 are mainly driven by down payments for EUR 137 million of the two  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.1864em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0011em;">new P-Class WTIVs and new crane for Wind Orca (EUR 7 million), represented above on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.2664em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0006em;">Assets under Construction.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_54" style="word-spacing:-0.0039em;">Impairment Test on vessels (excluding goodwill)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0014em;">The Company has neither identified internal nor external impairment indicators. However,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0018em;">on a voluntary basis management performs an impairment test every year. For the pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0013em;">pose of testing the Group's vessels the impairment test is performed on a vessel-by-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_25" style="word-spacing:0.0034em;">vessel basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0014em;">The Company is applying both fair value less costs of disposal (FVLCOD) to determine  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_46 stl_08 stl_49" style="word-spacing:-0.0045em;">the arm’s length sale price of an asset at the measurement date and the value</span><span class="stl_43 stl_08 stl_51">-in-use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0027em;">(VIU) method for estimating the expected future cash flows that the asset in the current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0006em;">condition will produce. The VIU method assumes the asset will be recovered principally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.004em;">through its continuing use.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0028em;">The impairment test involves estimating both FVLCOD and VIU and comparing the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_46 stl_08 stl_41" style="word-spacing:0.0017em;">higher amount to the asset’s carrying amount. </span><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0019em;">The Group has two CGUs being the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0022em;">transport and installation of offshore wind turbine generators and foundations vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0042em;">(WTGFIV), comprising Cadeler’s O</span><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0009em;">-class vessels and Scylla; and the maintenance of off-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0002em;">shore wind turbine generators (O&amp;MV) cash-generating units, comprising Zaratan. As of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0009em;">31 December 2023, Management tested the carrying amount of its two CGUs including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0009em;">goodwill for impairment, cf. note 17, and each vessel on a stand-alone basis as described  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_38">below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_39 stl_08 stl_45" style="word-spacing:-0.0022em;">Independent market values on each vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0001em;">Two independent evaluations of the market value of the two O-class vessels were re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0001em;">ceived in the second half of 2023. The first evaluation was made the 9 November 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0019em;">by Clarksons Valuations Limited for an estimation of USD 400-440 million (correspond-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0014em;">ing to EUR 377-415 million), which is 67-84% higher than the carrying amount. The second  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0027em;">vessel evaluation was made the 13 November 2023 by Fearnleys Asia (Singapore) Pte Ltd  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.001em;">for an estimation of USD 332 million (corresponding to EUR 313 million), which is 34%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">higher than the carrying amount.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0001em;">In addition, two independent evaluations of the market value of Wind Scylla were re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0003em;">ceived in November 2023. The first evaluation was made by Clarksons Valuations Limited  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0014em;">for an estimation of USD 225-240 million (corresponding to EUR 203-217 million), which is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0041em;">5% higher than the carrying amount. The second vessel evaluation was made by Pareto  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0005em;">for an estimation of USD 285-295 million (corresponding to EUR 258-267 million), which is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0039em;">25-29% higher than the carrying amount.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0029em;">Two independent evaluations of the market value of Wind Zaratan were performed in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0035em;">second half of 2023. The first evaluation was made by Clarksons Valuations Limited for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0047em;">an estimation of USD 95-115 million (corresponding to EUR 86-104 million), which is 21%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">higher than the carrying amount. The second vessel evaluation was made by Pareto for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0057em;">an estimation of USD 95-105 million (corresponding to EUR 86-95 million), which is 10%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.003em;">higher than the carrying amount.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0009em;">The impairment assessment involves comparing net book values with broker valuations.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0048em;">The net book value is below the broker valuations, hence there is headroom all vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">Management assesses key input inputs used in the independent evaluations to support  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0039em;">no impairment indicators as explained below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:-0.0025em;">VIU calculation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.002em;">As of December 2023, Management has prepared a value-in-use calculation for the ves-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0017em;">sels. For the acquired vessels in December 2023, management relied on input from DCF  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0002em;">models in connection with accounting for the business combination, cf. note 6.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">The discounted cash flow period has been calculated from the remaining useful life of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">the vessel as this is deemed most representative for the actual value of the vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0019em;">The VIU is calculated based on cash flow projections in financial budgets and business  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0027em;">plans as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.44em;top:21.9439em;"><span class="stl_46 stl_08 stl_15">–</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.85em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0019em;">From 2024 revenue is based on a combination of signed contracts and market  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.85em;top:23.0239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0014em;">estimated day rates and utilisation for O-class vessels (using externally available  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.85em;top:24.1039em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0038em;">information) and a yearly increase of 2%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.44em;top:26.2739em;"><span class="stl_46 stl_08 stl_15">–</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.85em;top:26.2739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">OPEX includes expected 2024 levels (using internal forecasts) plus an increase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.85em;top:27.3539em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0013em;">for inflation on following years and CAPEX includes full investment on crane up-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.85em;top:28.4464em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0029em;">grades based on investment budget.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0016em;">The discount rate used in the calculation is based on a Weighted Average Cost of Capi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.002em;">tal (WACC) of 9.5% after tax, (8% after tax in 2022 and 8.5% after tax in 2021). As the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0011em;">Company is subject to the tonnage tax regime, the tax consideration in the WACC calcu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0002em;">lation for impairment of a vessel is immaterial. Therefore, the before and after tax WACC  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0009em;">remain the same for impairment testing purposes. WACC is calculated by using a stand-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.002em;">ard WACC model in which cost of equity, cost of debt and capital structure are the key  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_57">parameters.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.001em;">The calculation showed no need for impairment as the future value of cashflows were  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0023em;">higher than the Net Book Value of the vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0003em;">A sensitivity analysis was also undertaken assuming an increase or decrease in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0031em;">WACC by 1% as well as an increase or decrease in the revenue by EUR 20 thousand per  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">day. Within this sensitivity analysis the calculations also showed no need for impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0043em;">as the future value of cashflows were higher than the Net Book Value of the vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">The value in use test further showed that headroom is calculated with respect to the in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0016em;">vestment in new cranes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0139em;"><span class="stl_39 stl_08 stl_55">Newbuilds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0011em;">As for the newbuilds vessels it is management opinion that current signed contracts and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.003em;">the expected day rates in the future support no impairment indicators.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0016em;">The discount rate used in the calculation is based on a Weighted Average Cost of Capi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0027em;">tal (WACC) of 9.5% after tax, (8% after tax in 2022 and 8.5% after tax in 2021). As the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0002em;">Company is subject to the tonnage tax regime, the tax consideration in the WACC calcu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0002em;">lation for impairment of a vessel is immaterial. Therefore, the before and after tax WACC  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0027em;">remain the same for impairment testing purposes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0017em;">WACC is calculated by using a standard WACC model in which cost of equity, cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0025em;">debt and capital structure are the key parameters.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.001em;">The calculation showed no need for impairment as the future value of cashflows were  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0023em;">higher than the Net Book Value of the vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0003em;">A sensitivity analysis was also undertaken assuming an increase or decrease in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0009em;">WACC by 1% as well as an increase or decrease in the revenue by EUR 20 thousand per  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">day. Within this sensitivity analysis the calculations also showed no need for impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0043em;">as the future value of cashflows were higher than the Net Book Value of the vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">Sufficient headroom is calculated with respect to the investment in new cranes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0025em;">The impairment assessment for Wind Scylla and Wind Zaratan involves comparing their  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0028em;">net book values with broker valuations. The net book value is below the broker valua-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0025em;">tions, hence there is sufficient headroom for the S-Class and Z-Class vessels. As for all  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0017em;">the newbuilds vessels it is management opinion that current signed contracts and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0003em;">expected day rates in the future support the agreed purchase prices of the vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_102" style="word-spacing:0.0115em;">Note 19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_25" style="word-spacing:-0.0027em;">Right of Use Assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_116" style="word-spacing:0.0026em;">Nature of the Group leasing activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_118 stl_08 stl_45" style="word-spacing:0.0002em;">Leasehold equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0025em;">In 2022 the Group started an agreement for the use of vessel equipment for a total con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0016em;">tract value of EUR 464 thousand during the initial term, plus additional repair and installa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0026em;">tion costs. The amount was amortised over the initial term which was 13 months, ending  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0054em;">in 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_118 stl_08 stl_54" style="word-spacing:0.0008em;">Office space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0045em;">The Group leases office space for the purpose of office operations. In 2023, the Com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0006em;">pany has terminated the lease agreement for its headquarters and signed a contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0013em;">with Castellum Denmark, for a new location from 2024. The lease commitment is pre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0014em;">sented in Note 23.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_118 stl_08 stl_47" style="word-spacing:0.0023em;">Warehouse facilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0014em;">The Group leases a warehouse facility located in the UK.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.1058em;top:10.1542em;"><span class="stl_67 stl_08 stl_117">Leasehold  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6558em;top:10.1542em;"><span class="stl_67 stl_08 stl_114">Warehouse  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:11.3423em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.8758em;top:11.1542em;"><span class="stl_67 stl_08 stl_291">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.6758em;top:11.1542em;"><span class="stl_67 stl_08 stl_114">facilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0783em;top:11.1542em;"><span class="stl_67 stl_08 stl_72" style="word-spacing:0.006em;">Office space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:11.1542em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.0267em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0077em;">Cost 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.3067em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4458em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6383em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">1,681  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:14.3067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:15.5767em;"><span class="stl_76 stl_08 stl_42">Acquisi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0067em;">ion o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_42">businesses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5158em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3583em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">61</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.8467em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5158em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4083em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">(1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3083em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">32</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.2083em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">(44)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.1167em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3858em;top:18.1167em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2958em;top:18.1167em;"><span class="stl_67 stl_08 stl_83">409  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5283em;top:18.1167em;"><span class="stl_67 stl_08 stl_79">2,261  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4283em;top:18.1167em;"><span class="stl_67 stl_08 stl_79">3,134  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:19.9883em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0019em;">Accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.2683em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4458em;top:21.2683em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">81  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:21.2683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6383em;top:21.2683em;"><span class="stl_76 stl_08 stl_15">1,4</span><span class="stl_77 stl_08 stl_15">77  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:21.2683em;"><span class="stl_76 stl_08 stl_15">1,858  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.5383em;"><span class="stl_76 stl_08 stl_15">Amo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">isa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8958em;top:22.5383em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.8083em;top:22.5383em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:22.5383em;"><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:22.5383em;"><span class="stl_77 stl_08 stl_15">33</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:23.8083em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5158em;top:23.8083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.8583em;top:23.8083em;"><span class="stl_76 stl_08 stl_15">(6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3083em;top:23.8083em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.2083em;top:23.8083em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">1)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:25.0783em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3858em;top:25.0783em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.7683em;top:25.0783em;"><span class="stl_67 stl_08 stl_83">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5283em;top:25.0783em;"><span class="stl_67 stl_08 stl_79">1,673  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4383em;top:25.0783em;"><span class="stl_67 stl_08 stl_92">2,161  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:26.4083em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0122em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4758em;top:26.4083em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2958em;top:26.4083em;"><span class="stl_67 stl_08 stl_83">385  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1983em;top:26.4083em;"><span class="stl_67 stl_08 stl_83">588  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.0983em;top:26.4083em;"><span class="stl_67 stl_08 stl_83">973  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:10.1542em;"><span class="stl_67 stl_08 stl_117">Leasehold  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5042em;top:10.1542em;"><span class="stl_67 stl_08 stl_299">Office  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:11.3423em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9017em;top:11.1542em;"><span class="stl_67 stl_08 stl_291">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5842em;top:11.1542em;"><span class="stl_67 stl_08 stl_135">space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:11.1542em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:13.0267em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0077em;">Cost 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.3067em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7542em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.5767em;"><span class="stl_76 stl_08 stl_116">Movemen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100">du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.0146em;">he </span><span class="stl_77 stl_08 stl_219">y</span><span class="stl_76 stl_08 stl_20">ea</span><span class="stl_77 stl_08 stl_20">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.8467em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4117em;top:16.8467em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6442em;top:16.8467em;"><span class="stl_67 stl_08 stl_79">1,681  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5542em;top:16.8467em;"><span class="stl_67 stl_08 stl_79">2,145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.7167em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0019em;">Accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.9883em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:19.9883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7542em;top:19.9883em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:19.9883em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.2683em;"><span class="stl_76 stl_08 stl_15">Amo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">isa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:21.2683em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">81  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:21.2683em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:21.2683em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.5383em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4117em;top:22.5383em;"><span class="stl_67 stl_08 stl_83">381  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6442em;top:22.5383em;"><span class="stl_67 stl_08 stl_79">1,477  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5542em;top:22.5383em;"><span class="stl_67 stl_08 stl_79">1,858  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.8683em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0109em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8817em;top:23.8683em;"><span class="stl_67 stl_08 stl_83">83  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3142em;top:23.8683em;"><span class="stl_67 stl_08 stl_83">204  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2242em;top:23.8683em;"><span class="stl_67 stl_08 stl_83">287  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.3883em;top:10.2542em;"><span class="stl_67 stl_08 stl_299">Office  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:11.4423em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4683em;top:11.2542em;"><span class="stl_67 stl_08 stl_135">space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:11.2642em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.1367em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0077em;">Cost 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.4067em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6383em;top:14.4067em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:14.4067em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:15.6767em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5283em;top:15.6767em;"><span class="stl_67 stl_08 stl_79">1,572  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4283em;top:15.6767em;"><span class="stl_67 stl_08 stl_79">1,572  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.5567em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0019em;">Accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.8267em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:18.8267em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:18.8267em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:20.0983em;"><span class="stl_76 stl_08 stl_15">Amo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">isa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:20.0983em;"><span class="stl_77 stl_08 stl_15">27</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:20.0983em;"><span class="stl_77 stl_08 stl_15">27</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.3683em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5283em;top:21.3683em;"><span class="stl_67 stl_08 stl_79">1,108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4283em;top:21.3683em;"><span class="stl_67 stl_08 stl_79">1,108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.6983em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0109em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1983em;top:22.6983em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.0983em;top:22.6983em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.0639em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0008em;">Please refer to Note 24 for disclosure on the lease liabilities and to Note 23 for disclosure  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.1539em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0055em;">on lease commitment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0026em;">Lease interest expenses recognised in profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.012em;">a. Interest expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.7548em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5242em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2442em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.9067em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0034em;">expense on lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.003em;">ies (vessels and o</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_15">ice)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4542em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1742em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.1023em;"><span class="stl_118 stl_08 stl_45" style="word-spacing:0.0045em;">b. Lease expense not capitalised in lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.5964em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.7383em;"><span class="stl_76 stl_08 stl_103">Sho</span><span class="stl_77 stl_08 stl_145">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0057em;">m lease expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8242em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:22.7383em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.9439em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:0.0012em;">c. Total cash outflow for all leases in 2023, 2022 and 2021 were EUR 283 thousand, EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.0239em;"><span class="stl_118 stl_08 stl_57" style="word-spacing:-0.0005em;">728 thousand and EUR 315 thousand respectively, excluding variable lease fee (refer to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.1039em;"><span class="stl_118 stl_08 stl_136" style="word-spacing:0.0044em;">Note 24).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.7589em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:31.5808em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:31.5808em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:31.5808em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.9108em;"><span class="stl_76 stl_08 stl_59">Repa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_103">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.003em;">lease liabili</span><span class="stl_77 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:32.9108em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:32.9108em;"><span class="stl_77 stl_08 stl_15">72</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:32.9108em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.1808em;"><span class="stl_76 stl_08 stl_113">Ren</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_55" style="word-spacing:0.0013em;">al above s</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100">andb</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">y r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_121">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:34.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4442em;top:34.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:34.1808em;"><span class="stl_76 stl_08 stl_15">196  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:35.4508em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0008em;">Cash ou</span><span class="stl_77 stl_08 stl_15">tf</span><span class="stl_76 stl_08 stl_96" style="word-spacing:0.001em;">low </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_29" style="word-spacing:-0.0036em;">leases </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">ha</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_79">a</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">e no</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0126em;">t </span><span class="stl_76 stl_08 stl_59">capi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_40">al-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:36.4525em;"><span class="stl_76 stl_08 stl_15">ised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:36.4525em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8242em;top:36.4525em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:36.4525em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4117em;top:37.7925em;"><span class="stl_67 stl_08 stl_83">463  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3142em;top:37.7925em;"><span class="stl_67 stl_08 stl_83">781  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2242em;top:37.7925em;"><span class="stl_67 stl_08 stl_83">545  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.3423em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0108em;">2.12. Property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0002em;">Property, plant and equipment are recognised at cost less accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.5239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0005em;">and accumulated impairment losses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.4439em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0016em;">The cost of an item of property, plant and equipment initially recognised includes its pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.5239em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0017em;">chase price and any costs that are directly attributable to bringing the asset to the loca-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.6039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0019em;">tion and condition necessary for it to be capable of operating in the manner intended by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.6939em;"><span class="stl_43 stl_08 stl_92">management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.6039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0026em;">Subsequent expenditure relating to property, plant and equipment that has already been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.6964em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">recognised is added to the carrying amount of the asset only when it is probable that fu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.7764em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0038em;">ture economic benefits associated with the item will flow to the Group and the cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0003em;">the item can be measured reliably. All other repair and maintenance expenses are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.9464em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">nised in profit or loss when incurred.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.8564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.001em;">To keep performing their operational activity, the vessels have an obligation to go  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.9464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">through drydock procedures every five years. The costs of the drydock procedures are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.0264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0004em;">capitalised per their purchase price and any costs that are directly attributable to bring-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0027em;">ing the vessels to the location and condition necessary for the drydock procedures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.0281em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0041em;">Depreciation is calculated using the straight-line method to allocate their depreciable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.1081em;"><span class="stl_46 stl_08 stl_41" style="word-spacing:-0.0016em;">amounts over the assets’ estimated useful life. The estimated useful life is as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:12.1867em;"><span class="stl_67 stl_08 stl_102" style="word-spacing:-0.0055em;">Useful life  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.5267em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0037em;">Vessels and </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_104">u</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0077em;">nished equipmen</span><span class="stl_77 stl_08 stl_17" style="word-spacing:0.0077em;">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:13.5267em;"><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.002em;">Up </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o </span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">5 </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_128">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.7967em;"><span class="stl_76 stl_08 stl_81">D</span><span class="stl_77 stl_08 stl_33">ry</span><span class="stl_76 stl_08 stl_58">dock  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:14.7967em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">5 </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_128">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.0667em;"><span class="stl_76 stl_08 stl_15">Ca</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_171">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:16.0667em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">5 </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_128">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.2623em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.003em;">Other fixtures and fittings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4058em;top:17.2623em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0048em;">2 to 3 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.0339em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">The estimated useful life of the vessels of 25 years has been estimated by an external  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.1139em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0004em;">consultant through a determined fatigue analysis based on the technical specification of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.2039em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0045em;">the vessels. Prior to their acquisition, the vessels had already been in use for 8 years,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.2839em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">therefore the remaining useful life of the vessels is estimated at 17 years for all compo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.3639em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0007em;">nents except jacking system and main crane with a remaining useful life of 3 years from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.4539em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0028em;">the acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.5339em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0039em;">vessel by the end of their useful life. Depreciation is based on costs less the estimated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.6164em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0005em;">residual value. Residual value is estimated as the lightweight tonnage of each vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.7064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0023em;">multiplied by the scrap value per ton.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6164em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.002em;">More information can be found in Material accounting judgements, estimates and as-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7064em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0035em;">sumptions section with regards of acquired vessels trough the business combination.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.6164em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0004em;">The residual value, useful life, and methods of depreciation of property, plant, and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.7064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0017em;">ment are reviewed at each financial year end and adjusted accordingly, if appropriate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_136" style="word-spacing:0.0559em;">2.13. Leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0005em;">When the Group is the lessor  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_118 stl_08 stl_22" style="word-spacing:-0.0055em;">Lessor </span><span class="stl_90 stl_08 stl_15" style="word-spacing:0.0054em;">– </span><span class="stl_118 stl_08 stl_29" style="word-spacing:-0.0035em;">operating leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0001em;">The Group leases vessels (the bareboat element relating to hire of the vessel as part of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0025em;">the time charter contracts) under operating leases to non-related parties. This is classi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0006em;">fied as an operational lease, as such leases do not cover a significant part of the eco-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0018em;">nomic life of the vessels and the Group retains substantially all risks and rewards inci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0013em;">dental to ownership of the vessels. Rental income from operating leases is recognised in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0054em;">profit or loss on an over time basis over the charter period and included in revenue as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0047em;">stated in Material Accounting Policies section under 2.3.1.1.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0018em;">Initial direct costs incurred by the Group in negotiating and arranging operating leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0014em;">are capitalised and recognised as an expense in profit or loss over the lease term on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0014em;">same basis as the lease income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0005em;">When the Group is the lessee  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">At the inception of the contract, the Group assesses if the contract contains a lease. A  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">contract contains a lease if the contract conveys the right to control the use of an identi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0017em;">fied asset for a period of time in exchange for consideration. Reassessment is only re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0016em;">quired when the terms and conditions of the contract are changed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.013em;">a. Right-of-use assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.004em;">The Group recognises a right-of-use asset and lease liability at the date which the under-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">lying asset is available for use. Right-of-use assets are measured at cost which com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">prises the initial measurement of lease liabilities using an incremental borrowing rate ad-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0052em;">justed for any lease payments made at or before the commencement date and lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">incentive received. Any initial direct costs that would not have been incurred if the lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.002em;">had not been obtained are added to the carrying amount of the right-of-use assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0008em;">The right-of-use asset is subsequently measured at cost, less any accumulated depreci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.002em;">ation and impairment losses, and adjusted for any remeasurement of lease liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0039em;">Right-of-use assets are depreciated on a straight-line basis lease term.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.01em;">2.26. Material accounting judgements, estimates and assumptions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_46 stl_08 stl_47" style="word-spacing:-0.001em;">The preparation of the Group’s consolidated financial statements requires management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.002em;">to make judgements, estimates and assumptions that affect the reported amounts of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0003em;">revenues, expenses, assets and liabilities, and the accompanying disclosures, and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0021em;">disclosure of contingent liabilities. Uncertainty about these assumptions and estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0019em;">could result in outcomes that require a material adjustment to the carrying amount of as-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">sets or liabilities affected in future periods.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.8539em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">The key assumptions concerning the future and other key sources of estimation uncer-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0017em;">tainty at the reporting date, that have a significant risk of causing a material adjustment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.0239em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0005em;">to the carrying amounts of assets and liabilities within the next financial year, are de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.1039em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.003em;">scribed below. The Group based its assumptions and estimates on parameters available  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.1964em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0013em;">when the consolidated financial statements were prepared. Existing circumstances and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.2764em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0041em;">assumptions about future developments, however, may change due to market changes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.3564em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0033em;">or circumstances arising that are beyond the control of the Group. Such changes are re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.4464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0008em;">flected in the assumptions when they occur.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.3564em;"><span class="stl_118 stl_08 stl_33">Estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.4464em;"><span class="stl_118 stl_08 stl_51" style="word-spacing:-0.0016em;">Useful life of vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.5264em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0027em;">The estimation made regarding the duration of the useful life of the vessels has been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.6081em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0049em;">based on, among other things, an analysis made by an external expert. The determined  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.6981em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0005em;">fatigue analysis is based on the technical specification of the wind turbine installation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.7781em;"><span class="stl_43 stl_08 stl_15" style="word-spacing:0.0057em;">vessels </span><span class="stl_46 stl_08 stl_22" style="word-spacing:-0.0031em;">(“WTIV”) </span><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0029em;">and comparable vessels, the useful life of the vessels is estimated at 25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.8581em;"><span class="stl_43 stl_08 stl_10">years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0004em;">In 2020, the Group acquired two vessels which had already been in use for 8 years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">Therefore, the remaining useful life of these vessels is estimated at 17 years for all com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0004em;">ponents except the jacking system and main crane. These components have a remain-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0006em;">ing useful life of 3 years from the acquisition of the vessels. In the current year, the main  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0024em;">crane of these vessels is undergoing an upgrade. The old main crane has been disposed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0037em;">of, and the new main crane is expected to be activated in the new year, matching the re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0052em;">maining useful life of the vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">In 2023, as part of the business combination, the Group acquired two additional vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0016em;">One of these vessels was delivered in 2015 and the other in 2012. Similar to the vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0029em;">acquired in 2020, the estimated useful life of these vessels, 25 years when first acquired,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0028em;">depend on initial delivery. Therefore its useful life is 17 and 14 years, and all components  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">will have the same useful life. The depreciation will be calculated over the remaining use-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0055em;">ful life of these vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0004em;">The residual value, useful life, and methods of depreciation of property, plant, and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0017em;">ment are reviewed at each financial year end and adjusted accordingly, if appropriate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:10.3423em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6817em;top:10.1542em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:12.0267em;"><span class="stl_67 stl_08 stl_82" style="word-spacing:0.0015em;">Cost of sales  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:13.3867em;"><span class="stl_76 stl_08 stl_78">Righ</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_55" style="word-spacing:0.0013em;">use asse</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.004em;">t </span><span class="stl_76 stl_08 stl_15">dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_177">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:13.3667em;"><span class="stl_76 stl_08 stl_15">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2942em;top:13.3867em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.7367em;"><span class="stl_76 stl_08 stl_53">Insu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">1,9</span><span class="stl_77 stl_08 stl_15">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">772  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.0967em;"><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0003em;">Vessel dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_101">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:16.0767em;"><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7717em;top:16.0967em;"><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">,484  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4942em;top:16.0967em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1,664  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2142em;top:16.0967em;"><span class="stl_76 stl_08 stl_15">16,</span><span class="stl_77 stl_08 stl_15">077  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.3567em;"><span class="stl_76 stl_08 stl_25">Impai</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_103">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_109">p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_144">ope</span><span class="stl_77 stl_08 stl_51">rty</span><span class="stl_76 stl_08 stl_53" style="word-spacing:-0.008em;">, plan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.008em;">t </span><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0027em;">and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.3567em;"><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_20">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:18.3467em;"><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">5,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.6383em;"><span class="stl_76 stl_08 stl_15">C</span><span class="stl_77 stl_08 stl_79">r</span><span class="stl_76 stl_08 stl_18" style="word-spacing:0.0031em;">ewing cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.003em;">s paid </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0015em;">o a </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_70" style="word-spacing:0.0047em;">ed pa</span><span class="stl_77 stl_08 stl_33" style="word-spacing:-0.003em;">rty </span><span class="stl_76 stl_08 stl_15">and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.6383em;"><span class="stl_76 stl_08 stl_108" style="word-spacing:-0.0037em;">an ex</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_250">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40" style="word-spacing:-0.012em;">nal pa</span><span class="stl_77 stl_08 stl_125">rty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:20.6183em;"><span class="stl_77 stl_08 stl_15">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:20.6383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0142em;top:20.6383em;"><span class="stl_76 stl_08 stl_15">61  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2142em;top:20.6383em;"><span class="stl_76 stl_08 stl_15">11,51</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.9883em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_22">a</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.005em;">r </span><span class="stl_76 stl_08 stl_22">pa</span><span class="stl_77 stl_08 stl_33">yr</span><span class="stl_76 stl_08 stl_96">oll  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0117em;top:21.9683em;"><span class="stl_77 stl_08 stl_15">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7717em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">15,9</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4942em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">1,159  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.3483em;"><span class="stl_76 stl_08 stl_92" style="word-spacing:0.0011em;">Fuel and oil  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:23.3483em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:23.3483em;"><span class="stl_76 stl_08 stl_15">1,11</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:23.3483em;"><span class="stl_76 stl_08 stl_15">89</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:24.6983em;"><span class="stl_76 stl_08 stl_106">Main</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_47">enance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:24.6983em;"><span class="stl_76 stl_08 stl_15">5,1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:24.6983em;"><span class="stl_76 stl_08 stl_15">4,</span><span class="stl_77 stl_08 stl_15">03</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:24.6983em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:26.0583em;"><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0036em;">Messing cos</span><span class="stl_77 stl_08 stl_169">t</span><span class="stl_76 stl_08 stl_169">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:26.0583em;"><span class="stl_76 stl_08 stl_15">1,448  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:26.0583em;"><span class="stl_76 stl_08 stl_15">1,4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:26.0583em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:27.4083em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_22">a</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.012em;">r tr</span><span class="stl_76 stl_08 stl_113">avel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:27.4083em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,8</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:27.4083em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,589  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:27.4083em;"><span class="stl_76 stl_08 stl_15">1,8</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.7708em;"><span class="stl_76 stl_08 stl_12">Speci</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">ic cha</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_96">cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:28.7708em;"><span class="stl_76 stl_08 stl_15">4,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:28.7708em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,6</span><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:28.7708em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">23</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:30.1208em;"><span class="stl_76 stl_08 stl_22">U</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">ili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:30.1208em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:30.1208em;"><span class="stl_76 stl_08 stl_15">689  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:30.1208em;"><span class="stl_76 stl_08 stl_15">541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.4708em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_40">ope</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0013em;">ing expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:31.4708em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:31.4708em;"><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:31.4708em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.8308em;"><span class="stl_76 stl_08 stl_09" style="word-spacing:0.005em;">Tonnage </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">ax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:32.8308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:32.8308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:32.8308em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.2408em;"><span class="stl_67 stl_08 stl_246" style="word-spacing:0.0065em;">Total cost of sales  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6517em;top:34.2408em;"><span class="stl_67 stl_08 stl_29">59,858  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:34.2408em;"><span class="stl_67 stl_08 stl_29">49,537  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0942em;top:34.2408em;"><span class="stl_67 stl_08 stl_29">38,879  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:10.3423em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.5658em;top:10.1542em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2483em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9683em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:12.0267em;"><span class="stl_67 stl_08 stl_114" style="word-spacing:0.0045em;">Administrative expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.3867em;"><span class="stl_76 stl_08 stl_40">Dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_12" style="word-spacing:-0.0026em;">ion and amo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">isa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.9258em;top:13.3667em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0015em;">, 18, 19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">020  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">414  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.7367em;"><span class="stl_76 stl_08 stl_55">Emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_34" style="word-spacing:0.0058em;">ee compensa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8958em;top:14.7167em;"><span class="stl_77 stl_08 stl_15">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6583em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">18,889  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">9,9</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:14.7367em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,6</span><span class="stl_77 stl_08 stl_15">03  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.0967em;"><span class="stl_76 stl_08 stl_99">Repai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.01em;">r </span><span class="stl_76 stl_08 stl_78" style="word-spacing:0.0159em;">and main</span><span class="stl_77 stl_08 stl_193">t</span><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0035em;">enance expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:16.0967em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:16.0967em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:16.0967em;"><span class="stl_76 stl_08 stl_15">161  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.3667em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0039em;">Legal and p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.004em;">essional </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_138">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:17.3667em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,1</span><span class="stl_77 stl_08 stl_15">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:17.3667em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:17.3667em;"><span class="stl_76 stl_08 stl_15">564  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.7167em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_15">ansac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_115" style="word-spacing:0.0068em;">ion cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8958em;top:18.6967em;"><span class="stl_76 stl_08 stl_15">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:18.7167em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">707  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:18.7167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:18.7167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:20.0783em;"><span class="stl_76 stl_08 stl_113">Ren</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_44" style="word-spacing:0.0002em;">al expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:20.0783em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:20.0783em;"><span class="stl_76 stl_08 stl_15">58</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:20.0783em;"><span class="stl_76 stl_08 stl_15">584  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.4283em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">avel expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:21.4283em;"><span class="stl_76 stl_08 stl_15">985  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:21.4283em;"><span class="stl_76 stl_08 stl_15">61</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:21.4283em;"><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.7883em;"><span class="stl_76 stl_08 stl_55">Managemen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t f</span><span class="stl_76 stl_08 stl_138" style="word-spacing:-0.009em;">ees </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.019em;">o </span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0067em;">ed pa</span><span class="stl_77 stl_08 stl_125">rty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.4458em;top:22.7583em;"><span class="stl_77 stl_08 stl_15">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7983em;top:22.7883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:22.7883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:22.7883em;"><span class="stl_76 stl_08 stl_15">115  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:24.1383em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">ke</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_52" style="word-spacing:0.0007em;">ing and en</span><span class="stl_77 stl_08 stl_72">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_113">ainmen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.01em;">t </span><span class="stl_76 stl_08 stl_44">expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:24.1383em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">02  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:24.1383em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:24.1383em;"><span class="stl_76 stl_08 stl_15">159  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:25.4883em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_44">expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:25.4883em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">45  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:25.4883em;"><span class="stl_76 stl_08 stl_15">946  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:25.4883em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">020  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:26.9083em;"><span class="stl_67 stl_08 stl_73" style="word-spacing:-0.0069em;">Total administrative expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5383em;top:26.9083em;"><span class="stl_67 stl_08 stl_29">34,458  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:26.9083em;"><span class="stl_67 stl_08 stl_29">15,696  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9783em;top:26.9083em;"><span class="stl_67 stl_08 stl_29">10,925  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_102" style="word-spacing:0.0115em;">Note 17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_12" style="word-spacing:-0.0031em;">Intangible Assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3658em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.6083em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:11.6148em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9042em;top:11.4267em;"><span class="stl_67 stl_08 stl_131">Software  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1958em;top:11.4267em;"><span class="stl_67 stl_08 stl_252">Goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.5258em;top:11.4267em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1483em;top:11.4267em;"><span class="stl_67 stl_08 stl_131">Software  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.2283em;top:11.4267em;"><span class="stl_67 stl_08 stl_131">Software  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:12.7667em;"><span class="stl_67 stl_08 stl_298">Cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.0367em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_138">pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.8458em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">66</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9858em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.0058em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">66</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0883em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.3067em;"><span class="stl_76 stl_08 stl_42">Acquisi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0067em;">ion o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_42">businesses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9158em;top:15.3067em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8458em;top:15.3067em;"><span class="stl_76 stl_08 stl_15">16,919  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.9358em;top:15.3067em;"><span class="stl_76 stl_08 stl_15">16,919  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:16.5767em;"><span class="stl_76 stl_08 stl_22">Addi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91">ions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2958em;top:16.5767em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9858em;top:16.5767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.4558em;top:16.5767em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0883em;top:16.5767em;"><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:16.5767em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.8467em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9158em;top:17.8467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5158em;top:17.8467em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6058em;top:17.8467em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:19.1167em;"><span class="stl_67 stl_08 stl_256" style="word-spacing:-0.0025em;">31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7858em;top:19.1167em;"><span class="stl_67 stl_08 stl_83">693  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7258em;top:19.1167em;"><span class="stl_67 stl_08 stl_20">16,707  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.8158em;top:19.1167em;"><span class="stl_67 stl_08 stl_20">17,400  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0283em;top:19.1167em;"><span class="stl_67 stl_08 stl_83">662  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1083em;top:19.1167em;"><span class="stl_67 stl_08 stl_83">434  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:20.9883em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0019em;">Accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:22.2683em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_138">pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.8458em;top:22.2683em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9858em;top:22.2683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.0058em;top:22.2683em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5383em;top:22.2683em;"><span class="stl_77 stl_08 stl_15">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:22.2683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:23.5383em;"><span class="stl_76 stl_08 stl_40">Dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0016em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.8458em;top:23.5383em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.0058em;top:23.5383em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0883em;top:23.5383em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.6183em;top:23.5383em;"><span class="stl_77 stl_08 stl_15">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:24.8083em;"><span class="stl_67 stl_08 stl_256" style="word-spacing:-0.0019em;">31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7858em;top:24.8083em;"><span class="stl_67 stl_08 stl_83">453  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9558em;top:24.8083em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9458em;top:24.8083em;"><span class="stl_67 stl_08 stl_83">453  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0283em;top:24.8083em;"><span class="stl_67 stl_08 stl_83">243  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.5783em;top:24.8083em;"><span class="stl_67 stl_08 stl_83">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:26.1383em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0109em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7858em;top:26.1383em;"><span class="stl_67 stl_08 stl_83">240  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7258em;top:26.1383em;"><span class="stl_67 stl_08 stl_20">16,707  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.8158em;top:26.1383em;"><span class="stl_67 stl_08 stl_20">16,947  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0283em;top:26.1383em;"><span class="stl_67 stl_08 stl_83">419  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1083em;top:26.1383em;"><span class="stl_67 stl_08 stl_83">402  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.8664em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0007em;">Software additions during 2023 are mainly related to further developments of the Com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.9464em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0067em;">pany software solutions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.5364em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0025em;">While 2021 additions were mainly implementation costs for Enterprise Resource and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.6164em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0003em;">Planning (ERP), Vessel and Crew Management software, 2022 additions are mainly fur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">ther developments of these initially implemented solutions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.2881em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.003em;">Impairment Test  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.8681em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">Management has performed impairment test of goodwill allocated to each CGU as at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.9481em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0034em;">December 31, 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.8664em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0034em;">Goodwill of EUR 16.9 million was recognised on 19 December 2023 relating to the Eneti  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.9464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0017em;">acquisition. The Group has two CGUs being the transport and installation of offshore  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.0364em;"><span class="stl_46 stl_08 stl_30" style="word-spacing:-0.0028em;">wind turbine generators and foundations vessels (WTGFIV), Cadeler’s O</span><span class="stl_43 stl_08 stl_116" style="word-spacing:0.0078em;">-class vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.1164em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0044em;">and Scylla; and the maintenance of offshore wind turbine generators (O&amp;MV) cash-gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.1964em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0049em;">erating unit, comprising Zaratan. At 31 December 2023, Management has not yet con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.2864em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0002em;">cluded on the allocation of goodwill, which could be either to a single CGU or to both  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.3681em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0034em;">CGUs'. Management assessed goodwill for impairment on entity level (being both CGUs),  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.4481em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0041em;">which showed no indication </span><span class="stl_46 stl_08 stl_52" style="word-spacing:-0.0002em;">of impairment, based on the quoted price of Cadeler’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.5381em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.005em;">shares. For more information related to Goodwill recognised and allocation of goodwill to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.6181em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0048em;">CGU, please refer to Note 6.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_102" style="word-spacing:0.0115em;">Note 18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_64" style="word-spacing:-0.0015em;">Property Plant and Equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4642em;top:10.1742em;"><span class="stl_67 stl_08 stl_248" style="word-spacing:0.0004em;">Other fixtures  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.8458em;top:10.1742em;"><span class="stl_67 stl_08 stl_245" style="word-spacing:-0.0092em;">Assets under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:11.3623em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:11.1742em;"><span class="stl_67 stl_08 stl_114">Vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1642em;top:11.1742em;"><span class="stl_67 stl_08 stl_247" style="word-spacing:-0.0042em;">Dry Dock  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3442em;top:11.1742em;"><span class="stl_67 stl_08 stl_72" style="word-spacing:0.001em;">and fittings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.8458em;top:11.1742em;"><span class="stl_67 stl_08 stl_229">Construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.7958em;top:11.1742em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:13.4267em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0077em;">Cost 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.6967em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4017em;top:14.6967em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3942em;top:14.6967em;"><span class="stl_76 stl_08 stl_15">9,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">61  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1042em;top:14.6967em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.6758em;top:14.6967em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">56,16</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7558em;top:14.6967em;"><span class="stl_76 stl_08 stl_15">648,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.9667em;"><span class="stl_76 stl_08 stl_42">Acquisi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0067em;">ion o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_42">businesses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4017em;top:15.9667em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">96,5</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0142em;top:15.9667em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1042em;top:15.9667em;"><span class="stl_76 stl_08 stl_15">599  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.6758em;top:15.9667em;"><span class="stl_76 stl_08 stl_15">144,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7558em;top:15.9667em;"><span class="stl_76 stl_08 stl_15">441,5</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.2367em;"><span class="stl_76 stl_08 stl_22">Addi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91">ions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9242em;top:17.2367em;"><span class="stl_77 stl_08 stl_15">227  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0842em;top:17.2367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0042em;top:17.2367em;"><span class="stl_77 stl_08 stl_15">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1258em;top:17.2367em;"><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_15">,169  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2058em;top:17.2367em;"><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">99  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:18.5167em;"><span class="stl_76 stl_08 stl_100">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9017em;top:18.5167em;"><span class="stl_76 stl_08 stl_102">(8,</span><span class="stl_77 stl_08 stl_15">002</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6142em;top:18.5167em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">91)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1742em;top:18.5167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:18.5167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2558em;top:18.5167em;"><span class="stl_76 stl_08 stl_102">(8,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:19.7883em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9017em;top:19.7883em;"><span class="stl_76 stl_08 stl_64">(4,68</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5142em;top:19.7883em;"><span class="stl_76 stl_08 stl_15">(6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7042em;top:19.7883em;"><span class="stl_76 stl_08 stl_15">(159)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1758em;top:19.7883em;"><span class="stl_76 stl_08 stl_100">(1,8</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2558em;top:19.7883em;"><span class="stl_76 stl_08 stl_113">(6,654)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.0583em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.2717em;top:21.0583em;"><span class="stl_67 stl_08 stl_136">566,360  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2842em;top:21.0583em;"><span class="stl_67 stl_08 stl_79">9,135  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0442em;top:21.0583em;"><span class="stl_67 stl_08 stl_83">979  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5358em;top:21.0583em;"><span class="stl_67 stl_08 stl_49">571,745  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.9558em;top:21.0583em;"><span class="stl_67 stl_08 stl_44">1,148,219  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:22.9283em;"><span class="stl_67 stl_08 stl_253" style="word-spacing:-0.0016em;">Accumulated depreciation and impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:24.1983em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8517em;top:24.1983em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9,5</span><span class="stl_77 stl_08 stl_15">70  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3942em;top:24.1983em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1042em;top:24.1983em;"><span class="stl_76 stl_08 stl_15">445  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:24.1983em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2058em;top:24.1983em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">03</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:25.4683em;"><span class="stl_76 stl_08 stl_40">Dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0016em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8517em;top:25.4683em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">,84</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3942em;top:25.4683em;"><span class="stl_76 stl_08 stl_15">1,6</span><span class="stl_77 stl_08 stl_15">37  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5542em;top:25.4683em;"><span class="stl_76 stl_08 stl_15">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:25.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2058em;top:25.4683em;"><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">,5</span><span class="stl_77 stl_08 stl_15">03  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:26.7383em;"><span class="stl_76 stl_08 stl_100">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9017em;top:26.7383em;"><span class="stl_76 stl_08 stl_102">(5,</span><span class="stl_77 stl_08 stl_15">722</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6142em;top:26.7383em;"><span class="stl_76 stl_08 stl_15">(1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1742em;top:26.7383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:26.7383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2558em;top:26.7383em;"><span class="stl_76 stl_08 stl_100">(5,8</span><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:28.0208em;"><span class="stl_76 stl_08 stl_25">Impai</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_87" style="word-spacing:0.0038em;">on disposal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3017em;top:28.0208em;"><span class="stl_76 stl_08 stl_15">5,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0842em;top:28.0208em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1742em;top:28.0208em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:28.0208em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.6558em;top:28.0208em;"><span class="stl_76 stl_08 stl_15">5,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:29.2908em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5242em;top:29.2908em;"><span class="stl_76 stl_08 stl_15">(968)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5142em;top:29.2908em;"><span class="stl_76 stl_08 stl_15">(4)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7042em;top:29.2908em;"><span class="stl_76 stl_08 stl_15">(15</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:29.2908em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2558em;top:29.2908em;"><span class="stl_76 stl_08 stl_100">(1,1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:30.5608em;"><span class="stl_67 stl_08 stl_196" style="word-spacing:-0.0038em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7317em;top:30.5608em;"><span class="stl_67 stl_08 stl_29">58,727  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2942em;top:30.5608em;"><span class="stl_67 stl_08 stl_55">3,548  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0442em;top:30.5608em;"><span class="stl_67 stl_08 stl_83">312  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2258em;top:30.5608em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.0858em;top:30.5608em;"><span class="stl_67 stl_08 stl_29">62,587  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:32.4308em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0109em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.2617em;top:32.4308em;"><span class="stl_67 stl_08 stl_49">507,633  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2942em;top:32.4308em;"><span class="stl_67 stl_08 stl_55">5,587  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0442em;top:32.4308em;"><span class="stl_67 stl_08 stl_83">667  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5358em;top:32.4308em;"><span class="stl_67 stl_08 stl_49">571,745  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.9558em;top:32.4308em;"><span class="stl_67 stl_08 stl_92">1,085,632  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4642em;top:10.1742em;"><span class="stl_67 stl_08 stl_248" style="word-spacing:0.0004em;">Other fixtures  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.8458em;top:10.1742em;"><span class="stl_67 stl_08 stl_245" style="word-spacing:-0.0099em;">Assets under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:11.3623em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:11.1742em;"><span class="stl_67 stl_08 stl_114">Vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1642em;top:11.1742em;"><span class="stl_67 stl_08 stl_247" style="word-spacing:-0.0042em;">Dry Dock  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3442em;top:11.1742em;"><span class="stl_67 stl_08 stl_72" style="word-spacing:0.001em;">and fittings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.8458em;top:11.1742em;"><span class="stl_67 stl_08 stl_229">Construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.7958em;top:11.1742em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:13.0567em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0077em;">Cost 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.3267em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4017em;top:14.3267em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">58,148  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3942em;top:14.3267em;"><span class="stl_76 stl_08 stl_15">1,98</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1042em;top:14.3267em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.6758em;top:14.3267em;"><span class="stl_76 stl_08 stl_15">158,</span><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7558em;top:14.3267em;"><span class="stl_76 stl_08 stl_15">419,4</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.5967em;"><span class="stl_76 stl_08 stl_22">Addi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91">ions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8517em;top:15.5967em;"><span class="stl_76 stl_08 stl_15">15,1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3942em;top:15.5967em;"><span class="stl_76 stl_08 stl_15">5,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">81  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1742em;top:15.5967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.6758em;top:15.5967em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">8,455  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7558em;top:15.5967em;"><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">8,841  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:16.8667em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_15">ans</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_22">e</span><span class="stl_77 stl_08 stl_22" style="word-spacing:-0.011em;">r fr</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.013em;">om asse</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0065em;">s unde</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_89">cons</span><span class="stl_77 stl_08 stl_53">tr</span><span class="stl_76 stl_08 stl_15">uc</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3017em;top:16.8667em;"><span class="stl_76 stl_08 stl_15">9,</span><span class="stl_77 stl_08 stl_15">02</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3942em;top:16.8667em;"><span class="stl_76 stl_08 stl_15">1,99</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1742em;top:16.8667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.7258em;top:16.8667em;"><span class="stl_76 stl_08 stl_100">(11,</span><span class="stl_77 stl_08 stl_15">02</span><span class="stl_76 stl_08 stl_15">6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3458em;top:16.8667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:18.1367em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.2617em;top:18.1367em;"><span class="stl_67 stl_08 stl_49">282,282  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2942em;top:18.1367em;"><span class="stl_67 stl_08 stl_55">9,261  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0442em;top:18.1367em;"><span class="stl_67 stl_08 stl_83">536  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5358em;top:18.1367em;"><span class="stl_67 stl_08 stl_49">356,163  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6158em;top:18.1367em;"><span class="stl_67 stl_08 stl_49">648,242  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:20.0083em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0019em;">Accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.2883em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8517em;top:21.2883em;"><span class="stl_76 stl_08 stl_15">19,6</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0142em;top:21.2883em;"><span class="stl_77 stl_08 stl_15">300  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1042em;top:21.2883em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">86  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:21.2883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2058em;top:21.2883em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:22.5583em;"><span class="stl_76 stl_08 stl_40">Dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0016em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8517em;top:22.5583em;"><span class="stl_76 stl_08 stl_15">19,941  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3942em;top:22.5583em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">723  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5542em;top:22.5583em;"><span class="stl_76 stl_08 stl_15">59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:22.5583em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2058em;top:22.5583em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">723  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:23.8283em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7317em;top:23.8283em;"><span class="stl_67 stl_08 stl_29">39,570  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2942em;top:23.8283em;"><span class="stl_67 stl_08 stl_55">2,023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0442em;top:23.8283em;"><span class="stl_67 stl_08 stl_83">445  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2258em;top:23.8283em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.0858em;top:23.8283em;"><span class="stl_67 stl_08 stl_29">42,038  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:25.6983em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0109em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.2617em;top:25.6983em;"><span class="stl_67 stl_08 stl_49">242,712  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2942em;top:25.6983em;"><span class="stl_67 stl_08 stl_55">7,238  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5142em;top:25.6983em;"><span class="stl_67 stl_08 stl_83">91  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5358em;top:25.6983em;"><span class="stl_67 stl_08 stl_49">356,163  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6158em;top:25.6983em;"><span class="stl_67 stl_08 stl_49">606,204  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4642em;top:10.1742em;"><span class="stl_67 stl_08 stl_248" style="word-spacing:0.0004em;">Other fixtures  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.8458em;top:10.1742em;"><span class="stl_67 stl_08 stl_245" style="word-spacing:-0.0099em;">Assets under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:11.3623em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:11.1742em;"><span class="stl_67 stl_08 stl_114">Vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1642em;top:11.1742em;"><span class="stl_67 stl_08 stl_247" style="word-spacing:-0.0042em;">Dry Dock  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3442em;top:11.1742em;"><span class="stl_67 stl_08 stl_72" style="word-spacing:0.001em;">and fittings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.8458em;top:11.1742em;"><span class="stl_67 stl_08 stl_229">Construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.7958em;top:11.1742em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:13.0567em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0077em;">Cost 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.3267em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4017em;top:14.3267em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">55,</span><span class="stl_77 stl_08 stl_15">030  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3942em;top:14.3267em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1042em;top:14.3267em;"><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:14.3267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7558em;top:14.3267em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">56,459  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.5967em;"><span class="stl_76 stl_08 stl_22">Addi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91">ions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3017em;top:15.5967em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,118  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0142em;top:15.5967em;"><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1042em;top:15.5967em;"><span class="stl_76 stl_08 stl_15">15</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.6758em;top:15.5967em;"><span class="stl_76 stl_08 stl_15">158,</span><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7558em;top:15.5967em;"><span class="stl_76 stl_08 stl_15">16</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,94</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:16.8667em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.2617em;top:16.8667em;"><span class="stl_67 stl_08 stl_49">258,148  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2942em;top:16.8667em;"><span class="stl_67 stl_08 stl_55">1,983  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0442em;top:16.8667em;"><span class="stl_67 stl_08 stl_83">536  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5358em;top:16.8667em;"><span class="stl_67 stl_08 stl_49">158,734  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6158em;top:16.8667em;"><span class="stl_67 stl_08 stl_49">419,401  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:18.7367em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0019em;">Accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:20.0183em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3017em;top:20.0183em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,85</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0842em;top:20.0183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1042em;top:20.0183em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:20.0183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.6558em;top:20.0183em;"><span class="stl_76 stl_08 stl_15">4,1</span><span class="stl_77 stl_08 stl_15">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.2883em;"><span class="stl_76 stl_08 stl_40">Dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0016em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8517em;top:21.2883em;"><span class="stl_76 stl_08 stl_15">15,</span><span class="stl_77 stl_08 stl_15">77</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0142em;top:21.2883em;"><span class="stl_77 stl_08 stl_15">300  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1042em;top:21.2883em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2658em;top:21.2883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2058em;top:21.2883em;"><span class="stl_76 stl_08 stl_15">16,18</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:22.5583em;"><span class="stl_67 stl_08 stl_196" style="word-spacing:-0.0033em;">31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7317em;top:22.5583em;"><span class="stl_67 stl_08 stl_29">19,629  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9542em;top:22.5583em;"><span class="stl_67 stl_08 stl_83">300  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0442em;top:22.5583em;"><span class="stl_67 stl_08 stl_83">386  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2258em;top:22.5583em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.0858em;top:22.5583em;"><span class="stl_67 stl_08 stl_29">20,315  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:24.4283em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0109em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.2617em;top:24.4283em;"><span class="stl_67 stl_08 stl_49">238,520  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2942em;top:24.4283em;"><span class="stl_67 stl_08 stl_55">1,683  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0442em;top:24.4283em;"><span class="stl_67 stl_08 stl_83">150  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5358em;top:24.4283em;"><span class="stl_67 stl_08 stl_49">158,734  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6158em;top:24.4283em;"><span class="stl_67 stl_08 stl_49">399,087  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.1058em;top:10.1542em;"><span class="stl_67 stl_08 stl_117">Leasehold  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6558em;top:10.1542em;"><span class="stl_67 stl_08 stl_114">Warehouse  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:11.3423em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.8758em;top:11.1542em;"><span class="stl_67 stl_08 stl_291">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.6758em;top:11.1542em;"><span class="stl_67 stl_08 stl_114">facilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0783em;top:11.1542em;"><span class="stl_67 stl_08 stl_72" style="word-spacing:0.006em;">Office space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:11.1542em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.0267em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0077em;">Cost 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.3067em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4458em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6383em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">1,681  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:14.3067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:15.5767em;"><span class="stl_76 stl_08 stl_42">Acquisi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0067em;">ion o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_42">businesses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5158em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3583em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">61</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.8467em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5158em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4083em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">(1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3083em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">32</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.2083em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">(44)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.1167em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3858em;top:18.1167em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2958em;top:18.1167em;"><span class="stl_67 stl_08 stl_83">409  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5283em;top:18.1167em;"><span class="stl_67 stl_08 stl_79">2,261  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4283em;top:18.1167em;"><span class="stl_67 stl_08 stl_79">3,134  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:19.9883em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0019em;">Accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.2683em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4458em;top:21.2683em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">81  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:21.2683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6383em;top:21.2683em;"><span class="stl_76 stl_08 stl_15">1,4</span><span class="stl_77 stl_08 stl_15">77  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:21.2683em;"><span class="stl_76 stl_08 stl_15">1,858  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.5383em;"><span class="stl_76 stl_08 stl_15">Amo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">isa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8958em;top:22.5383em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.8083em;top:22.5383em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:22.5383em;"><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:22.5383em;"><span class="stl_77 stl_08 stl_15">33</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:23.8083em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5158em;top:23.8083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.8583em;top:23.8083em;"><span class="stl_76 stl_08 stl_15">(6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3083em;top:23.8083em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.2083em;top:23.8083em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">1)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:25.0783em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3858em;top:25.0783em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.7683em;top:25.0783em;"><span class="stl_67 stl_08 stl_83">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5283em;top:25.0783em;"><span class="stl_67 stl_08 stl_79">1,673  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4383em;top:25.0783em;"><span class="stl_67 stl_08 stl_92">2,161  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:26.4083em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0122em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4758em;top:26.4083em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2958em;top:26.4083em;"><span class="stl_67 stl_08 stl_83">385  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1983em;top:26.4083em;"><span class="stl_67 stl_08 stl_83">588  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.0983em;top:26.4083em;"><span class="stl_67 stl_08 stl_83">973  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:10.1542em;"><span class="stl_67 stl_08 stl_117">Leasehold  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5042em;top:10.1542em;"><span class="stl_67 stl_08 stl_299">Office  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:11.3423em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9017em;top:11.1542em;"><span class="stl_67 stl_08 stl_291">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5842em;top:11.1542em;"><span class="stl_67 stl_08 stl_135">space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:11.1542em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:13.0267em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0077em;">Cost 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.3067em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7542em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.5767em;"><span class="stl_76 stl_08 stl_116">Movemen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100">du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.0146em;">he </span><span class="stl_77 stl_08 stl_219">y</span><span class="stl_76 stl_08 stl_20">ea</span><span class="stl_77 stl_08 stl_20">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.8467em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4117em;top:16.8467em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6442em;top:16.8467em;"><span class="stl_67 stl_08 stl_79">1,681  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5542em;top:16.8467em;"><span class="stl_67 stl_08 stl_79">2,145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.7167em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0019em;">Accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.9883em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:19.9883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7542em;top:19.9883em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:19.9883em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.2683em;"><span class="stl_76 stl_08 stl_15">Amo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">isa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:21.2683em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">81  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:21.2683em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:21.2683em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.5383em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4117em;top:22.5383em;"><span class="stl_67 stl_08 stl_83">381  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6442em;top:22.5383em;"><span class="stl_67 stl_08 stl_79">1,477  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5542em;top:22.5383em;"><span class="stl_67 stl_08 stl_79">1,858  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.8683em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0109em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8817em;top:23.8683em;"><span class="stl_67 stl_08 stl_83">83  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3142em;top:23.8683em;"><span class="stl_67 stl_08 stl_83">204  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2242em;top:23.8683em;"><span class="stl_67 stl_08 stl_83">287  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.3883em;top:10.2542em;"><span class="stl_67 stl_08 stl_299">Office  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:11.4423em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4683em;top:11.2542em;"><span class="stl_67 stl_08 stl_135">space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:11.2642em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.1367em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0077em;">Cost 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.4067em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6383em;top:14.4067em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:14.4067em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:15.6767em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5283em;top:15.6767em;"><span class="stl_67 stl_08 stl_79">1,572  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4283em;top:15.6767em;"><span class="stl_67 stl_08 stl_79">1,572  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.5567em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0019em;">Accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.8267em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:18.8267em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:18.8267em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:20.0983em;"><span class="stl_76 stl_08 stl_15">Amo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">isa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:20.0983em;"><span class="stl_77 stl_08 stl_15">27</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:20.0983em;"><span class="stl_77 stl_08 stl_15">27</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.3683em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5283em;top:21.3683em;"><span class="stl_67 stl_08 stl_79">1,108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4283em;top:21.3683em;"><span class="stl_67 stl_08 stl_79">1,108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.6983em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0109em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1983em;top:22.6983em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.0983em;top:22.6983em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.0639em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0008em;">Please refer to Note 24 for disclosure on the lease liabilities and to Note 23 for disclosure  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.1539em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0055em;">on lease commitment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_136" style="word-spacing:0.0559em;">2.13. Leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0005em;">When the Group is the lessor  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_118 stl_08 stl_22" style="word-spacing:-0.0055em;">Lessor </span><span class="stl_90 stl_08 stl_15" style="word-spacing:0.0054em;">– </span><span class="stl_118 stl_08 stl_29" style="word-spacing:-0.0035em;">operating leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0001em;">The Group leases vessels (the bareboat element relating to hire of the vessel as part of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0025em;">the time charter contracts) under operating leases to non-related parties. This is classi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0006em;">fied as an operational lease, as such leases do not cover a significant part of the eco-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0018em;">nomic life of the vessels and the Group retains substantially all risks and rewards inci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0013em;">dental to ownership of the vessels. Rental income from operating leases is recognised in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0054em;">profit or loss on an over time basis over the charter period and included in revenue as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0047em;">stated in Material Accounting Policies section under 2.3.1.1.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0018em;">Initial direct costs incurred by the Group in negotiating and arranging operating leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0014em;">are capitalised and recognised as an expense in profit or loss over the lease term on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0014em;">same basis as the lease income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0005em;">When the Group is the lessee  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">At the inception of the contract, the Group assesses if the contract contains a lease. A  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">contract contains a lease if the contract conveys the right to control the use of an identi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0017em;">fied asset for a period of time in exchange for consideration. Reassessment is only re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0016em;">quired when the terms and conditions of the contract are changed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.013em;">a. Right-of-use assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.004em;">The Group recognises a right-of-use asset and lease liability at the date which the under-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">lying asset is available for use. Right-of-use assets are measured at cost which com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">prises the initial measurement of lease liabilities using an incremental borrowing rate ad-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0052em;">justed for any lease payments made at or before the commencement date and lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">incentive received. Any initial direct costs that would not have been incurred if the lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.002em;">had not been obtained are added to the carrying amount of the right-of-use assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0008em;">The right-of-use asset is subsequently measured at cost, less any accumulated depreci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.002em;">ation and impairment losses, and adjusted for any remeasurement of lease liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0039em;">Right-of-use assets are depreciated on a straight-line basis lease term.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_118 stl_08 stl_54" style="word-spacing:0.0118em;">b. Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.003em;">At the commencement date of the lease, the Group recognises lease liabilities meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">ured at the present value of lease payments to be made over the lease term. The lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">payments include fixed payments (including in-substance fixed payments) less any lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0013em;">incentives receivable, variable lease payments that depend on an index or a rate, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.004em;">amounts expected to be paid under residual value guarantees.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.0045em;">Variable lease payments that do not depend on an index or a rate are recognised as ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">penses in the period in which the event or condition that triggers the payment occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">Utilisation lease fees can be classified as a variable fee.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0019em;">In calculating the present value of lease payments, the Group uses its incremental bor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.007em;">rowing rate at the lease commencement date because the interest rate implicit in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0036em;">lease is not readily determinable. After the commencement date, the amount of lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">liabilities is increased to reflect the accretion of interest and reduced for the lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0082em;">ments made.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">In addition, the carrying amount of lease liabilities is remeasured if there is a modifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0036em;">tion, a change in the lease term, a change in the lease payments (e.g., changes to future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0017em;">payments resulting from a change in an index or rate used to determine such lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">ments) or a change in the assessment of an option to purchase the underlying asset.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_118 stl_08 stl_28" style="word-spacing:0.0035em;">c. Short-term and low-value leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0032em;">The Group has elected to not recognise right-of-use assets and lease liabilities for short-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_24" style="word-spacing:-0.0053em;">term leases that have lease terms of 12 months or less and leases of low value-leases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0033em;">Lease payments relating to these leases are expensed to profit or loss on a straight-line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.005em;">basis over the lease term. Short-term and low-value leases consists of cars, coffee ma-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0015em;">chines, office premises and AV equipment.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_136" style="word-spacing:0.0559em;">2.13. Leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0005em;">When the Group is the lessor  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_118 stl_08 stl_22" style="word-spacing:-0.0055em;">Lessor </span><span class="stl_90 stl_08 stl_15" style="word-spacing:0.0054em;">– </span><span class="stl_118 stl_08 stl_29" style="word-spacing:-0.0035em;">operating leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0001em;">The Group leases vessels (the bareboat element relating to hire of the vessel as part of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0025em;">the time charter contracts) under operating leases to non-related parties. This is classi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0006em;">fied as an operational lease, as such leases do not cover a significant part of the eco-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0018em;">nomic life of the vessels and the Group retains substantially all risks and rewards inci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0013em;">dental to ownership of the vessels. Rental income from operating leases is recognised in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0054em;">profit or loss on an over time basis over the charter period and included in revenue as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0047em;">stated in Material Accounting Policies section under 2.3.1.1.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0018em;">Initial direct costs incurred by the Group in negotiating and arranging operating leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0014em;">are capitalised and recognised as an expense in profit or loss over the lease term on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0014em;">same basis as the lease income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0005em;">When the Group is the lessee  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">At the inception of the contract, the Group assesses if the contract contains a lease. A  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">contract contains a lease if the contract conveys the right to control the use of an identi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0017em;">fied asset for a period of time in exchange for consideration. Reassessment is only re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0016em;">quired when the terms and conditions of the contract are changed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.013em;">a. Right-of-use assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.004em;">The Group recognises a right-of-use asset and lease liability at the date which the under-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">lying asset is available for use. Right-of-use assets are measured at cost which com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">prises the initial measurement of lease liabilities using an incremental borrowing rate ad-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0052em;">justed for any lease payments made at or before the commencement date and lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">incentive received. Any initial direct costs that would not have been incurred if the lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.002em;">had not been obtained are added to the carrying amount of the right-of-use assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0008em;">The right-of-use asset is subsequently measured at cost, less any accumulated depreci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.002em;">ation and impairment losses, and adjusted for any remeasurement of lease liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0039em;">Right-of-use assets are depreciated on a straight-line basis lease term.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_118 stl_08 stl_54" style="word-spacing:0.0118em;">b. Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.003em;">At the commencement date of the lease, the Group recognises lease liabilities meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">ured at the present value of lease payments to be made over the lease term. The lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">payments include fixed payments (including in-substance fixed payments) less any lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0013em;">incentives receivable, variable lease payments that depend on an index or a rate, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.004em;">amounts expected to be paid under residual value guarantees.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.0045em;">Variable lease payments that do not depend on an index or a rate are recognised as ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">penses in the period in which the event or condition that triggers the payment occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">Utilisation lease fees can be classified as a variable fee.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0019em;">In calculating the present value of lease payments, the Group uses its incremental bor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.007em;">rowing rate at the lease commencement date because the interest rate implicit in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0036em;">lease is not readily determinable. After the commencement date, the amount of lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">liabilities is increased to reflect the accretion of interest and reduced for the lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0082em;">ments made.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">In addition, the carrying amount of lease liabilities is remeasured if there is a modifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0036em;">tion, a change in the lease term, a change in the lease payments (e.g., changes to future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0017em;">payments resulting from a change in an index or rate used to determine such lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">ments) or a change in the assessment of an option to purchase the underlying asset.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_118 stl_08 stl_28" style="word-spacing:0.0035em;">c. Short-term and low-value leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0032em;">The Group has elected to not recognise right-of-use assets and lease liabilities for short-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_24" style="word-spacing:-0.0053em;">term leases that have lease terms of 12 months or less and leases of low value-leases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0033em;">Lease payments relating to these leases are expensed to profit or loss on a straight-line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.005em;">basis over the lease term. Short-term and low-value leases consists of cars, coffee ma-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0015em;">chines, office premises and AV equipment.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_45" style="word-spacing:-0.0003em;">Disaggregation of revenue from contracts with customers by activity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0035em;">The following table provides information about disaggregated revenue.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:13.6148em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3817em;top:13.4267em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1042em;top:13.4267em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:13.4267em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.3067em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:0.0023em;">Revenue disaggregation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:16.5667em;"><span class="stl_76 stl_08 stl_92" style="word-spacing:0.0027em;">Time cha</span><span class="stl_77 stl_08 stl_103">rt</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_81">se</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0043em;">vices and </span><span class="stl_77 stl_08 stl_96">tr</span><span class="stl_76 stl_08 stl_96">anspo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.0025em;">ion and ins</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_59">alla-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.5667em;"><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.001em;">ion se</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">vices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7917em;top:17.5767em;"><span class="stl_76 stl_08 stl_15">99,841  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0642em;top:17.5767em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">4,5</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2342em;top:17.5767em;"><span class="stl_76 stl_08 stl_15">56,449  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:18.8367em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_128" style="word-spacing:-0.007em;">r r</span><span class="stl_76 stl_08 stl_62" style="word-spacing:0.0017em;">evenue, including </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_145" style="word-spacing:-0.0225em;">ees ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_103" style="word-spacing:0.012em;">ned </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0249em;">r </span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">l</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y t</span><span class="stl_76 stl_08 stl_250">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_59">mina-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:19.8383em;"><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0007em;">ion b</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_113">cus</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_113">ome</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_109" style="word-spacing:0.014em;">s o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_96">con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2417em;top:19.8483em;"><span class="stl_76 stl_08 stl_15">8,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">81  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9642em;top:19.8483em;"><span class="stl_76 stl_08 stl_15">1,846  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:19.8483em;"><span class="stl_76 stl_08 stl_15">4,489  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.1183em;"><span class="stl_67 stl_08 stl_291" style="word-spacing:0.0022em;">Total revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.2117em;top:21.1183em;"><span class="stl_67 stl_08 stl_136">108,622  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9342em;top:21.1183em;"><span class="stl_67 stl_08 stl_136">106,424  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1142em;top:21.1183em;"><span class="stl_67 stl_08 stl_29">60,938  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0008em;">For the year ended 31 December 2023, lease component, included within time charter  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0839em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0066em;">services and transportation and installation,</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.162em;top:24.0839em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0014em;">amounts to EUR 79 million (2022: EUR 91  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0021em;">million; 2021: EUR 43 million).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.8848em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:18.6967em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:18.6967em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:18.6967em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.5783em;"><span class="stl_67 stl_08 stl_294" style="word-spacing:0.0104em;">Interest expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.8483em;"><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.0053em;">- In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_89" style="word-spacing:0.0084em;">linked </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0057em;">o deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_58">liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:21.8483em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,851  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:21.8483em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:21.8483em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">727  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.1183em;"><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.0053em;">- In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_96">wi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.011em;">h </span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_158" style="word-spacing:0.0127em;">ed pa</span><span class="stl_77 stl_08 stl_125">rt</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:23.1183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:23.1183em;"><span class="stl_76 stl_08 stl_15">15</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:23.1183em;"><span class="stl_76 stl_08 stl_15">684  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:24.3883em;"><span class="stl_76 stl_08 stl_15">Fai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.009em;">r </span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0049em;">value change o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_78">de</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_16">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">ive (ine</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_09">ec</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_38">iveness)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:24.3883em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:24.3883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:24.3883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:25.6583em;"><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0017em;">Lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_157">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2942em;top:25.6583em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0142em;top:25.6583em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:25.6583em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:26.9283em;"><span class="stl_76 stl_08 stl_157">Fo</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_100">rr</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_58">loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:26.9283em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:26.9283em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,8</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:26.9283em;"><span class="stl_76 stl_08 stl_15">1,69</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.2008em;"><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0027em;">Bank </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_138">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:28.2008em;"><span class="stl_76 stl_08 stl_15">456  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:28.2008em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:28.2008em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">58  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:29.5408em;"><span class="stl_67 stl_08 stl_253" style="word-spacing:-0.0101em;">Finance expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1217em;top:29.5408em;"><span class="stl_67 stl_08 stl_55">4,486  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8342em;top:29.5408em;"><span class="stl_67 stl_08 stl_79">9,681  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5542em;top:29.5408em;"><span class="stl_67 stl_08 stl_79">5,491  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.9064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0012em;">Total interest paid in 2023 as per Consolidated Statement of Cash Flows amounts to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.9864em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0022em;">EUR 7.1 million (2022: EUR 4.2 million) which have been capitalised to Property, Plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.0664em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0018em;">Equipment. For more information refer to Note 18. Total interest linked to debt liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.1581em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0019em;">include EUR 1.9 million (2022: EUR 0.9) due to write off of loan fees relate to the previous  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.2381em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0014em;">debt facility and an additional EUR 1.0 million from the amendment to that prior facility in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.3181em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0077em;">June 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_102" style="word-spacing:0.0115em;">Note 19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_25" style="word-spacing:-0.0027em;">Right of Use Assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_116" style="word-spacing:0.0026em;">Nature of the Group leasing activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_118 stl_08 stl_45" style="word-spacing:0.0002em;">Leasehold equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0025em;">In 2022 the Group started an agreement for the use of vessel equipment for a total con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0016em;">tract value of EUR 464 thousand during the initial term, plus additional repair and installa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0026em;">tion costs. The amount was amortised over the initial term which was 13 months, ending  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0054em;">in 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_118 stl_08 stl_54" style="word-spacing:0.0008em;">Office space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0045em;">The Group leases office space for the purpose of office operations. In 2023, the Com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0006em;">pany has terminated the lease agreement for its headquarters and signed a contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0013em;">with Castellum Denmark, for a new location from 2024. The lease commitment is pre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0014em;">sented in Note 23.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_118 stl_08 stl_47" style="word-spacing:0.0023em;">Warehouse facilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0014em;">The Group leases a warehouse facility located in the UK.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.1058em;top:10.1542em;"><span class="stl_67 stl_08 stl_117">Leasehold  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6558em;top:10.1542em;"><span class="stl_67 stl_08 stl_114">Warehouse  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:11.3423em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.8758em;top:11.1542em;"><span class="stl_67 stl_08 stl_291">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.6758em;top:11.1542em;"><span class="stl_67 stl_08 stl_114">facilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0783em;top:11.1542em;"><span class="stl_67 stl_08 stl_72" style="word-spacing:0.006em;">Office space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:11.1542em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.0267em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0077em;">Cost 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.3067em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4458em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6383em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">1,681  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:14.3067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:15.5767em;"><span class="stl_76 stl_08 stl_42">Acquisi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0067em;">ion o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_42">businesses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5158em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3583em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">61</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.8467em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5158em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4083em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">(1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3083em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">32</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.2083em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">(44)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.1167em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3858em;top:18.1167em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2958em;top:18.1167em;"><span class="stl_67 stl_08 stl_83">409  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5283em;top:18.1167em;"><span class="stl_67 stl_08 stl_79">2,261  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4283em;top:18.1167em;"><span class="stl_67 stl_08 stl_79">3,134  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:19.9883em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0019em;">Accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.2683em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4458em;top:21.2683em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">81  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:21.2683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6383em;top:21.2683em;"><span class="stl_76 stl_08 stl_15">1,4</span><span class="stl_77 stl_08 stl_15">77  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:21.2683em;"><span class="stl_76 stl_08 stl_15">1,858  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.5383em;"><span class="stl_76 stl_08 stl_15">Amo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">isa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8958em;top:22.5383em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.8083em;top:22.5383em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:22.5383em;"><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:22.5383em;"><span class="stl_77 stl_08 stl_15">33</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:23.8083em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5158em;top:23.8083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.8583em;top:23.8083em;"><span class="stl_76 stl_08 stl_15">(6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3083em;top:23.8083em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.2083em;top:23.8083em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">1)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:25.0783em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3858em;top:25.0783em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.7683em;top:25.0783em;"><span class="stl_67 stl_08 stl_83">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5283em;top:25.0783em;"><span class="stl_67 stl_08 stl_79">1,673  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4383em;top:25.0783em;"><span class="stl_67 stl_08 stl_92">2,161  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:26.4083em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0122em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4758em;top:26.4083em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2958em;top:26.4083em;"><span class="stl_67 stl_08 stl_83">385  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1983em;top:26.4083em;"><span class="stl_67 stl_08 stl_83">588  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.0983em;top:26.4083em;"><span class="stl_67 stl_08 stl_83">973  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:10.1542em;"><span class="stl_67 stl_08 stl_117">Leasehold  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5042em;top:10.1542em;"><span class="stl_67 stl_08 stl_299">Office  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:11.3423em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9017em;top:11.1542em;"><span class="stl_67 stl_08 stl_291">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5842em;top:11.1542em;"><span class="stl_67 stl_08 stl_135">space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:11.1542em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:13.0267em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0077em;">Cost 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.3067em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7542em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.5767em;"><span class="stl_76 stl_08 stl_116">Movemen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100">du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.0146em;">he </span><span class="stl_77 stl_08 stl_219">y</span><span class="stl_76 stl_08 stl_20">ea</span><span class="stl_77 stl_08 stl_20">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.8467em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4117em;top:16.8467em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6442em;top:16.8467em;"><span class="stl_67 stl_08 stl_79">1,681  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5542em;top:16.8467em;"><span class="stl_67 stl_08 stl_79">2,145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.7167em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0019em;">Accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.9883em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:19.9883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7542em;top:19.9883em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:19.9883em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.2683em;"><span class="stl_76 stl_08 stl_15">Amo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">isa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:21.2683em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">81  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:21.2683em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:21.2683em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.5383em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4117em;top:22.5383em;"><span class="stl_67 stl_08 stl_83">381  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6442em;top:22.5383em;"><span class="stl_67 stl_08 stl_79">1,477  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5542em;top:22.5383em;"><span class="stl_67 stl_08 stl_79">1,858  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.8683em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0109em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8817em;top:23.8683em;"><span class="stl_67 stl_08 stl_83">83  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3142em;top:23.8683em;"><span class="stl_67 stl_08 stl_83">204  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2242em;top:23.8683em;"><span class="stl_67 stl_08 stl_83">287  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.3883em;top:10.2542em;"><span class="stl_67 stl_08 stl_299">Office  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:11.4423em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4683em;top:11.2542em;"><span class="stl_67 stl_08 stl_135">space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:11.2642em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.1367em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0077em;">Cost 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.4067em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6383em;top:14.4067em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:14.4067em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:15.6767em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5283em;top:15.6767em;"><span class="stl_67 stl_08 stl_79">1,572  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4283em;top:15.6767em;"><span class="stl_67 stl_08 stl_79">1,572  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.5567em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0019em;">Accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.8267em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:18.8267em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:18.8267em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:20.0983em;"><span class="stl_76 stl_08 stl_15">Amo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">isa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:20.0983em;"><span class="stl_77 stl_08 stl_15">27</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:20.0983em;"><span class="stl_77 stl_08 stl_15">27</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.3683em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5283em;top:21.3683em;"><span class="stl_67 stl_08 stl_79">1,108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4283em;top:21.3683em;"><span class="stl_67 stl_08 stl_79">1,108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.6983em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0109em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1983em;top:22.6983em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.0983em;top:22.6983em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.0639em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0008em;">Please refer to Note 24 for disclosure on the lease liabilities and to Note 23 for disclosure  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.1539em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0055em;">on lease commitment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0026em;">Lease interest expenses recognised in profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.012em;">a. Interest expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.7548em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5242em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2442em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.9067em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0034em;">expense on lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.003em;">ies (vessels and o</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_15">ice)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4542em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1742em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.1023em;"><span class="stl_118 stl_08 stl_45" style="word-spacing:0.0045em;">b. Lease expense not capitalised in lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.5964em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.7383em;"><span class="stl_76 stl_08 stl_103">Sho</span><span class="stl_77 stl_08 stl_145">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0057em;">m lease expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8242em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:22.7383em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0019em;">Commitments and Pledges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_54" style="word-spacing:-0.0082em;">Lease commitments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0041em;">The future lease payables under non-cancellable value and short-term leases contracted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0034em;">for at the balance sheet date but not recognised as liabilities, are as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.6948em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3817em;top:14.5167em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1042em;top:14.5167em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:14.5167em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.8467em;"><span class="stl_76 stl_08 stl_100">No</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_53">la</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r t</span><span class="stl_76 stl_08 stl_70" style="word-spacing:0.0025em;">han one </span><span class="stl_77 stl_08 stl_135">y</span><span class="stl_76 stl_08 stl_20">ea</span><span class="stl_77 stl_08 stl_20">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2417em;top:15.8467em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0342em;top:15.8467em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7542em;top:15.8467em;"><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">Be</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_34" style="word-spacing:0.0027em;">ween one and </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_157" style="word-spacing:0.011em;">ive </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2417em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">4,984  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4842em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3742em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1417em;top:18.4467em;"><span class="stl_67 stl_08 stl_55">6,074  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9942em;top:18.4467em;"><span class="stl_67 stl_08 stl_83">62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7142em;top:18.4467em;"><span class="stl_67 stl_08 stl_83">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.7539em;"><span class="stl_46 stl_08 stl_30" style="word-spacing:-0.0068em;">The Company’s l</span><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.006em;">ease commitments include tenure of the new headquarters, which will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.8339em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0001em;">reflect at the balance sheet in Q1 2024 under IFRS 16. The Company signed the contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.001em;">with Castellum Denmark and will have access to almost 5,000 m2 of office space in cen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0039em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0002em;">tral Copenhagen. The contract, with a six years biding period, amounted to EUR 8 million.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.0839em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0003em;">The Company paid EUR 1 million as a deposit fee for this contract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.3364em;"><span class="stl_39 stl_08 stl_42" style="word-spacing:0.0031em;">Pledge of Fixed Assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.3864em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0001em;">The New Debt Facility detailed in Note 26 is secured by, inter alia, a first priority mort-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.4664em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0057em;">gage over the Wind Orca, Wind Osprey, Wind Scylla and Wind Zaratan Vessels (EUR 511  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.5464em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.002em;">million carrying value, see Note 18), first priority assignment of the earnings of the vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.6364em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0011em;">owning entities, including certain change of control provisions which are similar to those  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.7264em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0029em;">included in the P-Class Facility.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.8881em;"><span class="stl_43 stl_08 stl_23" style="word-spacing:-0.0061em;">The P-Class facility is secured by a first priority mortgage over the P-Class newbuilds,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.9681em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0031em;">first priority assignments of the insurances and earnings of the P-Class newbuilds by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.0481em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0001em;">Cadeler and the two borrowers and contain customary financial and other covenants in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.1381em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0016em;">cluding certain change of control provisions. There will be a change of control under the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.9798em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0004em;">P-Class Facility if any person or group of persons acting in concert (other than Swire Pa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0025em;">cific and the BW Group) hold legally and beneficially more than 25% of each of the is-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0019em;">sued and outstanding share capital and/or the issued and outstanding voting share cap-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">ital of Cadeler A/S. In addition, a number of changes to the ownership structure further  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">down in the Group will trigger a change of control such as, among others, if either Wind  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4023em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0006em;">N1063 Limited or Wind N1064 Limited ceases to be a wholly owned (direct or indirect)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.4923em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">subsidiary of Cadeler. The P-Class Facility will be governed by English law.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7639em;"><span class="stl_39 stl_08 stl_20" style="word-spacing:-0.003em;">Wind Osprey &amp; Wind Orca new crane contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8139em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0044em;">The Company signed a contract with NOV on 18 December 2020 to replace the main  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0013em;">crane of Wind Orca and then executed the option to replace the main crane for Wind Os-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9839em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0004em;">prey on 17 June 2021. The total sum of the contract with NOV for the replacement of both  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0639em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">cranes is EUR 83.4 million, of which EUR 7 million was paid in 2021, EUR 27 million was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1539em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">paid in 2022 and EUR 15.8 million was paid in 2023. The remaining scheduled payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2439em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0041em;">will be due in 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5164em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:-0.0084em;">P-Class vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.5664em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0013em;">Since 30 June 2021 the Company has a contract with COSCO SHIPPING Heavy Industry  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6564em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0013em;">CO. Lt</span><span class="stl_46 stl_08 stl_49" style="word-spacing:0.0002em;">d. (“COSCO”) </span><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0022em;">to build two new P-class WTIVs. The total sum of the contract for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7364em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">new vessels is approximately EUR 572 million, of which EUR 137 million was paid in 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8164em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0001em;">and EUR 14 million was paid in 2023. The remaining scheduled payments will be due be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9064em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0037em;">tween 2024 and 2025. Of the total contract, USD 390 million is paid in USD and EUR 220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.9981em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0023em;">million will is paid in EUR.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0011em;">A-Class vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0025em;">On 9 May 2022 and 22 November 2022 the Company signed additional contracts with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0012em;">COSCO SHIPPING Heavy Industry to build a total of two new A-Class foundation installa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0022em;">tion vessel. The total sum of the contracts for the new vessel is approximately EUR 657  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0009em;">million, of which approximately a total of EUR 167 million was paid in 2022, while the re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0031em;">maining amounts will be due over the years from 2025 to 2026. Of the total contract,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4923em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0042em;">USD 495 million is paid in USD and EUR 205 million is paid in EUR.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7639em;"><span class="stl_39 stl_08 stl_20" style="word-spacing:0em;">M-Class vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0004em;">The Company, due to the business combination with Eneti, is currently under contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0013em;">with Hanwha for the construction of two next generation offshore WTIVs. The total sum  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0022em;">of the contracts is approximately EUR 592 million, of which EUR 118 million has been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">paid. The remaining scheduled payments will be due between 2024 and 2025.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0027em;">Remaining instalments for the newbuilds vessels:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:28.6008em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:30.0389em;"><span class="stl_74 stl_08 stl_102">Millions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7317em;top:29.8508em;"><span class="stl_67 stl_08 stl_294">P-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3117em;top:29.8508em;"><span class="stl_67 stl_08 stl_298">M-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1842em;top:29.8508em;"><span class="stl_67 stl_08 stl_122">A-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:29.8508em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:31.1808em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.001em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:31.1808em;"><span class="stl_77 stl_08 stl_15">220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9342em;top:31.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:31.1808em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3042em;top:31.1808em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:32.4508em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.005em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:32.4508em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:32.4508em;"><span class="stl_76 stl_08 stl_15">655  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:32.4508em;"><span class="stl_76 stl_08 stl_15">495  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:32.4508em;"><span class="stl_76 stl_08 stl_15">1,54</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:33.7908em;"><span class="stl_76 stl_08 stl_78">To</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0065em;">al Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.005em;">t tr</span><span class="stl_76 stl_08 stl_94">ansla</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">59</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">65</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">1,8</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:35.0608em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.013em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5817em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9342em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3042em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:36.3325em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.007em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:36.3325em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:36.3325em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:36.3325em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:36.3325em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:37.6625em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_157" style="word-spacing:0.009em;">t tr</span><span class="stl_76 stl_08 stl_15">ansla</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.004em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">49</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:11.0942em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:12.5348em;"><span class="stl_74 stl_08 stl_102">Millions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3483em;top:12.3467em;"><span class="stl_67 stl_08 stl_294">P-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.0683em;top:12.3467em;"><span class="stl_67 stl_08 stl_122">A-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7083em;top:12.3467em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:13.6767em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.001em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:13.6767em;"><span class="stl_77 stl_08 stl_15">220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:13.6767em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:13.6767em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:14.9467em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.005em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:14.9467em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">495  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">885  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:16.2867em;"><span class="stl_76 stl_08 stl_78">To</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0065em;">al Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0042em;">t </span><span class="stl_76 stl_08 stl_99">amoun</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.005em;">t tr</span><span class="stl_76 stl_08 stl_94">ansla</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">65</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5683em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:17.5567em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.013em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1983em;top:17.5567em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:17.5567em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:17.5567em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:18.8267em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.007em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:18.8267em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:18.8267em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:18.8267em;"><span class="stl_76 stl_08 stl_15">816  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:20.1583em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_157" style="word-spacing:0.009em;">t tr</span><span class="stl_76 stl_08 stl_15">ansla</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.004em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:20.1583em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:20.1583em;"><span class="stl_76 stl_08 stl_15">49</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:20.1583em;"><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:24.6983em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:26.1364em;"><span class="stl_74 stl_08 stl_102">Millions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.7883em;top:25.9483em;"><span class="stl_67 stl_08 stl_294">P-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:27.2883em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.001em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:27.2883em;"><span class="stl_77 stl_08 stl_15">220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:28.5608em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.005em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:28.5608em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:29.8908em;"><span class="stl_76 stl_08 stl_78">To</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0065em;">al Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.005em;">t tr</span><span class="stl_76 stl_08 stl_94">ansla</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:29.8908em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:31.1608em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.013em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.6383em;top:31.1608em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:32.4308em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.007em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:32.4308em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:33.7708em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_157" style="word-spacing:0.009em;">t tr</span><span class="stl_76 stl_08 stl_15">ansla</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.004em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:33.7708em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:10.3623em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0117em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9142em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:11.5067em;"><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0017em;">Lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_58" style="word-spacing:0.0047em;">ies a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.0109em;">1 </span><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_78">anua</span><span class="stl_77 stl_08 stl_104" style="word-spacing:-0.008em;">ry </span><span class="stl_76 stl_08 stl_207">(cu</span><span class="stl_77 stl_08 stl_104">rr</span><span class="stl_76 stl_08 stl_20">en</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.01em;">t </span><span class="stl_76 stl_08 stl_15">and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:12.5067em;"><span class="stl_76 stl_08 stl_102">non-cu</span><span class="stl_77 stl_08 stl_104">rr</span><span class="stl_76 stl_08 stl_20">en</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_64">lease)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4917em;top:12.5167em;"><span class="stl_77 stl_08 stl_15">27</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3942em;top:12.5167em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">07  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3042em;top:12.5167em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:13.7867em;"><span class="stl_76 stl_08 stl_42">Acquisi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0067em;">ion o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_56">subsidia</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8717em;top:13.7867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">99  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4642em;top:13.7867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3742em;top:13.7867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.0567em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5417em;top:15.0567em;"><span class="stl_76 stl_08 stl_15">(16)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4642em;top:15.0567em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3742em;top:15.0567em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:16.3267em;"><span class="stl_76 stl_08 stl_92" style="word-spacing:0.0022em;">Cash paid </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0046em;">lease obliga</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_249">ions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0917em;top:16.3267em;"><span class="stl_76 stl_08 stl_15">(569)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9942em;top:16.3267em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">8)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9042em;top:16.3267em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">85)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.6567em;"><span class="stl_67 stl_08 stl_253" style="word-spacing:-0.0003em;">Lease liabilities at 31 December (current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:18.6567em;"><span class="stl_67 stl_08 stl_256" style="word-spacing:0.0031em;">and non-current lease)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4317em;top:18.6567em;"><span class="stl_67 stl_08 stl_83">993  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3342em;top:18.6567em;"><span class="stl_67 stl_08 stl_83">279  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2442em;top:18.6567em;"><span class="stl_67 stl_08 stl_83">507  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:19.9883em;"><span class="stl_67 stl_08 stl_172">Current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4317em;top:19.9883em;"><span class="stl_67 stl_08 stl_83">392  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4242em;top:19.9883em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2442em;top:19.9883em;"><span class="stl_67 stl_08 stl_83">209  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.2383em;"><span class="stl_67 stl_08 stl_254">Non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4317em;top:21.2383em;"><span class="stl_67 stl_08 stl_83">601  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3342em;top:21.2383em;"><span class="stl_67 stl_08 stl_83">279  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2442em;top:21.2383em;"><span class="stl_67 stl_08 stl_83">298  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_118 stl_08 stl_54" style="word-spacing:0.0118em;">b. Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.003em;">At the commencement date of the lease, the Group recognises lease liabilities meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">ured at the present value of lease payments to be made over the lease term. The lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">payments include fixed payments (including in-substance fixed payments) less any lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0013em;">incentives receivable, variable lease payments that depend on an index or a rate, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.004em;">amounts expected to be paid under residual value guarantees.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.0045em;">Variable lease payments that do not depend on an index or a rate are recognised as ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">penses in the period in which the event or condition that triggers the payment occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">Utilisation lease fees can be classified as a variable fee.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0019em;">In calculating the present value of lease payments, the Group uses its incremental bor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.007em;">rowing rate at the lease commencement date because the interest rate implicit in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0036em;">lease is not readily determinable. After the commencement date, the amount of lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">liabilities is increased to reflect the accretion of interest and reduced for the lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0082em;">ments made.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">In addition, the carrying amount of lease liabilities is remeasured if there is a modifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0036em;">tion, a change in the lease term, a change in the lease payments (e.g., changes to future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0017em;">payments resulting from a change in an index or rate used to determine such lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">ments) or a change in the assessment of an option to purchase the underlying asset.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_118 stl_08 stl_28" style="word-spacing:0.0035em;">c. Short-term and low-value leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0032em;">The Group has elected to not recognise right-of-use assets and lease liabilities for short-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_24" style="word-spacing:-0.0053em;">term leases that have lease terms of 12 months or less and leases of low value-leases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0033em;">Lease payments relating to these leases are expensed to profit or loss on a straight-line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.005em;">basis over the lease term. Short-term and low-value leases consists of cars, coffee ma-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0015em;">chines, office premises and AV equipment.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_118 stl_08 stl_54" style="word-spacing:0.0118em;">b. Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.003em;">At the commencement date of the lease, the Group recognises lease liabilities meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">ured at the present value of lease payments to be made over the lease term. The lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">payments include fixed payments (including in-substance fixed payments) less any lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0013em;">incentives receivable, variable lease payments that depend on an index or a rate, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.004em;">amounts expected to be paid under residual value guarantees.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.0045em;">Variable lease payments that do not depend on an index or a rate are recognised as ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">penses in the period in which the event or condition that triggers the payment occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">Utilisation lease fees can be classified as a variable fee.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0019em;">In calculating the present value of lease payments, the Group uses its incremental bor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.007em;">rowing rate at the lease commencement date because the interest rate implicit in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0036em;">lease is not readily determinable. After the commencement date, the amount of lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">liabilities is increased to reflect the accretion of interest and reduced for the lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0082em;">ments made.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">In addition, the carrying amount of lease liabilities is remeasured if there is a modifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0036em;">tion, a change in the lease term, a change in the lease payments (e.g., changes to future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0017em;">payments resulting from a change in an index or rate used to determine such lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">ments) or a change in the assessment of an option to purchase the underlying asset.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_118 stl_08 stl_28" style="word-spacing:0.0035em;">c. Short-term and low-value leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0032em;">The Group has elected to not recognise right-of-use assets and lease liabilities for short-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_24" style="word-spacing:-0.0053em;">term leases that have lease terms of 12 months or less and leases of low value-leases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0033em;">Lease payments relating to these leases are expensed to profit or loss on a straight-line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.005em;">basis over the lease term. Short-term and low-value leases consists of cars, coffee ma-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0015em;">chines, office premises and AV equipment.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0117em;">2.17. Trade and other payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">Trade and other payables represent liabilities for goods and services provided to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">Group prior to the end of the financial year which are unpaid. They are classified as cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">rent liabilities if payment is due within one year or less (or in the normal operating cycle  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0032em;">of the business, if longer). Otherwise, they are presented as non-current liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">Trade and other payables are initially recognised at fair value, and subsequently carried  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0054em;">at amortised cost, using the effective interest method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4364em;"><span class="stl_39 stl_08 stl_59" style="word-spacing:0.0282em;">2.19. Financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">Debt to credit institutions etc. is recognised at the time of borrowing at fair value after  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0032em;">deduction of transaction costs incurred. Subsequently, the financial liabilities are meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.002em;">ured at amortised cost using the "effective interest method", so that the difference be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0024em;">tween the proceeds and the nominal value is recognised in the income statement under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0em;">financial expenses over the loan period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0004em;">A financial liability is derecognised when the obligation under the liability is discharged,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_136" style="word-spacing:0.0069em;">cancelled or expires.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">When an existing financial liability is replaced by another from the same lender on sub-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">stantially different terms, or the terms of an existing liability are substantially modified,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0021em;">such an exchange or modification is treated as the derecognition of the original liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.003em;">and the recognition of a new liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0046em;">The difference in the respective carrying amounts of the asset and the liability is recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_59" style="word-spacing:0.0024em;">nised in the statement of profit and loss.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_118 stl_08 stl_54" style="word-spacing:0.0118em;">b. Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.003em;">At the commencement date of the lease, the Group recognises lease liabilities meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">ured at the present value of lease payments to be made over the lease term. The lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">payments include fixed payments (including in-substance fixed payments) less any lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0013em;">incentives receivable, variable lease payments that depend on an index or a rate, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.004em;">amounts expected to be paid under residual value guarantees.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.0045em;">Variable lease payments that do not depend on an index or a rate are recognised as ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">penses in the period in which the event or condition that triggers the payment occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">Utilisation lease fees can be classified as a variable fee.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0019em;">In calculating the present value of lease payments, the Group uses its incremental bor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.007em;">rowing rate at the lease commencement date because the interest rate implicit in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0036em;">lease is not readily determinable. After the commencement date, the amount of lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">liabilities is increased to reflect the accretion of interest and reduced for the lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0082em;">ments made.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">In addition, the carrying amount of lease liabilities is remeasured if there is a modifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0036em;">tion, a change in the lease term, a change in the lease payments (e.g., changes to future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0017em;">payments resulting from a change in an index or rate used to determine such lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">ments) or a change in the assessment of an option to purchase the underlying asset.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_118 stl_08 stl_28" style="word-spacing:0.0035em;">c. Short-term and low-value leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0032em;">The Group has elected to not recognise right-of-use assets and lease liabilities for short-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_24" style="word-spacing:-0.0053em;">term leases that have lease terms of 12 months or less and leases of low value-leases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0033em;">Lease payments relating to these leases are expensed to profit or loss on a straight-line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.005em;">basis over the lease term. Short-term and low-value leases consists of cars, coffee ma-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0015em;">chines, office premises and AV equipment.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0279em;">2.15. Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0014em;">The classification of financial assets </span><span class="stl_46 stl_08 stl_20" style="word-spacing:-0.0027em;">depends on the Group’s business model for manag-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">ing the financial assets as well as the contractual terms of the cash flows of the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_40">assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0031em;">The Group reclassifies financial assets when and only when its business model for man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0065em;">aging those assets changes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0104em;">(i) At initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">At initial recognition, the Group measures a financial asset at its fair value plus, in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0014em;">case of a financial asset not at fair value through profit or loss, transaction costs that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0003em;">directly attributable to the acquisition of the financial assets. Transaction costs of finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.001em;">cial assets carried at fair value through profit or loss are expensed in profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0087em;">(ii) At subsequent measurement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0021em;">Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0008em;">Financial assets of the Group mainly comprise of cash and bank balances, trade receiva-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0019em;">bles and other current assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0029em;">Interest income from these financial assets are recognised using the effective interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0048em;">rate method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">The Group assesses on forward looking basis the expected credit losses associated with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">its financial assets carried at amortised cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">For trade and other receivables, the Group applied the simplified approach permitted by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">IFRS 9, which requires expected lifetime losses to be recognised from initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0041em;">of the receivables.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0117em;">2.17. Trade and other payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">Trade and other payables represent liabilities for goods and services provided to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">Group prior to the end of the financial year which are unpaid. They are classified as cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">rent liabilities if payment is due within one year or less (or in the normal operating cycle  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0032em;">of the business, if longer). Otherwise, they are presented as non-current liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">Trade and other payables are initially recognised at fair value, and subsequently carried  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0054em;">at amortised cost, using the effective interest method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4364em;"><span class="stl_39 stl_08 stl_59" style="word-spacing:0.0282em;">2.19. Financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">Debt to credit institutions etc. is recognised at the time of borrowing at fair value after  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0032em;">deduction of transaction costs incurred. Subsequently, the financial liabilities are meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.002em;">ured at amortised cost using the "effective interest method", so that the difference be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0024em;">tween the proceeds and the nominal value is recognised in the income statement under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0em;">financial expenses over the loan period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0004em;">A financial liability is derecognised when the obligation under the liability is discharged,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_136" style="word-spacing:0.0069em;">cancelled or expires.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">When an existing financial liability is replaced by another from the same lender on sub-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">stantially different terms, or the terms of an existing liability are substantially modified,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0021em;">such an exchange or modification is treated as the derecognition of the original liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.003em;">and the recognition of a new liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0046em;">The difference in the respective carrying amounts of the asset and the liability is recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_59" style="word-spacing:0.0024em;">nised in the statement of profit and loss.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_118 stl_08 stl_54" style="word-spacing:0.0118em;">b. Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.003em;">At the commencement date of the lease, the Group recognises lease liabilities meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">ured at the present value of lease payments to be made over the lease term. The lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">payments include fixed payments (including in-substance fixed payments) less any lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0013em;">incentives receivable, variable lease payments that depend on an index or a rate, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.004em;">amounts expected to be paid under residual value guarantees.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.0045em;">Variable lease payments that do not depend on an index or a rate are recognised as ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">penses in the period in which the event or condition that triggers the payment occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">Utilisation lease fees can be classified as a variable fee.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0019em;">In calculating the present value of lease payments, the Group uses its incremental bor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.007em;">rowing rate at the lease commencement date because the interest rate implicit in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0036em;">lease is not readily determinable. After the commencement date, the amount of lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">liabilities is increased to reflect the accretion of interest and reduced for the lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0082em;">ments made.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">In addition, the carrying amount of lease liabilities is remeasured if there is a modifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0036em;">tion, a change in the lease term, a change in the lease payments (e.g., changes to future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0017em;">payments resulting from a change in an index or rate used to determine such lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">ments) or a change in the assessment of an option to purchase the underlying asset.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_118 stl_08 stl_28" style="word-spacing:0.0035em;">c. Short-term and low-value leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0032em;">The Group has elected to not recognise right-of-use assets and lease liabilities for short-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_24" style="word-spacing:-0.0053em;">term leases that have lease terms of 12 months or less and leases of low value-leases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0033em;">Lease payments relating to these leases are expensed to profit or loss on a straight-line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.005em;">basis over the lease term. Short-term and low-value leases consists of cars, coffee ma-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0015em;">chines, office premises and AV equipment.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0279em;">2.15. Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0014em;">The classification of financial assets </span><span class="stl_46 stl_08 stl_20" style="word-spacing:-0.0027em;">depends on the Group’s business model for manag-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">ing the financial assets as well as the contractual terms of the cash flows of the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_40">assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0031em;">The Group reclassifies financial assets when and only when its business model for man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0065em;">aging those assets changes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0104em;">(i) At initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">At initial recognition, the Group measures a financial asset at its fair value plus, in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0014em;">case of a financial asset not at fair value through profit or loss, transaction costs that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0003em;">directly attributable to the acquisition of the financial assets. Transaction costs of finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.001em;">cial assets carried at fair value through profit or loss are expensed in profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0087em;">(ii) At subsequent measurement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0021em;">Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0008em;">Financial assets of the Group mainly comprise of cash and bank balances, trade receiva-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0019em;">bles and other current assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0029em;">Interest income from these financial assets are recognised using the effective interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0048em;">rate method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">The Group assesses on forward looking basis the expected credit losses associated with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">its financial assets carried at amortised cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">For trade and other receivables, the Group applied the simplified approach permitted by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">IFRS 9, which requires expected lifetime losses to be recognised from initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0041em;">of the receivables.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4364em;"><span class="stl_39 stl_08 stl_59" style="word-spacing:0.0282em;">2.19. Financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">Debt to credit institutions etc. is recognised at the time of borrowing at fair value after  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0032em;">deduction of transaction costs incurred. Subsequently, the financial liabilities are meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.002em;">ured at amortised cost using the "effective interest method", so that the difference be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0024em;">tween the proceeds and the nominal value is recognised in the income statement under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0em;">financial expenses over the loan period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0004em;">A financial liability is derecognised when the obligation under the liability is discharged,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_136" style="word-spacing:0.0069em;">cancelled or expires.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">When an existing financial liability is replaced by another from the same lender on sub-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">stantially different terms, or the terms of an existing liability are substantially modified,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0021em;">such an exchange or modification is treated as the derecognition of the original liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.003em;">and the recognition of a new liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0046em;">The difference in the respective carrying amounts of the asset and the liability is recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_59" style="word-spacing:0.0024em;">nised in the statement of profit and loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.4639em;"><span class="stl_168 stl_08 stl_57" style="word-spacing:-0.0015em;">Change in the debts to credit institu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.5439em;"><span class="stl_168 stl_08 stl_99" style="word-spacing:0.0026em;">tions during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:27.7864em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:27.5983em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:27.5983em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:27.5983em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.9308em;"><span class="stl_76 stl_08 stl_40">Deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o c</span><span class="stl_77 stl_08 stl_20">r</span><span class="stl_76 stl_08 stl_49">edi</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_92">ins</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">u</span><span class="stl_77 stl_08 stl_72">t</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0025em;">ions a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.003em;">1 </span><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_52">anua</span><span class="stl_77 stl_08 stl_128">ry  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5517em;top:28.9308em;"><span class="stl_76 stl_08 stl_64">(115,</span><span class="stl_77 stl_08 stl_15">002</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9042em;top:28.9308em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_103">,</span><span class="stl_77 stl_08 stl_15">07</span><span class="stl_76 stl_08 stl_15">5)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8142em;top:28.9308em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_101">,5</span><span class="stl_77 stl_08 stl_15">00</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:30.2008em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_177">d</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ft f</span><span class="stl_76 stl_08 stl_15">acili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ty </span><span class="stl_76 stl_08 stl_109">d</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_78">awn  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:30.2008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9042em;top:30.2008em;"><span class="stl_76 stl_08 stl_100">(16,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2642em;top:30.2008em;"><span class="stl_76 stl_08 stl_113">(8,998)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.4708em;"><span class="stl_76 stl_08 stl_16" style="word-spacing:0.0055em;">Loans </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_49">epa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_20">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.9517em;top:31.4708em;"><span class="stl_76 stl_08 stl_15">115,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3042em;top:31.4708em;"><span class="stl_76 stl_08 stl_15">65,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2142em;top:31.4708em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.7408em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_177">d</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_101" style="word-spacing:0.006em;">ft r</span><span class="stl_76 stl_08 stl_49">epa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_58">men</span><span class="stl_77 stl_08 stl_58">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:32.7408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3042em;top:32.7408em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:32.7408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.0208em;"><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0066em;">New loan  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5517em;top:34.0208em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_100">11,9</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4542em;top:34.0208em;"><span class="stl_76 stl_08 stl_64">(115,</span><span class="stl_77 stl_08 stl_15">000</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:34.0208em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:35.2908em;"><span class="stl_76 stl_08 stl_116" style="word-spacing:-0.0021em;">New loan in</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_104">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8517em;top:35.2908em;"><span class="stl_76 stl_08 stl_15">8,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7542em;top:35.2908em;"><span class="stl_76 stl_08 stl_15">1,541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:35.2908em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:36.5625em;"><span class="stl_76 stl_08 stl_15">W</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.014em;">e o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ff </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0057em;">loan </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_125">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4517em;top:36.5625em;"><span class="stl_76 stl_08 stl_113">(1,898)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9742em;top:36.5625em;"><span class="stl_76 stl_08 stl_15">(9</span><span class="stl_77 stl_08 stl_15">23</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:36.5625em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:37.8325em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3542em;top:37.8325em;"><span class="stl_76 stl_08 stl_64">(1,54</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8842em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">(5</span><span class="stl_77 stl_08 stl_15">77</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:39.1625em;"><span class="stl_67 stl_08 stl_257" style="word-spacing:-0.0001em;">Debt to credit institutions at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3517em;top:39.1625em;"><span class="stl_67 stl_08 stl_41">(205,572)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2642em;top:39.1625em;"><span class="stl_67 stl_08 stl_34">(115,002)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6242em;top:39.1625em;"><span class="stl_67 stl_08 stl_22">(73,075)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_42" style="word-spacing:0.0007em;">Capital management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0014em;">The Company’s objectives when managing capital are to ensure the Company’s ability to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1623em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">continue as a going concern and to maintain an optimal capital structure.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0003em;">In order to achieve this overall objective, the Company’s capital management, among  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0008em;">other things, aims to ensure that it meets financial covenants attached to the interest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0029em;">bearing loans and borrowings that define capital structure requirements. Breaches in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5623em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0041em;">meeting the financial covenants would permit the bank to immediately call loans and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6523em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0037em;">borrowings. There have been no breaches of the financial covenants of any interest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0027em;">bearing loans and borrowing in the current period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.001em;">In order to maintain or adjust the capital structure in the future, the Group may adjust the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">amount of dividends paid to shareholders, issue new shares and/or sell assets to reduce  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0639em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0027em;">debt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1639em;"><span class="stl_46 stl_08 stl_52" style="word-spacing:0.0037em;">distributions without DNB Bank ASA’s written consent.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0018em;">Financial Liabilities: Interest-bearing Loans and Borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_55" style="word-spacing:0.003em;">New Debt Facility </span><span class="stl_168 stl_08 stl_15" style="word-spacing:0.0095em;">– </span><span class="stl_39 stl_08 stl_56" style="word-spacing:0.0115em;">replacing the RCF  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">On 29 June 2022 the Company entered into a Senior Secured Green Revolving Credit Fa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1623em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:-0.0004em;">cility (“RCF”) of a 3</span><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0029em;">-year term loan of EUR 185 million with DNB Bank ASA.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0045em;">The RCF consists of (i) a three-year non-amortizing term loan of EUR 150 million, in addi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">tion to voluntary prepayments in whole or any part of the loan, at any time, the loan will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0021em;">be repayable in a balloon payment of EUR 150 million, and (ii) a guarantee facility of up to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0009em;">EUR 35 million.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7339em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">On 4 July 2022 the Company utilised EUR 115 million from the total EUR 150 million availa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0004em;">ble from the RCF. With these funds the Group repaid in full the outstanding amounts, re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.001em;">lated to the term loan EUR 55 million and overdraft facility EUR 25 million from DNB Bank  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0015em;">ASA and SpareBank 1 SR-Bank signed on 4 November 2020. At that time, the new RCF  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0739em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0013em;">added about EUR 70 million in liquidity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2339em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0038em;">The RCF bears interest at 3-month or 6-month EURIBOR + the Applicable Margin, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3139em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0016em;">subject to a green loan margin discount as long as the Company is in compliance with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">certain green asset criteria such as earmarked investments in green assets. The Group is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4864em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0em;">currently in compliance with this green criteria and are expected to remain compliant for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.5664em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0012em;">the duration of the facility. The full repayment of a senior debt facility generated a fi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6564em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0013em;">nance cost for the write-off of borrowing costs of approximately EUR 810,000 in July  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7464em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0008em;">2022. Due to a confidentiality agreement, the applicable margin cannot be disclosed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9064em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0043em;">In June 2023, the Debt Facility was amended to increase the guarantee facility to EUR 60  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.9881em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">million and to increase the committed revolving credit facility to EUR 250 million, result-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.0681em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.003em;">ing in an increase of the aggregate Debt Facility to EUR 310 million. The above was re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1681em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0017em;">financed and the Group entered into the new RCF, as explained below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.8998em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0006em;">In connection with the Business Combination, the Company on 7 December 2023 en-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.8998em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0022em;">tered into a new senior secured credit and guarantee facilities of up to EUR 550 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.9023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">providing for (i) a revolving credit facility of up to EUR 250 million (5 year tenor), (ii) a re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.9023em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.001em;">volving credit facility of up to EUR 100 million (18 months tenor), (iii) a term loan of up to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.9023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.002em;">EUR 100 million (8.5 year tenor) guaranteed by The Danish Export and Investment Fund  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.9023em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0042em;">of Denmark (EIFO) and (iv) an uncommitted guarantee facility of up to EUR 100 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.9023em;"><span class="stl_46 stl_08 stl_45" style="word-spacing:-0.0025em;">(the “New Debt Facility”). The New Debt Facility has similar terms and conditions as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.9023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0026em;">existing Debt Facility. The change of control provisions are similar to those included in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.9023em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">the P-Class Facility (as described below).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.9039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0012em;">The Company has utilised EUR 162 million from the total EUR 450 million available from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.9039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">the RCF. With these funds the Group repaid </span><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0017em;">the outstanding amounts of Eneti’s previous  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9039em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0035em;">Credit Facility, which amounted to USD 59.4 million (of which Eneti repaid USD 12.6 mil-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9039em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">lion in October 2023 from the proceeds from the sale of Seajacks Hydra, Seajacks Levia-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.9039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0003em;">than and the Seajacks Kraken). In addition, the Group has repaid the amounts under its  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.9039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0017em;">own Debt Facility amounting to EUR 115 million.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.9039em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0016em;">The full repayment of the senior debt facility generated a finance cost for the write off of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.9064em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0053em;">borrowing costs of approximately EUR 1.8 million thousand in 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.9064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0004em;">By the end of the reporting period, EUR 288 million remains unutilised from the RCF.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_92" style="word-spacing:0.0095em;">Holdco Facility</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.385em;top:10.0098em;"><span class="stl_39 stl_08 stl_139" style="word-spacing:-0.0054em;">(EUR 5O million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.9798em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.004em;">On 15 November 2023, the Group entered into an unsecured Holdco Facility in an aggre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.9823em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0007em;">gate amount of EUR 50 million (tenor of five years) with HSBC. The financing includes a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.9823em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0017em;">non-committed accordion option of up to EUR 50 million. The purpose of the Holdco Fa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.9823em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0005em;">cility is, among others, partial funding of the wind installation activities of the Group and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.9823em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0017em;">general corporate purposes. The facility includes customary financial and other cove-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.9823em;"><span class="stl_43 stl_08 stl_59">nants.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.5923em;"><span class="stl_39 stl_08 stl_92" style="word-spacing:0.0026em;">M-Class Facility</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.802em;top:18.5923em;"><span class="stl_39 stl_08 stl_27" style="word-spacing:-0.0046em;">(USD 436 million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.6539em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">In connection with the Business Combination, the Group acquired a senior secured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.7339em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0017em;">green term loan facility, which Eneti entered in November 2023, of up to USD 436 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.8139em;"><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0018em;">(the “New Credit Facility”) with a group of international banks and export credit agencie</span><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0033em;">co-arranged and co-underwritten by Crédit Agricole Corporate and Investment Bank and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.9839em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0026em;">Société Générale, and with Société Générale as Green Loan Coordinator. The New Credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.0639em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0034em;">Facility finances approximately 65% of the purchase cost of the M-Class newbuilding,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.1539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">with the remaining 35% to be funded either by obtaining additional bank financing or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.2339em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0052em;">through available operational cash reserves. The maturity date of the New Credit Facility  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.3164em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0019em;">in relation to each vessel is 12 years from the delivery date of each vessel. The New  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4064em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">Credit Facility bears interest at a blended margin of SOFR plus 2.36% per annum (exclu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.4864em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0047em;">sive of premiums payable to K-SURE and Eksfin). However, the terms of the New Credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.5664em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0015em;">Facility provided that completion of the Business Combination would not trigger a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.6564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0004em;">change of control provision with regard to cancellation and prepayment of the New  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.7464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0025em;">Credit Facility.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0098em;"><span class="stl_39 stl_08 stl_40" style="word-spacing:0.0041em;">P-Class Facility</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.498em;top:10.0098em;"><span class="stl_39 stl_08 stl_31" style="word-spacing:0.0022em;">(USD 425 million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0014em;">Further, Cadeler A/S and two of its subsidiaries, WIND N1064 Limited and WIND N1063  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0001em;">Limited, entered into a Sinosure-backed green term loan facility of up to EUR 425 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0015em;">(12 year tenor) (the "P-Class Facility") in December 2023 to finance the purchase of P-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0014em;">Class newbuilds. The funds under the P-Class Facility have been borrowed by WIND  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0019em;">N1064 Limited and WIND N1063 Limited (the future owners of the P-Class newbuilds) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.4823em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0031em;">may not be reborrowed once repaid. Further financing will be required from 2025 in con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.5623em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0031em;">nection with milestone payments for the A-</span><span class="stl_46 stl_08 stl_49" style="word-spacing:-0.0079em;">Class New Builds. The Cadeler Group’s man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0035em;">agement expects to require approximately EUR 450 million of additional funding for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7339em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0012em;">A-Class New Builds. Cadeler currently has a letter of intent in place for the order of one  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8139em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0044em;">additional A-Class New Build. There can be no guarantee that the financing of such new  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9139em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.002em;">builds and any future upgrades can be obtained on attractive terms or at all.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0939em;"><span class="stl_39 stl_08 stl_41">Covenants  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0025em;">The Group is in compliance with all covenants in the New Debt Facility (RCF):  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:26.9839em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:26.9839em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0027em;">Minimum Free Liquidity: Freely available cash and cash equivalents at of i) the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:28.0664em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0028em;">higher of EUR 35.000.000 or 5% of gross interest bearing debt, if the ratio of for-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:29.1564em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0051em;">ward-looking contract cash flow to net interest bearing debt</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.298em;top:29.1564em;"><span class="stl_43 stl_08 stl_99" style="word-spacing:0.0156em;">are above 50% or ii)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:30.2364em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.001em;">EUR 50,000,000 or an amount equal to 7.5% of the gross interest bearing debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:31.3164em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:-0.0003em;">at all other times.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:32.4064em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:32.4064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0005em;">Equity Ratio: The ratio of book equity to total assets at all times to be minimum  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:33.4864em;"><span class="stl_43 stl_08 stl_54">35%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:34.5664em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:34.5664em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0006em;">Working capital: the working capital shall be higher than zero (0).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:9.9798em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:9.9798em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">Fair market value of vessels: The fair market value of the vessels shall at all times  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0037em;">cover at least 150% of the gross interest bearing debt following the redelivery of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0058em;">the O-Class vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:13.2323em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">Contracted cash flows: If at any reported quarter the aggregated loans exceed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0034em;">80% the forward-looking expected cash revenues from legally binding contracts,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0023em;">the Contracted Cash Flows, the Borrower shall prepay the exceeding part of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">Loans within five (5) Business Days.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:17.5623em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:17.5623em;"><span class="stl_43 stl_08 stl_10">Utilis</span><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0009em;">ation of RCF’s Facility under New Debt Facility must be above the outstand-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:18.6523em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0038em;">ing on ECA Term Loan tranche.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.4839em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0011em;">Further, the Group is in compliance with some additional covenants specified in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.5639em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0029em;">Holdco Facility:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:23.4039em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:23.4039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">Fair market value of vessels: The fair market value of the vessels shall at all times  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:24.4839em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">cover at least 140% of the gross interest bearing debt.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:25.6039em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:25.6039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0022em;">Debt service coverage ratio: Cash flow available for debt service (including avail-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:26.6939em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0007em;">able liquidity covering cash, cash equivalent and undrawn New Debt Facility) at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:27.7764em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0025em;">the Parent Company must be above Debt service cash flow related to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:28.8564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0027em;">Holdco Facility (2:1).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.9798em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0024em;">As of the reported date, the P-Class and M-Class facilities remain unutilised. Given their  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0033em;">non-utilisation, no assessment of compliance with associated covenants has been nec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">essary up to this point. These covenants, if applicable, will require assessment upon utili-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0006em;">sation of the facilities and contain customary financial and other covenants, including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0032em;">certain change of control provisions, similar to those disclosed for the utilised facilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.1523em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0024em;">Additionally, the Group is in compliance with below requirements:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.9823em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0012em;">Restriction on dividends: the Company is not permitted to pay any dividends or other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.0623em;"><span class="stl_46 stl_08 stl_52" style="word-spacing:0.0067em;">distributions without DNB Bank ASA’s written consent. </span><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0039em;">For the New Debt Facility, divi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.1539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0011em;">dends and distributions should not exceed 50% of the consolidated net profit for the re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.2339em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">spective year. Further, in the Holdco Facility, the Company is not allowed to any distribu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.3139em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">tions before the delivery of the P-Class, A-Class and M-Class.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0006em;">Change of control: If any person or group of persons (other than Swire Pacific or the BW  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.2339em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">Group) acting in concert directly or indirectly gains control of 25% or more of the voting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.3139em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0003em;">and/or ordinary shares of the Borrower, the Agent (acting on instructions from the major-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.4039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0023em;">ity lenders) may by written notice of sixty (60) days cancel the total commitments and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4864em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0009em;">demand prepayment of all amounts outstanding under the facilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0018em;">Financial Liabilities: Interest-bearing Loans and Borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:7.2998em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.002em;">Continued from previous page  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:10.1742em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.6858em;top:10.1742em;"><span class="stl_67 stl_08 stl_12" style="word-spacing:-0.0048em;">Committed (EUR millions)¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0283em;top:10.3623em;"><span class="stl_74 stl_08 stl_106">Rela</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_40" style="word-spacing:0.016em;">ed de</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_102">iva</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_33" style="word-spacing:0.008em;">ives con</span><span class="stl_98 stl_08 stl_15">tr</span><span class="stl_74 stl_08 stl_101">ac</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6183em;top:11.4423em;"><span class="stl_74 stl_08 stl_197">Ave</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_308" style="word-spacing:0.032em;">age IRS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4383em;top:11.4423em;"><span class="stl_74 stl_08 stl_72" style="word-spacing:0.003em;">IRS nominal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:12.2848em;"><span class="stl_74 stl_08 stl_157">In</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_104">e</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_310">es</span><span class="stl_98 stl_08 stl_15" style="word-spacing:0.01em;">t r</span><span class="stl_74 stl_08 stl_105">a</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_15">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:12.2848em;"><span class="stl_74 stl_08 stl_15">Ma</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_20">u</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_15">i</span><span class="stl_98 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2958em;top:12.0967em;"><span class="stl_67 stl_08 stl_294">Utilised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3283em;top:12.0967em;"><span class="stl_67 stl_08 stl_121">Unused  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.7783em;top:12.2848em;"><span class="stl_98 stl_08 stl_197">r</span><span class="stl_74 stl_08 stl_309">a</span><span class="stl_98 stl_08 stl_135">t</span><span class="stl_74 stl_08 stl_135">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.9783em;top:12.2848em;"><span class="stl_74 stl_08 stl_254" style="word-spacing:-0.0032em;">(EUR millions)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:13.9667em;"><span class="stl_67 stl_08 stl_229">Secured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:15.2367em;"><span class="stl_111 stl_08 stl_116" style="word-spacing:0.0014em;">3 months EURIBOR +  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:16.2367em;"><span class="stl_76 stl_08 stl_30" style="word-spacing:-0.0098em;">New Deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15">Facili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ty </span><span class="stl_76 stl_08 stl_89">(RCF)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:16.2367em;"><span class="stl_111 stl_08 stl_15">2.4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:16.2367em;"><span class="stl_77 stl_08 stl_15">203</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.6458em;top:16.2367em;"><span class="stl_76 stl_08 stl_15">16</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:16.2367em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:16.2367em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">.</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1783em;top:16.2367em;"><span class="stl_76 stl_08 stl_15">15</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:17.5167em;"><span class="stl_76 stl_08 stl_30" style="word-spacing:-0.0098em;">New Deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15">Facili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0059em;">ty </span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0013em;">- </span><span class="stl_77 stl_08 stl_96">G</span><span class="stl_76 stl_08 stl_20">ua</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">an</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_250">ee  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1542em;top:17.5167em;"><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">.8</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.0003em;">% - 1.</span><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:17.5167em;"><span class="stl_77 stl_08 stl_15">202</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.0958em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">45  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1783em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:18.8467em;"><span class="stl_67 stl_08 stl_306" style="word-spacing:0.0009em;">Total New Debt Facility  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.6458em;top:18.8467em;"><span class="stl_77 stl_08 stl_15">207  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:18.8467em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:20.1083em;"><span class="stl_111 stl_08 stl_116" style="word-spacing:0.0014em;">3 months EURIBOR +  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.1183em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:-0.0021em;">P-Class Facili</span><span class="stl_77 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:21.1083em;"><span class="stl_111 stl_08 stl_15" style="word-spacing:-0.0023em;">(0.90% - 2.4%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:21.1183em;"><span class="stl_77 stl_08 stl_15">203</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:21.1183em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:21.1183em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1783em;top:21.1183em;"><span class="stl_77 stl_08 stl_15">203  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:22.3883em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0017em;">M-Class Facili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ty </span><span class="stl_76 stl_08 stl_29" style="word-spacing:-0.0085em;">(USD 4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0006em;">6 million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:22.3883em;"><span class="stl_111 stl_08 stl_100" style="word-spacing:0.0045em;">SOFR + 2.4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:22.3883em;"><span class="stl_77 stl_08 stl_15">203</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:22.3883em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:24.2583em;"><span class="stl_67 stl_08 stl_195">Unsecured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:25.5283em;"><span class="stl_111 stl_08 stl_116" style="word-spacing:0.0014em;">3 months EURIBOR +  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:26.5383em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.007em;">HoldCo Facili</span><span class="stl_77 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:26.5283em;"><span class="stl_111 stl_08 stl_15">4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:26.5383em;"><span class="stl_77 stl_08 stl_15">202</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.0958em;top:26.5383em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7983em;top:26.5383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:27.8708em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:-0.0033em;">Total (excluding Guarantee facility)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5858em;top:27.8708em;"><span class="stl_67 stl_08 stl_83">212  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.0083em;top:27.8708em;"><span class="stl_67 stl_08 stl_92">1,107  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_118 stl_08 stl_54" style="word-spacing:0.0118em;">b. Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.003em;">At the commencement date of the lease, the Group recognises lease liabilities meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">ured at the present value of lease payments to be made over the lease term. The lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.003em;">payments include fixed payments (including in-substance fixed payments) less any lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0013em;">incentives receivable, variable lease payments that depend on an index or a rate, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.004em;">amounts expected to be paid under residual value guarantees.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.0045em;">Variable lease payments that do not depend on an index or a rate are recognised as ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">penses in the period in which the event or condition that triggers the payment occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">Utilisation lease fees can be classified as a variable fee.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0019em;">In calculating the present value of lease payments, the Group uses its incremental bor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.007em;">rowing rate at the lease commencement date because the interest rate implicit in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0036em;">lease is not readily determinable. After the commencement date, the amount of lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">liabilities is increased to reflect the accretion of interest and reduced for the lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0082em;">ments made.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">In addition, the carrying amount of lease liabilities is remeasured if there is a modifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0036em;">tion, a change in the lease term, a change in the lease payments (e.g., changes to future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0017em;">payments resulting from a change in an index or rate used to determine such lease pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">ments) or a change in the assessment of an option to purchase the underlying asset.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_118 stl_08 stl_28" style="word-spacing:0.0035em;">c. Short-term and low-value leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0032em;">The Group has elected to not recognise right-of-use assets and lease liabilities for short-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_24" style="word-spacing:-0.0053em;">term leases that have lease terms of 12 months or less and leases of low value-leases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0033em;">Lease payments relating to these leases are expensed to profit or loss on a straight-line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.005em;">basis over the lease term. Short-term and low-value leases consists of cars, coffee ma-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0015em;">chines, office premises and AV equipment.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0279em;">2.15. Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0014em;">The classification of financial assets </span><span class="stl_46 stl_08 stl_20" style="word-spacing:-0.0027em;">depends on the Group’s business model for manag-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">ing the financial assets as well as the contractual terms of the cash flows of the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_40">assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0031em;">The Group reclassifies financial assets when and only when its business model for man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0065em;">aging those assets changes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0104em;">(i) At initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">At initial recognition, the Group measures a financial asset at its fair value plus, in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0014em;">case of a financial asset not at fair value through profit or loss, transaction costs that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0003em;">directly attributable to the acquisition of the financial assets. Transaction costs of finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.001em;">cial assets carried at fair value through profit or loss are expensed in profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0087em;">(ii) At subsequent measurement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0021em;">Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0008em;">Financial assets of the Group mainly comprise of cash and bank balances, trade receiva-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0019em;">bles and other current assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0029em;">Interest income from these financial assets are recognised using the effective interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0048em;">rate method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">The Group assesses on forward looking basis the expected credit losses associated with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">its financial assets carried at amortised cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">For trade and other receivables, the Group applied the simplified approach permitted by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">IFRS 9, which requires expected lifetime losses to be recognised from initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0041em;">of the receivables.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4364em;"><span class="stl_39 stl_08 stl_59" style="word-spacing:0.0282em;">2.19. Financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">Debt to credit institutions etc. is recognised at the time of borrowing at fair value after  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0032em;">deduction of transaction costs incurred. Subsequently, the financial liabilities are meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.002em;">ured at amortised cost using the "effective interest method", so that the difference be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0024em;">tween the proceeds and the nominal value is recognised in the income statement under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0em;">financial expenses over the loan period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0004em;">A financial liability is derecognised when the obligation under the liability is discharged,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_136" style="word-spacing:0.0069em;">cancelled or expires.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">When an existing financial liability is replaced by another from the same lender on sub-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">stantially different terms, or the terms of an existing liability are substantially modified,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0021em;">such an exchange or modification is treated as the derecognition of the original liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.003em;">and the recognition of a new liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0046em;">The difference in the respective carrying amounts of the asset and the liability is recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_59" style="word-spacing:0.0024em;">nised in the statement of profit and loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0026em;">Lease interest expenses recognised in profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.012em;">a. Interest expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.7548em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5242em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2442em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.9067em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0034em;">expense on lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.003em;">ies (vessels and o</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_15">ice)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4542em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1742em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.1023em;"><span class="stl_118 stl_08 stl_45" style="word-spacing:0.0045em;">b. Lease expense not capitalised in lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.5964em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.7383em;"><span class="stl_76 stl_08 stl_103">Sho</span><span class="stl_77 stl_08 stl_145">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0057em;">m lease expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8242em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:22.7383em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.9439em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:0.0012em;">c. Total cash outflow for all leases in 2023, 2022 and 2021 were EUR 283 thousand, EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.0239em;"><span class="stl_118 stl_08 stl_57" style="word-spacing:-0.0005em;">728 thousand and EUR 315 thousand respectively, excluding variable lease fee (refer to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.1039em;"><span class="stl_118 stl_08 stl_136" style="word-spacing:0.0044em;">Note 24).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.7589em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:31.5808em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:31.5808em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:31.5808em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.9108em;"><span class="stl_76 stl_08 stl_59">Repa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_103">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.003em;">lease liabili</span><span class="stl_77 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:32.9108em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:32.9108em;"><span class="stl_77 stl_08 stl_15">72</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:32.9108em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.1808em;"><span class="stl_76 stl_08 stl_113">Ren</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_55" style="word-spacing:0.0013em;">al above s</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100">andb</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">y r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_121">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:34.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4442em;top:34.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:34.1808em;"><span class="stl_76 stl_08 stl_15">196  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:35.4508em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0008em;">Cash ou</span><span class="stl_77 stl_08 stl_15">tf</span><span class="stl_76 stl_08 stl_96" style="word-spacing:0.001em;">low </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_29" style="word-spacing:-0.0036em;">leases </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">ha</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_79">a</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">e no</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0126em;">t </span><span class="stl_76 stl_08 stl_59">capi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_40">al-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:36.4525em;"><span class="stl_76 stl_08 stl_15">ised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:36.4525em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8242em;top:36.4525em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:36.4525em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4117em;top:37.7925em;"><span class="stl_67 stl_08 stl_83">463  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3142em;top:37.7925em;"><span class="stl_67 stl_08 stl_83">781  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2242em;top:37.7925em;"><span class="stl_67 stl_08 stl_83">545  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0019em;">Commitments and Pledges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_54" style="word-spacing:-0.0082em;">Lease commitments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0041em;">The future lease payables under non-cancellable value and short-term leases contracted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0034em;">for at the balance sheet date but not recognised as liabilities, are as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.6948em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3817em;top:14.5167em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1042em;top:14.5167em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:14.5167em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.8467em;"><span class="stl_76 stl_08 stl_100">No</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_53">la</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r t</span><span class="stl_76 stl_08 stl_70" style="word-spacing:0.0025em;">han one </span><span class="stl_77 stl_08 stl_135">y</span><span class="stl_76 stl_08 stl_20">ea</span><span class="stl_77 stl_08 stl_20">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2417em;top:15.8467em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0342em;top:15.8467em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7542em;top:15.8467em;"><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">Be</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_34" style="word-spacing:0.0027em;">ween one and </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_157" style="word-spacing:0.011em;">ive </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2417em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">4,984  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4842em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3742em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1417em;top:18.4467em;"><span class="stl_67 stl_08 stl_55">6,074  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9942em;top:18.4467em;"><span class="stl_67 stl_08 stl_83">62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7142em;top:18.4467em;"><span class="stl_67 stl_08 stl_83">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.7539em;"><span class="stl_46 stl_08 stl_30" style="word-spacing:-0.0068em;">The Company’s l</span><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.006em;">ease commitments include tenure of the new headquarters, which will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.8339em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0001em;">reflect at the balance sheet in Q1 2024 under IFRS 16. The Company signed the contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.001em;">with Castellum Denmark and will have access to almost 5,000 m2 of office space in cen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0039em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0002em;">tral Copenhagen. The contract, with a six years biding period, amounted to EUR 8 million.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.0839em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0003em;">The Company paid EUR 1 million as a deposit fee for this contract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.3364em;"><span class="stl_39 stl_08 stl_42" style="word-spacing:0.0031em;">Pledge of Fixed Assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.3864em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0001em;">The New Debt Facility detailed in Note 26 is secured by, inter alia, a first priority mort-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.4664em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0057em;">gage over the Wind Orca, Wind Osprey, Wind Scylla and Wind Zaratan Vessels (EUR 511  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.5464em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.002em;">million carrying value, see Note 18), first priority assignment of the earnings of the vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.6364em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0011em;">owning entities, including certain change of control provisions which are similar to those  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.7264em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0029em;">included in the P-Class Facility.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.8881em;"><span class="stl_43 stl_08 stl_23" style="word-spacing:-0.0061em;">The P-Class facility is secured by a first priority mortgage over the P-Class newbuilds,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.9681em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0031em;">first priority assignments of the insurances and earnings of the P-Class newbuilds by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.0481em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0001em;">Cadeler and the two borrowers and contain customary financial and other covenants in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.1381em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0016em;">cluding certain change of control provisions. There will be a change of control under the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.9798em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0004em;">P-Class Facility if any person or group of persons acting in concert (other than Swire Pa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0025em;">cific and the BW Group) hold legally and beneficially more than 25% of each of the is-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0019em;">sued and outstanding share capital and/or the issued and outstanding voting share cap-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">ital of Cadeler A/S. In addition, a number of changes to the ownership structure further  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">down in the Group will trigger a change of control such as, among others, if either Wind  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4023em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0006em;">N1063 Limited or Wind N1064 Limited ceases to be a wholly owned (direct or indirect)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.4923em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">subsidiary of Cadeler. The P-Class Facility will be governed by English law.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7639em;"><span class="stl_39 stl_08 stl_20" style="word-spacing:-0.003em;">Wind Osprey &amp; Wind Orca new crane contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8139em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0044em;">The Company signed a contract with NOV on 18 December 2020 to replace the main  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0013em;">crane of Wind Orca and then executed the option to replace the main crane for Wind Os-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9839em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0004em;">prey on 17 June 2021. The total sum of the contract with NOV for the replacement of both  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0639em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">cranes is EUR 83.4 million, of which EUR 7 million was paid in 2021, EUR 27 million was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1539em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">paid in 2022 and EUR 15.8 million was paid in 2023. The remaining scheduled payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2439em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0041em;">will be due in 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5164em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:-0.0084em;">P-Class vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.5664em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0013em;">Since 30 June 2021 the Company has a contract with COSCO SHIPPING Heavy Industry  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6564em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0013em;">CO. Lt</span><span class="stl_46 stl_08 stl_49" style="word-spacing:0.0002em;">d. (“COSCO”) </span><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0022em;">to build two new P-class WTIVs. The total sum of the contract for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7364em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">new vessels is approximately EUR 572 million, of which EUR 137 million was paid in 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8164em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0001em;">and EUR 14 million was paid in 2023. The remaining scheduled payments will be due be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9064em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0037em;">tween 2024 and 2025. Of the total contract, USD 390 million is paid in USD and EUR 220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.9981em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0023em;">million will is paid in EUR.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0011em;">A-Class vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0025em;">On 9 May 2022 and 22 November 2022 the Company signed additional contracts with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0012em;">COSCO SHIPPING Heavy Industry to build a total of two new A-Class foundation installa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0022em;">tion vessel. The total sum of the contracts for the new vessel is approximately EUR 657  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0009em;">million, of which approximately a total of EUR 167 million was paid in 2022, while the re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0031em;">maining amounts will be due over the years from 2025 to 2026. Of the total contract,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4923em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0042em;">USD 495 million is paid in USD and EUR 205 million is paid in EUR.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7639em;"><span class="stl_39 stl_08 stl_20" style="word-spacing:0em;">M-Class vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0004em;">The Company, due to the business combination with Eneti, is currently under contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0013em;">with Hanwha for the construction of two next generation offshore WTIVs. The total sum  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0022em;">of the contracts is approximately EUR 592 million, of which EUR 118 million has been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">paid. The remaining scheduled payments will be due between 2024 and 2025.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0027em;">Remaining instalments for the newbuilds vessels:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:28.6008em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:30.0389em;"><span class="stl_74 stl_08 stl_102">Millions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7317em;top:29.8508em;"><span class="stl_67 stl_08 stl_294">P-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3117em;top:29.8508em;"><span class="stl_67 stl_08 stl_298">M-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1842em;top:29.8508em;"><span class="stl_67 stl_08 stl_122">A-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:29.8508em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:31.1808em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.001em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:31.1808em;"><span class="stl_77 stl_08 stl_15">220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9342em;top:31.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:31.1808em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3042em;top:31.1808em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:32.4508em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.005em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:32.4508em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:32.4508em;"><span class="stl_76 stl_08 stl_15">655  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:32.4508em;"><span class="stl_76 stl_08 stl_15">495  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:32.4508em;"><span class="stl_76 stl_08 stl_15">1,54</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:33.7908em;"><span class="stl_76 stl_08 stl_78">To</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0065em;">al Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.005em;">t tr</span><span class="stl_76 stl_08 stl_94">ansla</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">59</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">65</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">1,8</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:35.0608em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.013em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5817em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9342em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3042em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:36.3325em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.007em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:36.3325em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:36.3325em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:36.3325em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:36.3325em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:37.6625em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_157" style="word-spacing:0.009em;">t tr</span><span class="stl_76 stl_08 stl_15">ansla</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.004em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">49</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:11.0942em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:12.5348em;"><span class="stl_74 stl_08 stl_102">Millions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3483em;top:12.3467em;"><span class="stl_67 stl_08 stl_294">P-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.0683em;top:12.3467em;"><span class="stl_67 stl_08 stl_122">A-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7083em;top:12.3467em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:13.6767em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.001em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:13.6767em;"><span class="stl_77 stl_08 stl_15">220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:13.6767em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:13.6767em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:14.9467em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.005em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:14.9467em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">495  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">885  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:16.2867em;"><span class="stl_76 stl_08 stl_78">To</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0065em;">al Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0042em;">t </span><span class="stl_76 stl_08 stl_99">amoun</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.005em;">t tr</span><span class="stl_76 stl_08 stl_94">ansla</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">65</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5683em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:17.5567em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.013em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1983em;top:17.5567em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:17.5567em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:17.5567em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:18.8267em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.007em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:18.8267em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:18.8267em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:18.8267em;"><span class="stl_76 stl_08 stl_15">816  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:20.1583em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_157" style="word-spacing:0.009em;">t tr</span><span class="stl_76 stl_08 stl_15">ansla</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.004em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:20.1583em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:20.1583em;"><span class="stl_76 stl_08 stl_15">49</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:20.1583em;"><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:24.6983em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:26.1364em;"><span class="stl_74 stl_08 stl_102">Millions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.7883em;top:25.9483em;"><span class="stl_67 stl_08 stl_294">P-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:27.2883em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.001em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:27.2883em;"><span class="stl_77 stl_08 stl_15">220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:28.5608em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.005em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:28.5608em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:29.8908em;"><span class="stl_76 stl_08 stl_78">To</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0065em;">al Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.005em;">t tr</span><span class="stl_76 stl_08 stl_94">ansla</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:29.8908em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:31.1608em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.013em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.6383em;top:31.1608em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:32.4308em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.007em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:32.4308em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:33.7708em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_157" style="word-spacing:0.009em;">t tr</span><span class="stl_76 stl_08 stl_15">ansla</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.004em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:33.7708em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.4639em;"><span class="stl_168 stl_08 stl_57" style="word-spacing:-0.0015em;">Change in the debts to credit institu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.5439em;"><span class="stl_168 stl_08 stl_99" style="word-spacing:0.0026em;">tions during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:27.7864em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:27.5983em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:27.5983em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:27.5983em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.9308em;"><span class="stl_76 stl_08 stl_40">Deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o c</span><span class="stl_77 stl_08 stl_20">r</span><span class="stl_76 stl_08 stl_49">edi</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_92">ins</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">u</span><span class="stl_77 stl_08 stl_72">t</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0025em;">ions a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.003em;">1 </span><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_52">anua</span><span class="stl_77 stl_08 stl_128">ry  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5517em;top:28.9308em;"><span class="stl_76 stl_08 stl_64">(115,</span><span class="stl_77 stl_08 stl_15">002</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9042em;top:28.9308em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_103">,</span><span class="stl_77 stl_08 stl_15">07</span><span class="stl_76 stl_08 stl_15">5)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8142em;top:28.9308em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_101">,5</span><span class="stl_77 stl_08 stl_15">00</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:30.2008em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_177">d</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ft f</span><span class="stl_76 stl_08 stl_15">acili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ty </span><span class="stl_76 stl_08 stl_109">d</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_78">awn  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:30.2008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9042em;top:30.2008em;"><span class="stl_76 stl_08 stl_100">(16,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2642em;top:30.2008em;"><span class="stl_76 stl_08 stl_113">(8,998)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.4708em;"><span class="stl_76 stl_08 stl_16" style="word-spacing:0.0055em;">Loans </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_49">epa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_20">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.9517em;top:31.4708em;"><span class="stl_76 stl_08 stl_15">115,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3042em;top:31.4708em;"><span class="stl_76 stl_08 stl_15">65,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2142em;top:31.4708em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.7408em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_177">d</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_101" style="word-spacing:0.006em;">ft r</span><span class="stl_76 stl_08 stl_49">epa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_58">men</span><span class="stl_77 stl_08 stl_58">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:32.7408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3042em;top:32.7408em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:32.7408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.0208em;"><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0066em;">New loan  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5517em;top:34.0208em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_100">11,9</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4542em;top:34.0208em;"><span class="stl_76 stl_08 stl_64">(115,</span><span class="stl_77 stl_08 stl_15">000</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:34.0208em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:35.2908em;"><span class="stl_76 stl_08 stl_116" style="word-spacing:-0.0021em;">New loan in</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_104">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8517em;top:35.2908em;"><span class="stl_76 stl_08 stl_15">8,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7542em;top:35.2908em;"><span class="stl_76 stl_08 stl_15">1,541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:35.2908em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:36.5625em;"><span class="stl_76 stl_08 stl_15">W</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.014em;">e o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ff </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0057em;">loan </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_125">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4517em;top:36.5625em;"><span class="stl_76 stl_08 stl_113">(1,898)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9742em;top:36.5625em;"><span class="stl_76 stl_08 stl_15">(9</span><span class="stl_77 stl_08 stl_15">23</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:36.5625em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:37.8325em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3542em;top:37.8325em;"><span class="stl_76 stl_08 stl_64">(1,54</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8842em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">(5</span><span class="stl_77 stl_08 stl_15">77</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:39.1625em;"><span class="stl_67 stl_08 stl_257" style="word-spacing:-0.0001em;">Debt to credit institutions at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3517em;top:39.1625em;"><span class="stl_67 stl_08 stl_41">(205,572)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2642em;top:39.1625em;"><span class="stl_67 stl_08 stl_34">(115,002)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6242em;top:39.1625em;"><span class="stl_67 stl_08 stl_22">(73,075)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_42" style="word-spacing:0.0007em;">Capital management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0014em;">The Company’s objectives when managing capital are to ensure the Company’s ability to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1623em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">continue as a going concern and to maintain an optimal capital structure.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0003em;">In order to achieve this overall objective, the Company’s capital management, among  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0008em;">other things, aims to ensure that it meets financial covenants attached to the interest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0029em;">bearing loans and borrowings that define capital structure requirements. Breaches in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5623em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0041em;">meeting the financial covenants would permit the bank to immediately call loans and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6523em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0037em;">borrowings. There have been no breaches of the financial covenants of any interest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0027em;">bearing loans and borrowing in the current period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.001em;">In order to maintain or adjust the capital structure in the future, the Group may adjust the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">amount of dividends paid to shareholders, issue new shares and/or sell assets to reduce  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0639em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0027em;">debt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1639em;"><span class="stl_46 stl_08 stl_52" style="word-spacing:0.0037em;">distributions without DNB Bank ASA’s written consent.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0018em;">Financial Liabilities: Interest-bearing Loans and Borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_55" style="word-spacing:0.003em;">New Debt Facility </span><span class="stl_168 stl_08 stl_15" style="word-spacing:0.0095em;">– </span><span class="stl_39 stl_08 stl_56" style="word-spacing:0.0115em;">replacing the RCF  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">On 29 June 2022 the Company entered into a Senior Secured Green Revolving Credit Fa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1623em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:-0.0004em;">cility (“RCF”) of a 3</span><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0029em;">-year term loan of EUR 185 million with DNB Bank ASA.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0045em;">The RCF consists of (i) a three-year non-amortizing term loan of EUR 150 million, in addi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">tion to voluntary prepayments in whole or any part of the loan, at any time, the loan will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0021em;">be repayable in a balloon payment of EUR 150 million, and (ii) a guarantee facility of up to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0009em;">EUR 35 million.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7339em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">On 4 July 2022 the Company utilised EUR 115 million from the total EUR 150 million availa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0004em;">ble from the RCF. With these funds the Group repaid in full the outstanding amounts, re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.001em;">lated to the term loan EUR 55 million and overdraft facility EUR 25 million from DNB Bank  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0015em;">ASA and SpareBank 1 SR-Bank signed on 4 November 2020. At that time, the new RCF  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0739em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0013em;">added about EUR 70 million in liquidity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2339em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0038em;">The RCF bears interest at 3-month or 6-month EURIBOR + the Applicable Margin, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3139em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0016em;">subject to a green loan margin discount as long as the Company is in compliance with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">certain green asset criteria such as earmarked investments in green assets. The Group is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4864em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0em;">currently in compliance with this green criteria and are expected to remain compliant for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.5664em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0012em;">the duration of the facility. The full repayment of a senior debt facility generated a fi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6564em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0013em;">nance cost for the write-off of borrowing costs of approximately EUR 810,000 in July  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7464em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0008em;">2022. Due to a confidentiality agreement, the applicable margin cannot be disclosed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9064em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0043em;">In June 2023, the Debt Facility was amended to increase the guarantee facility to EUR 60  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.9881em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">million and to increase the committed revolving credit facility to EUR 250 million, result-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.0681em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.003em;">ing in an increase of the aggregate Debt Facility to EUR 310 million. The above was re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1681em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0017em;">financed and the Group entered into the new RCF, as explained below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.8998em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0006em;">In connection with the Business Combination, the Company on 7 December 2023 en-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.8998em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0022em;">tered into a new senior secured credit and guarantee facilities of up to EUR 550 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.9023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">providing for (i) a revolving credit facility of up to EUR 250 million (5 year tenor), (ii) a re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.9023em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.001em;">volving credit facility of up to EUR 100 million (18 months tenor), (iii) a term loan of up to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.9023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.002em;">EUR 100 million (8.5 year tenor) guaranteed by The Danish Export and Investment Fund  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.9023em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0042em;">of Denmark (EIFO) and (iv) an uncommitted guarantee facility of up to EUR 100 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.9023em;"><span class="stl_46 stl_08 stl_45" style="word-spacing:-0.0025em;">(the “New Debt Facility”). The New Debt Facility has similar terms and conditions as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.9023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0026em;">existing Debt Facility. The change of control provisions are similar to those included in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.9023em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">the P-Class Facility (as described below).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.9039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0012em;">The Company has utilised EUR 162 million from the total EUR 450 million available from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.9039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">the RCF. With these funds the Group repaid </span><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0017em;">the outstanding amounts of Eneti’s previous  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9039em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0035em;">Credit Facility, which amounted to USD 59.4 million (of which Eneti repaid USD 12.6 mil-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9039em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">lion in October 2023 from the proceeds from the sale of Seajacks Hydra, Seajacks Levia-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.9039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0003em;">than and the Seajacks Kraken). In addition, the Group has repaid the amounts under its  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.9039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0017em;">own Debt Facility amounting to EUR 115 million.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.9039em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0016em;">The full repayment of the senior debt facility generated a finance cost for the write off of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.9064em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0053em;">borrowing costs of approximately EUR 1.8 million thousand in 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.9064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0004em;">By the end of the reporting period, EUR 288 million remains unutilised from the RCF.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_92" style="word-spacing:0.0095em;">Holdco Facility</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.385em;top:10.0098em;"><span class="stl_39 stl_08 stl_139" style="word-spacing:-0.0054em;">(EUR 5O million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.9798em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.004em;">On 15 November 2023, the Group entered into an unsecured Holdco Facility in an aggre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.9823em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0007em;">gate amount of EUR 50 million (tenor of five years) with HSBC. The financing includes a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.9823em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0017em;">non-committed accordion option of up to EUR 50 million. The purpose of the Holdco Fa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.9823em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0005em;">cility is, among others, partial funding of the wind installation activities of the Group and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.9823em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0017em;">general corporate purposes. The facility includes customary financial and other cove-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.9823em;"><span class="stl_43 stl_08 stl_59">nants.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.5923em;"><span class="stl_39 stl_08 stl_92" style="word-spacing:0.0026em;">M-Class Facility</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.802em;top:18.5923em;"><span class="stl_39 stl_08 stl_27" style="word-spacing:-0.0046em;">(USD 436 million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.6539em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">In connection with the Business Combination, the Group acquired a senior secured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.7339em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0017em;">green term loan facility, which Eneti entered in November 2023, of up to USD 436 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.8139em;"><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0018em;">(the “New Credit Facility”) with a group of international banks and export credit agencie</span><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0033em;">co-arranged and co-underwritten by Crédit Agricole Corporate and Investment Bank and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.9839em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0026em;">Société Générale, and with Société Générale as Green Loan Coordinator. The New Credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.0639em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0034em;">Facility finances approximately 65% of the purchase cost of the M-Class newbuilding,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.1539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">with the remaining 35% to be funded either by obtaining additional bank financing or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.2339em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0052em;">through available operational cash reserves. The maturity date of the New Credit Facility  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.3164em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0019em;">in relation to each vessel is 12 years from the delivery date of each vessel. The New  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4064em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">Credit Facility bears interest at a blended margin of SOFR plus 2.36% per annum (exclu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.4864em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0047em;">sive of premiums payable to K-SURE and Eksfin). However, the terms of the New Credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.5664em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0015em;">Facility provided that completion of the Business Combination would not trigger a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.6564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0004em;">change of control provision with regard to cancellation and prepayment of the New  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.7464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0025em;">Credit Facility.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0098em;"><span class="stl_39 stl_08 stl_40" style="word-spacing:0.0041em;">P-Class Facility</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.498em;top:10.0098em;"><span class="stl_39 stl_08 stl_31" style="word-spacing:0.0022em;">(USD 425 million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0014em;">Further, Cadeler A/S and two of its subsidiaries, WIND N1064 Limited and WIND N1063  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0001em;">Limited, entered into a Sinosure-backed green term loan facility of up to EUR 425 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0015em;">(12 year tenor) (the "P-Class Facility") in December 2023 to finance the purchase of P-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0014em;">Class newbuilds. The funds under the P-Class Facility have been borrowed by WIND  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0019em;">N1064 Limited and WIND N1063 Limited (the future owners of the P-Class newbuilds) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.4823em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0031em;">may not be reborrowed once repaid. Further financing will be required from 2025 in con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.5623em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0031em;">nection with milestone payments for the A-</span><span class="stl_46 stl_08 stl_49" style="word-spacing:-0.0079em;">Class New Builds. The Cadeler Group’s man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0035em;">agement expects to require approximately EUR 450 million of additional funding for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7339em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0012em;">A-Class New Builds. Cadeler currently has a letter of intent in place for the order of one  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8139em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0044em;">additional A-Class New Build. There can be no guarantee that the financing of such new  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9139em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.002em;">builds and any future upgrades can be obtained on attractive terms or at all.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0939em;"><span class="stl_39 stl_08 stl_41">Covenants  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0025em;">The Group is in compliance with all covenants in the New Debt Facility (RCF):  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:26.9839em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:26.9839em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0027em;">Minimum Free Liquidity: Freely available cash and cash equivalents at of i) the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:28.0664em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0028em;">higher of EUR 35.000.000 or 5% of gross interest bearing debt, if the ratio of for-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:29.1564em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0051em;">ward-looking contract cash flow to net interest bearing debt</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.298em;top:29.1564em;"><span class="stl_43 stl_08 stl_99" style="word-spacing:0.0156em;">are above 50% or ii)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:30.2364em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.001em;">EUR 50,000,000 or an amount equal to 7.5% of the gross interest bearing debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:31.3164em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:-0.0003em;">at all other times.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:32.4064em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:32.4064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0005em;">Equity Ratio: The ratio of book equity to total assets at all times to be minimum  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:33.4864em;"><span class="stl_43 stl_08 stl_54">35%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:34.5664em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:34.5664em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0006em;">Working capital: the working capital shall be higher than zero (0).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:9.9798em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:9.9798em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">Fair market value of vessels: The fair market value of the vessels shall at all times  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0037em;">cover at least 150% of the gross interest bearing debt following the redelivery of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0058em;">the O-Class vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:13.2323em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">Contracted cash flows: If at any reported quarter the aggregated loans exceed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0034em;">80% the forward-looking expected cash revenues from legally binding contracts,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0023em;">the Contracted Cash Flows, the Borrower shall prepay the exceeding part of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">Loans within five (5) Business Days.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:17.5623em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:17.5623em;"><span class="stl_43 stl_08 stl_10">Utilis</span><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0009em;">ation of RCF’s Facility under New Debt Facility must be above the outstand-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:18.6523em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0038em;">ing on ECA Term Loan tranche.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.4839em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0011em;">Further, the Group is in compliance with some additional covenants specified in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.5639em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0029em;">Holdco Facility:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:23.4039em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:23.4039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">Fair market value of vessels: The fair market value of the vessels shall at all times  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:24.4839em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">cover at least 140% of the gross interest bearing debt.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:25.6039em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:25.6039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0022em;">Debt service coverage ratio: Cash flow available for debt service (including avail-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:26.6939em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0007em;">able liquidity covering cash, cash equivalent and undrawn New Debt Facility) at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:27.7764em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0025em;">the Parent Company must be above Debt service cash flow related to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:28.8564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0027em;">Holdco Facility (2:1).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.9798em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0024em;">As of the reported date, the P-Class and M-Class facilities remain unutilised. Given their  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0033em;">non-utilisation, no assessment of compliance with associated covenants has been nec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">essary up to this point. These covenants, if applicable, will require assessment upon utili-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0006em;">sation of the facilities and contain customary financial and other covenants, including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0032em;">certain change of control provisions, similar to those disclosed for the utilised facilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.1523em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0024em;">Additionally, the Group is in compliance with below requirements:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.9823em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0012em;">Restriction on dividends: the Company is not permitted to pay any dividends or other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.0623em;"><span class="stl_46 stl_08 stl_52" style="word-spacing:0.0067em;">distributions without DNB Bank ASA’s written consent. </span><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0039em;">For the New Debt Facility, divi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.1539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0011em;">dends and distributions should not exceed 50% of the consolidated net profit for the re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.2339em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">spective year. Further, in the Holdco Facility, the Company is not allowed to any distribu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.3139em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">tions before the delivery of the P-Class, A-Class and M-Class.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0006em;">Change of control: If any person or group of persons (other than Swire Pacific or the BW  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.2339em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">Group) acting in concert directly or indirectly gains control of 25% or more of the voting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.3139em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0003em;">and/or ordinary shares of the Borrower, the Agent (acting on instructions from the major-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.4039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0023em;">ity lenders) may by written notice of sixty (60) days cancel the total commitments and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4864em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0009em;">demand prepayment of all amounts outstanding under the facilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0018em;">Financial Liabilities: Interest-bearing Loans and Borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:7.2998em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.002em;">Continued from previous page  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:10.1742em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.6858em;top:10.1742em;"><span class="stl_67 stl_08 stl_12" style="word-spacing:-0.0048em;">Committed (EUR millions)¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0283em;top:10.3623em;"><span class="stl_74 stl_08 stl_106">Rela</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_40" style="word-spacing:0.016em;">ed de</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_102">iva</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_33" style="word-spacing:0.008em;">ives con</span><span class="stl_98 stl_08 stl_15">tr</span><span class="stl_74 stl_08 stl_101">ac</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6183em;top:11.4423em;"><span class="stl_74 stl_08 stl_197">Ave</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_308" style="word-spacing:0.032em;">age IRS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4383em;top:11.4423em;"><span class="stl_74 stl_08 stl_72" style="word-spacing:0.003em;">IRS nominal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:12.2848em;"><span class="stl_74 stl_08 stl_157">In</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_104">e</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_310">es</span><span class="stl_98 stl_08 stl_15" style="word-spacing:0.01em;">t r</span><span class="stl_74 stl_08 stl_105">a</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_15">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:12.2848em;"><span class="stl_74 stl_08 stl_15">Ma</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_20">u</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_15">i</span><span class="stl_98 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2958em;top:12.0967em;"><span class="stl_67 stl_08 stl_294">Utilised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3283em;top:12.0967em;"><span class="stl_67 stl_08 stl_121">Unused  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.7783em;top:12.2848em;"><span class="stl_98 stl_08 stl_197">r</span><span class="stl_74 stl_08 stl_309">a</span><span class="stl_98 stl_08 stl_135">t</span><span class="stl_74 stl_08 stl_135">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.9783em;top:12.2848em;"><span class="stl_74 stl_08 stl_254" style="word-spacing:-0.0032em;">(EUR millions)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:13.9667em;"><span class="stl_67 stl_08 stl_229">Secured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:15.2367em;"><span class="stl_111 stl_08 stl_116" style="word-spacing:0.0014em;">3 months EURIBOR +  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:16.2367em;"><span class="stl_76 stl_08 stl_30" style="word-spacing:-0.0098em;">New Deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15">Facili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ty </span><span class="stl_76 stl_08 stl_89">(RCF)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:16.2367em;"><span class="stl_111 stl_08 stl_15">2.4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:16.2367em;"><span class="stl_77 stl_08 stl_15">203</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.6458em;top:16.2367em;"><span class="stl_76 stl_08 stl_15">16</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:16.2367em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:16.2367em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">.</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1783em;top:16.2367em;"><span class="stl_76 stl_08 stl_15">15</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:17.5167em;"><span class="stl_76 stl_08 stl_30" style="word-spacing:-0.0098em;">New Deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15">Facili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0059em;">ty </span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0013em;">- </span><span class="stl_77 stl_08 stl_96">G</span><span class="stl_76 stl_08 stl_20">ua</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">an</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_250">ee  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1542em;top:17.5167em;"><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">.8</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.0003em;">% - 1.</span><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:17.5167em;"><span class="stl_77 stl_08 stl_15">202</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.0958em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">45  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1783em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:18.8467em;"><span class="stl_67 stl_08 stl_306" style="word-spacing:0.0009em;">Total New Debt Facility  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.6458em;top:18.8467em;"><span class="stl_77 stl_08 stl_15">207  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:18.8467em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:20.1083em;"><span class="stl_111 stl_08 stl_116" style="word-spacing:0.0014em;">3 months EURIBOR +  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.1183em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:-0.0021em;">P-Class Facili</span><span class="stl_77 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:21.1083em;"><span class="stl_111 stl_08 stl_15" style="word-spacing:-0.0023em;">(0.90% - 2.4%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:21.1183em;"><span class="stl_77 stl_08 stl_15">203</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:21.1183em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:21.1183em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1783em;top:21.1183em;"><span class="stl_77 stl_08 stl_15">203  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:22.3883em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0017em;">M-Class Facili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ty </span><span class="stl_76 stl_08 stl_29" style="word-spacing:-0.0085em;">(USD 4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0006em;">6 million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:22.3883em;"><span class="stl_111 stl_08 stl_100" style="word-spacing:0.0045em;">SOFR + 2.4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:22.3883em;"><span class="stl_77 stl_08 stl_15">203</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:22.3883em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:24.2583em;"><span class="stl_67 stl_08 stl_195">Unsecured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:25.5283em;"><span class="stl_111 stl_08 stl_116" style="word-spacing:0.0014em;">3 months EURIBOR +  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:26.5383em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.007em;">HoldCo Facili</span><span class="stl_77 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:26.5283em;"><span class="stl_111 stl_08 stl_15">4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:26.5383em;"><span class="stl_77 stl_08 stl_15">202</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.0958em;top:26.5383em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7983em;top:26.5383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:27.8708em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:-0.0033em;">Total (excluding Guarantee facility)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5858em;top:27.8708em;"><span class="stl_67 stl_08 stl_83">212  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.0083em;top:27.8708em;"><span class="stl_67 stl_08 stl_92">1,107  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0279em;">2.15. Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0014em;">The classification of financial assets </span><span class="stl_46 stl_08 stl_20" style="word-spacing:-0.0027em;">depends on the Group’s business model for manag-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">ing the financial assets as well as the contractual terms of the cash flows of the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_40">assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0031em;">The Group reclassifies financial assets when and only when its business model for man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0065em;">aging those assets changes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0104em;">(i) At initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">At initial recognition, the Group measures a financial asset at its fair value plus, in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0014em;">case of a financial asset not at fair value through profit or loss, transaction costs that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0003em;">directly attributable to the acquisition of the financial assets. Transaction costs of finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.001em;">cial assets carried at fair value through profit or loss are expensed in profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0087em;">(ii) At subsequent measurement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0021em;">Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0008em;">Financial assets of the Group mainly comprise of cash and bank balances, trade receiva-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0019em;">bles and other current assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0029em;">Interest income from these financial assets are recognised using the effective interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0048em;">rate method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">The Group assesses on forward looking basis the expected credit losses associated with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">its financial assets carried at amortised cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">For trade and other receivables, the Group applied the simplified approach permitted by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">IFRS 9, which requires expected lifetime losses to be recognised from initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0041em;">of the receivables.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0279em;">2.15. Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0014em;">The classification of financial assets </span><span class="stl_46 stl_08 stl_20" style="word-spacing:-0.0027em;">depends on the Group’s business model for manag-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">ing the financial assets as well as the contractual terms of the cash flows of the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_40">assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0031em;">The Group reclassifies financial assets when and only when its business model for man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0065em;">aging those assets changes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0104em;">(i) At initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">At initial recognition, the Group measures a financial asset at its fair value plus, in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0014em;">case of a financial asset not at fair value through profit or loss, transaction costs that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0003em;">directly attributable to the acquisition of the financial assets. Transaction costs of finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.001em;">cial assets carried at fair value through profit or loss are expensed in profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0087em;">(ii) At subsequent measurement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0021em;">Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0008em;">Financial assets of the Group mainly comprise of cash and bank balances, trade receiva-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0019em;">bles and other current assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0029em;">Interest income from these financial assets are recognised using the effective interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0048em;">rate method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">The Group assesses on forward looking basis the expected credit losses associated with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">its financial assets carried at amortised cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">For trade and other receivables, the Group applied the simplified approach permitted by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">IFRS 9, which requires expected lifetime losses to be recognised from initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0041em;">of the receivables.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0279em;">2.15. Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0014em;">The classification of financial assets </span><span class="stl_46 stl_08 stl_20" style="word-spacing:-0.0027em;">depends on the Group’s business model for manag-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">ing the financial assets as well as the contractual terms of the cash flows of the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_40">assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0031em;">The Group reclassifies financial assets when and only when its business model for man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0065em;">aging those assets changes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0104em;">(i) At initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">At initial recognition, the Group measures a financial asset at its fair value plus, in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0014em;">case of a financial asset not at fair value through profit or loss, transaction costs that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0003em;">directly attributable to the acquisition of the financial assets. Transaction costs of finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.001em;">cial assets carried at fair value through profit or loss are expensed in profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0087em;">(ii) At subsequent measurement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0021em;">Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0008em;">Financial assets of the Group mainly comprise of cash and bank balances, trade receiva-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0019em;">bles and other current assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0029em;">Interest income from these financial assets are recognised using the effective interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0048em;">rate method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">The Group assesses on forward looking basis the expected credit losses associated with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">its financial assets carried at amortised cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">For trade and other receivables, the Group applied the simplified approach permitted by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">IFRS 9, which requires expected lifetime losses to be recognised from initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0041em;">of the receivables.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_118 stl_08 stl_31" style="word-spacing:-0.0027em;">Impairment of non-financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0018em;">Management is responsible for the identification of internal and external indicators of im-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0032em;">pairment related to non-financial assets. If indicators of impairment are identified, an im-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0067em;">pairment test must be performed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0027em;">Impairment exists when the carrying value of an asset including right-of-use assets or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0038em;">CGU exceeds its recoverable amount, which is the higher of fair value less costs of dis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0022em;">posal and its value in use. The fair value less costs of disposal calculation is based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_46 stl_08 stl_41" style="word-spacing:-0.0025em;">available sales transactions conducted at arm’s length terms, if available. The value in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0001em;">use calculation is based on a DCF model. The cash flows are derived from the budget  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0065em;">and the most recent project pipeline. These cash flows do not include restructuring ac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">tivities or significant future investments which will enhance the performance of the as-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0055em;">sets or CGU being tested.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0009em;">The recoverable amount is sensitive to the discount rate used in the DCF model as well  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0023em;">as future cash in-flows and growth rate assumptions, for further information please refer  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_145" style="word-spacing:-0.0098em;">to Note 18.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_118 stl_08 stl_92" style="word-spacing:0.0045em;">Purchase price allocation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">In the application of the acquisition method, estimates play a pivotal role in determining  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">the fair values of acquired assets and assumed liabilities, given the absence of observa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0025em;">ble market prices. Valuation techniques primarily involve assessing the present value of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0002em;">uncertain future cash flows or events at the acquisition date, with more significant esti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">mates typically applied to property, plant, and equipment. Due to inherent uncertainties  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0013em;">in fair value estimation, adjustments during the measurement period may be necessary.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0007em;">Valuation techniques considered include market-based, income-based, and cost-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">methodologies, prioritised in that order. Key assumptions, such as the remaining useful  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0002em;">life of vessels, inflation, utilisation rates, and day rates, are integral to these methodolo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_09">gies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_118 stl_08 stl_41">Judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_118 stl_08 stl_41" style="word-spacing:0.0005em;">Identification of CGU for the purpose of goodwill impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.003em;">For the purpose of testing the Group's vessels the impairment test is performed on a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0001em;">vessel-by-vessel basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0001em;">For the purpose of testing goodwill for impairment, management has assessed that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0024em;">Cadeler has two cash generating units (CGUs), being  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:13.2097em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0033em;">the transport and installation of offshore wind turbine generators and founda-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0015em;">tions installation vessels (WTGFIV) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:15.3797em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0012em;">the maintenance of offshore wind turbine generators (O&amp;MV)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0004em;">The WTGFIV CGU is comprised of </span><span class="stl_46 stl_08 stl_28" style="word-spacing:-0.0045em;">Cadeler’s O</span><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0029em;">-class vessels and Scylla, which are largely  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0044em;">interchangeable, and the cash flows generated by them are interdependent. These ves-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0051em;">sels are operated collectively, employed interchangeably, and actively managed to meet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0021em;">the needs of our customers in that market. Given the technical specifications of vessels,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0004em;">the WTGFIV vessels are relatively homogenous with a very high degree of interoperabil-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0004em;">ity. The O&amp;MV CGU is comprised of the vessel Zaratan which has different specifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_24" style="word-spacing:-0.0056em;">tions, has independent and separable cash flows from the other vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_118 stl_08 stl_41" style="word-spacing:0.0019em;">Revenue recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0001em;">Judgement is performed when determining if a contract contains one or more perfor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0001em;">mance obligations. Judgements is performed as complexities arise when several types  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0054em;">of customer contracts are bundled.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">Evaluating the criteria for revenue recognition requires management's judgement to as-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0042em;">sess and identify performance obligations within the contract. This includes assessing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0003em;">the nature of performance obligations and whether they are distinct or should be com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0034em;">bined with other performance obligations to determine whether the performance obliga-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0024em;">tions are satisfied over time or at a point in time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.001em;">In contracts where many activities are bundled judgement is applied in the determination  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0008em;">of the most adequate recognition method and the most adequate measure of progress.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0037em;">Both of the judgements have a primary impact on the timing and amount of revenue to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0075em;">be recognised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0006em;">Evaluating the criteria for revenue recognition with contract with customer requires Man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">agement's judgement to assess and determine the following:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:-0.0025em;">• Identification of performance obligations within the contract. This includes assessing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0003em;">the nature of performance obligations and whether they are distinct or should be com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0046em;">bined with other performance obligations to determine whether the performance obliga-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0024em;">tions are satisfied over time or at a point in time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:-0.0007em;">• Determine the transaction price, including an assessment of variable consideration in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0068em;">the contract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0024em;">• In contract where many performance obligation are bundled, the allocation of transac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0032em;">tion price to performance obligations to determine the stand-alone selling price of each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">performance obligation identified in the contract using key assumptions which may in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0022em;">clude observable market and expected margin in the activities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.0025em;">Macroeconomic factors and climate risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0028em;">As part of our commitment to transparency and thorough risk management, Cadeler rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0009em;">ognises the significance of macroeconomic factors and climate risks in our financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0001em;">evaluations. In navigating an ever-evolving operational landscape, we acknowledge the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0022em;">importance of factoring in these elements when assessing the useful lives of assets, de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0002em;">termining residual values, and conducting Discounted Cash Flow (DCF) analyses for im-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0011em;">pairment assessments. Management does not currently consider climate risks to have a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0033em;">material effect on the accounting estimates and judgements for the 2023 consolidate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.2781em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0005em;">and parent company financial statements.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0006em;">Cadeler's strategic investments in offshore wind assets are in line with our dedication to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0008em;">sustainability and our contribution to progressing towards a climate-neutral future. We  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0023em;">comprehend the potential impact of climate-related considerations on our operations,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0005em;">including vulnerabilities within our supply chain due to severe weather events. Further-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0009em;">more, we acknowledge the uncertainties in macroeconomic conditions arising from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0012em;">global economic growth rates, political dynamics within the energy sector, currency fluc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0014em;">tuations, interest rates, and inflation. Additionally, geopolitical tensions introduce further  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0007em;">complexities that may influence market prospects and pose risks to our operations, par-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0038em;">ticularly in relation to cyber threats to energy supply.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0025em;">Through diligent assessment and ongoing review processes, Cadeler remains vigilant in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0009em;">integrating these factors into our financial evaluations. We are committed to ensuring  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0046em;">that our accounting policies reflect a comprehensive understanding of both macroeco-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">nomic factors and climate risks, thereby enhancing the robustness of our impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.001em;">analyses and financial reporting practices.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.9964em;"><span class="stl_39 stl_08 stl_31" style="word-spacing:-0.0058em;">Expected credit loss on trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.0864em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0002em;">The Group has historically only experienced immaterial losses on trade receivables, if  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.1764em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0027em;">any. Further, a material part of the cash flows in the contracts are prepayments received  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.2564em;"><span class="stl_43 stl_08 stl_59" style="word-spacing:0.003em;">up front.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.4264em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0022em;">The Group's assessment remains consistent with its past practices. Although some posi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.5064em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">tions may transition to 30 days overdue, our overall position on credit risk management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.5864em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0068em;">remains unchanged. This assessment is supported by historical data, a select group of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.6781em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0008em;">reliable debtors, and our outlook for the future.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7158em;top:10.1542em;"><span class="stl_67 stl_08 stl_114">Trade  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.5158em;top:10.1542em;"><span class="stl_67 stl_08 stl_133">Contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.1983em;top:10.1542em;"><span class="stl_67 stl_08 stl_257">Expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:11.3423em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7158em;top:11.1542em;"><span class="stl_67 stl_08 stl_72">receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.3558em;top:11.1542em;"><span class="stl_67 stl_08 stl_195">assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1883em;top:11.1542em;"><span class="stl_67 stl_08 stl_123">loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:11.1542em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.0267em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.3067em;"><span class="stl_76 stl_08 stl_100">No</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_104">due  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.8258em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">9,6</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.7358em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">8,88</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0883em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">18,519  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:15.5767em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0029em;">due 1-</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">30 </span><span class="stl_76 stl_08 stl_157">da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.3758em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">14,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0883em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">14,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.8467em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">due </span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">1 </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">o 6</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">0 </span><span class="stl_76 stl_08 stl_80">da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4458em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">03  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">03  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.1167em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0035em;">due +61 da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.8258em;top:18.1167em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">273  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:18.1167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:18.1167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:18.1167em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">273  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:19.4467em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2558em;top:19.4467em;"><span class="stl_67 stl_08 stl_20">26,802  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6258em;top:19.4467em;"><span class="stl_67 stl_08 stl_79">8,880  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:19.4467em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9683em;top:19.4467em;"><span class="stl_67 stl_08 stl_20">35,682  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.3283em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.5983em;"><span class="stl_76 stl_08 stl_100">No</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_104">due  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.3758em;top:22.5983em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,19</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.2858em;top:22.5983em;"><span class="stl_76 stl_08 stl_15">19,999  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:22.5983em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0883em;top:22.5983em;"><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">,196  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:23.8683em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0029em;">due 1-</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">30 </span><span class="stl_76 stl_08 stl_157">da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4458em;top:23.8683em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:23.8683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:23.8683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:23.8683em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:25.1383em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">due </span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">1 </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">o 6</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">0 </span><span class="stl_76 stl_08 stl_80">da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5158em;top:25.1383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:25.1383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:25.1383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2283em;top:25.1383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:26.4083em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0035em;">due +61 da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5158em;top:26.4083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:26.4083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:26.4083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2283em;top:26.4083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:27.7408em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2558em;top:27.7408em;"><span class="stl_67 stl_08 stl_29">17,635  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.1658em;top:27.7408em;"><span class="stl_67 stl_08 stl_29">19,999  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:27.7408em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0883em;top:27.7408em;"><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">,6</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:29.6208em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:30.8908em;"><span class="stl_76 stl_08 stl_100">No</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_104">due  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.8258em;top:30.8908em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,85</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3583em;top:30.8908em;"><span class="stl_76 stl_08 stl_15">84</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:30.8908em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:30.8908em;"><span class="stl_76 stl_08 stl_15">8,69</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:32.1608em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0029em;">due 1-</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">30 </span><span class="stl_76 stl_08 stl_157">da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.8258em;top:32.1608em;"><span class="stl_76 stl_08 stl_15">8,96</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:32.1608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:32.1608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:32.1608em;"><span class="stl_76 stl_08 stl_15">8,96</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:33.4308em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">due </span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">1 </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">o 6</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">0 </span><span class="stl_76 stl_08 stl_80">da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4458em;top:33.4308em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:33.4308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:33.4308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:33.4308em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:34.7008em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0035em;">due +61 da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.8258em;top:34.7008em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:34.7008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:34.7008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:34.7008em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:36.0425em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2558em;top:36.0425em;"><span class="stl_67 stl_08 stl_29">18,424  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2958em;top:36.0425em;"><span class="stl_67 stl_08 stl_83">843  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:36.0425em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9683em;top:36.0425em;"><span class="stl_67 stl_08 stl_29">19,267  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_54" style="word-spacing:-0.0039em;">Impairment Test on vessels (excluding goodwill)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0014em;">The Company has neither identified internal nor external impairment indicators. However,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0018em;">on a voluntary basis management performs an impairment test every year. For the pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0013em;">pose of testing the Group's vessels the impairment test is performed on a vessel-by-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_25" style="word-spacing:0.0034em;">vessel basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0014em;">The Company is applying both fair value less costs of disposal (FVLCOD) to determine  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_46 stl_08 stl_49" style="word-spacing:-0.0045em;">the arm’s length sale price of an asset at the measurement date and the value</span><span class="stl_43 stl_08 stl_51">-in-use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0027em;">(VIU) method for estimating the expected future cash flows that the asset in the current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0006em;">condition will produce. The VIU method assumes the asset will be recovered principally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.004em;">through its continuing use.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0028em;">The impairment test involves estimating both FVLCOD and VIU and comparing the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_46 stl_08 stl_41" style="word-spacing:0.0017em;">higher amount to the asset’s carrying amount. </span><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0019em;">The Group has two CGUs being the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0022em;">transport and installation of offshore wind turbine generators and foundations vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0042em;">(WTGFIV), comprising Cadeler’s O</span><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0009em;">-class vessels and Scylla; and the maintenance of off-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0002em;">shore wind turbine generators (O&amp;MV) cash-generating units, comprising Zaratan. As of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0009em;">31 December 2023, Management tested the carrying amount of its two CGUs including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0009em;">goodwill for impairment, cf. note 17, and each vessel on a stand-alone basis as described  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_38">below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_39 stl_08 stl_45" style="word-spacing:-0.0022em;">Independent market values on each vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0001em;">Two independent evaluations of the market value of the two O-class vessels were re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0001em;">ceived in the second half of 2023. The first evaluation was made the 9 November 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0019em;">by Clarksons Valuations Limited for an estimation of USD 400-440 million (correspond-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0014em;">ing to EUR 377-415 million), which is 67-84% higher than the carrying amount. The second  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0027em;">vessel evaluation was made the 13 November 2023 by Fearnleys Asia (Singapore) Pte Ltd  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.001em;">for an estimation of USD 332 million (corresponding to EUR 313 million), which is 34%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">higher than the carrying amount.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0001em;">In addition, two independent evaluations of the market value of Wind Scylla were re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0003em;">ceived in November 2023. The first evaluation was made by Clarksons Valuations Limited  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0014em;">for an estimation of USD 225-240 million (corresponding to EUR 203-217 million), which is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0041em;">5% higher than the carrying amount. The second vessel evaluation was made by Pareto  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0005em;">for an estimation of USD 285-295 million (corresponding to EUR 258-267 million), which is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0039em;">25-29% higher than the carrying amount.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0029em;">Two independent evaluations of the market value of Wind Zaratan were performed in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0035em;">second half of 2023. The first evaluation was made by Clarksons Valuations Limited for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0047em;">an estimation of USD 95-115 million (corresponding to EUR 86-104 million), which is 21%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">higher than the carrying amount. The second vessel evaluation was made by Pareto for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0057em;">an estimation of USD 95-105 million (corresponding to EUR 86-95 million), which is 10%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.003em;">higher than the carrying amount.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0009em;">The impairment assessment involves comparing net book values with broker valuations.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0048em;">The net book value is below the broker valuations, hence there is headroom all vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">Management assesses key input inputs used in the independent evaluations to support  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0039em;">no impairment indicators as explained below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:-0.0025em;">VIU calculation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.002em;">As of December 2023, Management has prepared a value-in-use calculation for the ves-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0017em;">sels. For the acquired vessels in December 2023, management relied on input from DCF  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0002em;">models in connection with accounting for the business combination, cf. note 6.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">The discounted cash flow period has been calculated from the remaining useful life of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">the vessel as this is deemed most representative for the actual value of the vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0019em;">The VIU is calculated based on cash flow projections in financial budgets and business  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0027em;">plans as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.44em;top:21.9439em;"><span class="stl_46 stl_08 stl_15">–</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.85em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0019em;">From 2024 revenue is based on a combination of signed contracts and market  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.85em;top:23.0239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0014em;">estimated day rates and utilisation for O-class vessels (using externally available  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.85em;top:24.1039em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0038em;">information) and a yearly increase of 2%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.44em;top:26.2739em;"><span class="stl_46 stl_08 stl_15">–</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.85em;top:26.2739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">OPEX includes expected 2024 levels (using internal forecasts) plus an increase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.85em;top:27.3539em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0013em;">for inflation on following years and CAPEX includes full investment on crane up-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.85em;top:28.4464em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0029em;">grades based on investment budget.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0016em;">The discount rate used in the calculation is based on a Weighted Average Cost of Capi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.002em;">tal (WACC) of 9.5% after tax, (8% after tax in 2022 and 8.5% after tax in 2021). As the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0011em;">Company is subject to the tonnage tax regime, the tax consideration in the WACC calcu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0002em;">lation for impairment of a vessel is immaterial. Therefore, the before and after tax WACC  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0009em;">remain the same for impairment testing purposes. WACC is calculated by using a stand-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.002em;">ard WACC model in which cost of equity, cost of debt and capital structure are the key  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_57">parameters.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.001em;">The calculation showed no need for impairment as the future value of cashflows were  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0023em;">higher than the Net Book Value of the vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0003em;">A sensitivity analysis was also undertaken assuming an increase or decrease in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0031em;">WACC by 1% as well as an increase or decrease in the revenue by EUR 20 thousand per  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">day. Within this sensitivity analysis the calculations also showed no need for impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0043em;">as the future value of cashflows were higher than the Net Book Value of the vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">The value in use test further showed that headroom is calculated with respect to the in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0016em;">vestment in new cranes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0139em;"><span class="stl_39 stl_08 stl_55">Newbuilds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0011em;">As for the newbuilds vessels it is management opinion that current signed contracts and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.003em;">the expected day rates in the future support no impairment indicators.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0016em;">The discount rate used in the calculation is based on a Weighted Average Cost of Capi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0027em;">tal (WACC) of 9.5% after tax, (8% after tax in 2022 and 8.5% after tax in 2021). As the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0002em;">Company is subject to the tonnage tax regime, the tax consideration in the WACC calcu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0002em;">lation for impairment of a vessel is immaterial. Therefore, the before and after tax WACC  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0027em;">remain the same for impairment testing purposes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0017em;">WACC is calculated by using a standard WACC model in which cost of equity, cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0025em;">debt and capital structure are the key parameters.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.001em;">The calculation showed no need for impairment as the future value of cashflows were  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0023em;">higher than the Net Book Value of the vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0003em;">A sensitivity analysis was also undertaken assuming an increase or decrease in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0009em;">WACC by 1% as well as an increase or decrease in the revenue by EUR 20 thousand per  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">day. Within this sensitivity analysis the calculations also showed no need for impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0043em;">as the future value of cashflows were higher than the Net Book Value of the vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">Sufficient headroom is calculated with respect to the investment in new cranes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0025em;">The impairment assessment for Wind Scylla and Wind Zaratan involves comparing their  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0028em;">net book values with broker valuations. The net book value is below the broker valua-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0025em;">tions, hence there is sufficient headroom for the S-Class and Z-Class vessels. As for all  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0017em;">the newbuilds vessels it is management opinion that current signed contracts and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0003em;">expected day rates in the future support the agreed purchase prices of the vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0098em;"><span class="stl_39 stl_08 stl_55" style="word-spacing:0.0041em;">Impairment of financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0001em;">The Group assesses on a forward-</span><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0027em;">looking basis the expected credit losses (“ECLs”) as-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">sociated with its financial assets which are trade and other receivables, cash and bank  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0022em;">balances and contract assets. Financial assets are written-off when there is no reasona-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0035em;">ble expectation of recovery, such as a non-related debtor failing to engage in a repay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4123em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0024em;">ment plan with the Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.5623em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0016em;">Where receivables have been written-off, the Group continues to engage in enforcement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0018em;">activity to attempt to recover the receivables due. Where recoveries are made, these are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7439em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">recognised in profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0007em;">The Group has applied the simplified credit loss approach by using the provision matrix  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9839em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0038em;">to measure the lifetime expected credit losses for trade receivables from customers. To  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0639em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0015em;">measure the expected credit losses, the Group grouped receivables based on shared  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1639em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:-0.0013em;">credit characteristics and days past due.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3139em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0019em;">Trade receivables from external customers that are neither past due nor impaired are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">with creditworthy companies. Based on the provision matrix, the trade receivables from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.4864em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0019em;">external customers are subject to immaterial credit loss. Refer to Note 14 for analysis of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.5764em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">expected credit loss on trade receivables and contract assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7364em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0034em;">For cash and bank balances and other receivables that are measured at amortised cost,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8164em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0008em;">the Group has considered these financial assets as low credit risk. Cash and bank bal-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9064em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">ances are mainly deposits with banks who have high credit-ratings as determined by in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.9881em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0028em;">ternational credit-rating agencies. As at 31 December 2023, cash and bank balances and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.0681em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0015em;">other receivables are subject to immaterial credit loss. There is no credit loss allowance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1681em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0006em;">for other financial asset at amortised cost as at 31 December 2023, 2022 and 2021.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0117em;">2.17. Trade and other payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">Trade and other payables represent liabilities for goods and services provided to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">Group prior to the end of the financial year which are unpaid. They are classified as cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">rent liabilities if payment is due within one year or less (or in the normal operating cycle  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0032em;">of the business, if longer). Otherwise, they are presented as non-current liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">Trade and other payables are initially recognised at fair value, and subsequently carried  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0054em;">at amortised cost, using the effective interest method.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0117em;">2.17. Trade and other payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">Trade and other payables represent liabilities for goods and services provided to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">Group prior to the end of the financial year which are unpaid. They are classified as cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">rent liabilities if payment is due within one year or less (or in the normal operating cycle  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0032em;">of the business, if longer). Otherwise, they are presented as non-current liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">Trade and other payables are initially recognised at fair value, and subsequently carried  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0054em;">at amortised cost, using the effective interest method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_39 stl_08 stl_41" style="word-spacing:0.013em;">2.20. Derivatives and hedge accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0024em;">Derivative financial instruments are initially recognised at fair value on the date on which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">a derivative contract is entered into and subsequently remeasured at fair value over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0047em;">profit and loss. Derivatives are carried as financial assets, presented under derivatives  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0031em;">assets, when the fair value is positive and as financial liabilities, presented under deriva-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0002em;">tives liabilities, when the fair value is negative.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0004em;">At the inception of a hedge relationship, the Group formally designates and documents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0022em;">the hedge relationship and the risk management objective and strategy for undertaking  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:-0.0057em;">the hedge.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.0264em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0029em;">Changes in the fair value of derivative financial instruments designated as cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.1064em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0011em;">hedges are recognis</span><span class="stl_46 stl_08 stl_49" style="word-spacing:-0.0036em;">ed in other comprehensive income and presented under “</span><span class="stl_43 stl_08 stl_29">Hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.1964em;"><span class="stl_43 stl_08 stl_136">r</span><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0008em;">eserves” (equity). Where the expected future transactions results in the acquisition of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.2764em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">non-financial assets, any amounts deferred under equity are transferred from equity to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.3564em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0034em;">the cost of the asset. Where expected future transaction results in income or expense,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.4464em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0029em;">amount deferred under equity are transferred from equity to the income statement in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.5281em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0042em;">same item as the hedged transaction as a reclassification adjustment. Further, the entity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.6081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0003em;">may transfer the cumulative fair value change recognised within equity upon derecogni-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.6981em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0005em;">tion of the hedged item. Borrowing facilities are derecognised when the obligation under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.7781em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">the liability is discharged or cancelled or expires. When an existing financial liability is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">replaced by another from the same lender on substantially different terms, or the terms  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0034em;">of an existing liability are substantially modified, such an exchange or modification is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0009em;">treated as the derecognition of the original liability and the recognition of a new liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0026em;">Changes in the fair value of derivative financial instruments not designated as hedges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0005em;">are recognised in the income statement. Certain borrowing facilities when undrawn do  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0021em;">not qualify for hedge accounting. Changes in fair value of these derivative financial in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">struments are therefore recognis</span><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0032em;">ed in the income statement under “Financial income” or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:-0.0018em;">“Financial expenses” for interest rate swaps.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0021em;">The amount included in the hedging reserve is the lower of, in absolute amounts, of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0009em;">cumulative fair value adjustment of the hedging instrument and the hedged item. Inef-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0009em;">fectiveness is recognised in the consolidated statement of profit and loss. Further, in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0027em;">case any modifications occur in the hedged risk, the Group will conduct a comprehen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">sive review and assessment of the hedge relationship. In a recent evaluation, adjust-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">ments in debt were carefully assessed in accordance with hedge accounting standards,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0009em;">resulting in no material changes or implications on hedge accounting.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0087em;">(ii) At subsequent measurement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0021em;">Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0008em;">Financial assets of the Group mainly comprise of cash and bank balances, trade receiva-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0019em;">bles and other current assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0029em;">Interest income from these financial assets are recognised using the effective interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0048em;">rate method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">The Group assesses on forward looking basis the expected credit losses associated with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">its financial assets carried at amortised cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">For trade and other receivables, the Group applied the simplified approach permitted by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">IFRS 9, which requires expected lifetime losses to be recognised from initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0041em;">of the receivables.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0087em;">(ii) At subsequent measurement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0021em;">Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0008em;">Financial assets of the Group mainly comprise of cash and bank balances, trade receiva-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0019em;">bles and other current assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0029em;">Interest income from these financial assets are recognised using the effective interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0048em;">rate method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">The Group assesses on forward looking basis the expected credit losses associated with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">its financial assets carried at amortised cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">For trade and other receivables, the Group applied the simplified approach permitted by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">IFRS 9, which requires expected lifetime losses to be recognised from initial recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0041em;">of the receivables.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_102" style="word-spacing:0.0115em;">Note 14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_113" style="word-spacing:-0.0003em;">Trade and Other Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:10.3423em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:11.4867em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_96" style="word-spacing:0.01em;">ade </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0016em;">eceivables </span><span class="stl_77 stl_08 stl_20">fr</span><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0024em;">om non-</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_108" style="word-spacing:-0.0147em;">ed pa</span><span class="stl_77 stl_08 stl_125">rt</span><span class="stl_76 stl_08 stl_127">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4017em;top:11.4867em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6,8</span><span class="stl_77 stl_08 stl_15">02  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3042em;top:11.4867em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,6</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2142em;top:11.4867em;"><span class="stl_76 stl_08 stl_15">18,4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:12.7667em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15">asse</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8517em;top:12.7667em;"><span class="stl_76 stl_08 stl_15">8,88</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3042em;top:12.7667em;"><span class="stl_76 stl_08 stl_15">19,999  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:12.7667em;"><span class="stl_76 stl_08 stl_15">84</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.0367em;"><span class="stl_76 stl_08 stl_47" style="word-spacing:-0.0028em;">Receivables </span><span class="stl_77 stl_08 stl_81">fr</span><span class="stl_76 stl_08 stl_105" style="word-spacing:0.014em;">om </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_96">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_108" style="word-spacing:-0.0147em;">ed pa</span><span class="stl_77 stl_08 stl_96">rt</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">59</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4442em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.3067em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_128" style="word-spacing:-0.007em;">r r</span><span class="stl_76 stl_08 stl_113">eceivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8517em;top:15.3067em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,158  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:15.3067em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">00  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:15.3067em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2817em;top:16.6367em;"><span class="stl_67 stl_08 stl_20">39,432  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1842em;top:16.6367em;"><span class="stl_67 stl_08 stl_20">38,234  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0942em;top:16.6367em;"><span class="stl_67 stl_08 stl_20">20,373  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7139em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.001em;">As of 31 December 2023, the Company's receivables include contract assets totalling  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.7139em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0008em;">EUR 8.9 million, a significant decrease from EUR 20 million in 2022. These contract as-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.7139em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">sets represent the Company's entitlement to proportional consideration for ongoing pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.7139em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0015em;">jects as of the balance sheet date. Typically, these contract assets are reclassified to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.7139em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0008em;">trade receivables when the Company fulfils its obligations and the right to consideration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.7139em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0024em;">becomes unconditional, usually upon completion of the project.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.9964em;"><span class="stl_39 stl_08 stl_31" style="word-spacing:-0.0058em;">Expected credit loss on trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.0864em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0002em;">The Group has historically only experienced immaterial losses on trade receivables, if  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.1764em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0027em;">any. Further, a material part of the cash flows in the contracts are prepayments received  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.2564em;"><span class="stl_43 stl_08 stl_59" style="word-spacing:0.003em;">up front.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.4264em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0022em;">The Group's assessment remains consistent with its past practices. Although some posi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.5064em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">tions may transition to 30 days overdue, our overall position on credit risk management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.5864em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0068em;">remains unchanged. This assessment is supported by historical data, a select group of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.6781em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0008em;">reliable debtors, and our outlook for the future.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7158em;top:10.1542em;"><span class="stl_67 stl_08 stl_114">Trade  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.5158em;top:10.1542em;"><span class="stl_67 stl_08 stl_133">Contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.1983em;top:10.1542em;"><span class="stl_67 stl_08 stl_257">Expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:11.3423em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7158em;top:11.1542em;"><span class="stl_67 stl_08 stl_72">receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.3558em;top:11.1542em;"><span class="stl_67 stl_08 stl_195">assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1883em;top:11.1542em;"><span class="stl_67 stl_08 stl_123">loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:11.1542em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.0267em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.3067em;"><span class="stl_76 stl_08 stl_100">No</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_104">due  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.8258em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">9,6</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.7358em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">8,88</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0883em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">18,519  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:15.5767em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0029em;">due 1-</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">30 </span><span class="stl_76 stl_08 stl_157">da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.3758em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">14,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0883em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">14,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.8467em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">due </span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">1 </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">o 6</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">0 </span><span class="stl_76 stl_08 stl_80">da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4458em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">03  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">03  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.1167em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0035em;">due +61 da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.8258em;top:18.1167em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">273  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:18.1167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:18.1167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:18.1167em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">273  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:19.4467em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2558em;top:19.4467em;"><span class="stl_67 stl_08 stl_20">26,802  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6258em;top:19.4467em;"><span class="stl_67 stl_08 stl_79">8,880  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:19.4467em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9683em;top:19.4467em;"><span class="stl_67 stl_08 stl_20">35,682  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.3283em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.5983em;"><span class="stl_76 stl_08 stl_100">No</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_104">due  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.3758em;top:22.5983em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,19</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.2858em;top:22.5983em;"><span class="stl_76 stl_08 stl_15">19,999  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:22.5983em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0883em;top:22.5983em;"><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">,196  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:23.8683em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0029em;">due 1-</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">30 </span><span class="stl_76 stl_08 stl_157">da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4458em;top:23.8683em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:23.8683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:23.8683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:23.8683em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:25.1383em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">due </span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">1 </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">o 6</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">0 </span><span class="stl_76 stl_08 stl_80">da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5158em;top:25.1383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:25.1383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:25.1383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2283em;top:25.1383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:26.4083em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0035em;">due +61 da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5158em;top:26.4083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:26.4083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:26.4083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2283em;top:26.4083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:27.7408em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2558em;top:27.7408em;"><span class="stl_67 stl_08 stl_29">17,635  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.1658em;top:27.7408em;"><span class="stl_67 stl_08 stl_29">19,999  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:27.7408em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0883em;top:27.7408em;"><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">,6</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:29.6208em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:30.8908em;"><span class="stl_76 stl_08 stl_100">No</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_104">due  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.8258em;top:30.8908em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,85</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3583em;top:30.8908em;"><span class="stl_76 stl_08 stl_15">84</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:30.8908em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:30.8908em;"><span class="stl_76 stl_08 stl_15">8,69</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:32.1608em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0029em;">due 1-</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">30 </span><span class="stl_76 stl_08 stl_157">da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.8258em;top:32.1608em;"><span class="stl_76 stl_08 stl_15">8,96</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:32.1608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:32.1608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:32.1608em;"><span class="stl_76 stl_08 stl_15">8,96</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:33.4308em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">due </span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">1 </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">o 6</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">0 </span><span class="stl_76 stl_08 stl_80">da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4458em;top:33.4308em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:33.4308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:33.4308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:33.4308em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:34.7008em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0035em;">due +61 da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.8258em;top:34.7008em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:34.7008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:34.7008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:34.7008em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:36.0425em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2558em;top:36.0425em;"><span class="stl_67 stl_08 stl_29">18,424  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2958em;top:36.0425em;"><span class="stl_67 stl_08 stl_83">843  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:36.0425em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9683em;top:36.0425em;"><span class="stl_67 stl_08 stl_29">19,267  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:0.0102em;">2.16. Cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0025em;">Cash and cash equivalents are measured at amortised cost.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:0.0102em;">2.16. Cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0025em;">Cash and cash equivalents are measured at amortised cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7639em;"><span class="stl_39 stl_08 stl_23" style="word-spacing:0.0046em;">2.25. Cash flow statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_118 stl_08 stl_28" style="word-spacing:-0.003em;">Statement of cash flows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">The statement of cash </span><span class="stl_46 stl_08 stl_47" style="word-spacing:-0.0005em;">flows shows the Group’s cash flows for the year distributed on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0012em;">operating, investing and financing activities, net changes for the year in cash and cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:0em;">equivalents as well as the Group’s cash and cash equivalents at the beginning and end  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_34" style="word-spacing:-0.0013em;">of the year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0058em;">Positive amounts indicate cash inflows, whereas negative amounts indicate cash out-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_100">flows.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_118 stl_08 stl_45" style="word-spacing:-0.0026em;">Cash flows from operating activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0002em;">Cash flows from operating activities are stated as the profit/loss for the year adjusted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0001em;">for non-cash operating items such as depreciation, changes in working capital and in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0015em;">come tax paid or received. Working capital includes current assets less current liabilities,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0003em;">excluding cash and cash equivalents.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_118 stl_08 stl_31" style="word-spacing:-0.0032em;">Cash flows from investing activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.001em;">Cash flows from investing activities comprise cash flows from the acquisition and sale of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.005em;">non-current assets and businesses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0027em;">Cash flows from financing activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0047em;">Cash flows from financing activities comprise cash flows from instalments on lease liabil-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0016em;">ities, and interest paid as well as proceeds from issue of shares and debt as well as pre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_59" style="word-spacing:0.0056em;">payment of borrowings.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_39 stl_08 stl_41" style="word-spacing:0.013em;">2.20. Derivatives and hedge accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0024em;">Derivative financial instruments are initially recognised at fair value on the date on which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">a derivative contract is entered into and subsequently remeasured at fair value over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0047em;">profit and loss. Derivatives are carried as financial assets, presented under derivatives  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0031em;">assets, when the fair value is positive and as financial liabilities, presented under deriva-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0002em;">tives liabilities, when the fair value is negative.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0004em;">At the inception of a hedge relationship, the Group formally designates and documents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0022em;">the hedge relationship and the risk management objective and strategy for undertaking  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:-0.0057em;">the hedge.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.0264em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0029em;">Changes in the fair value of derivative financial instruments designated as cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.1064em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0011em;">hedges are recognis</span><span class="stl_46 stl_08 stl_49" style="word-spacing:-0.0036em;">ed in other comprehensive income and presented under “</span><span class="stl_43 stl_08 stl_29">Hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.1964em;"><span class="stl_43 stl_08 stl_136">r</span><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0008em;">eserves” (equity). Where the expected future transactions results in the acquisition of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.2764em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">non-financial assets, any amounts deferred under equity are transferred from equity to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.3564em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0034em;">the cost of the asset. Where expected future transaction results in income or expense,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.4464em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0029em;">amount deferred under equity are transferred from equity to the income statement in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.5281em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0042em;">same item as the hedged transaction as a reclassification adjustment. Further, the entity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.6081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0003em;">may transfer the cumulative fair value change recognised within equity upon derecogni-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.6981em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0005em;">tion of the hedged item. Borrowing facilities are derecognised when the obligation under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.7781em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">the liability is discharged or cancelled or expires. When an existing financial liability is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">replaced by another from the same lender on substantially different terms, or the terms  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0034em;">of an existing liability are substantially modified, such an exchange or modification is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0009em;">treated as the derecognition of the original liability and the recognition of a new liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0026em;">Changes in the fair value of derivative financial instruments not designated as hedges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0005em;">are recognised in the income statement. Certain borrowing facilities when undrawn do  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0021em;">not qualify for hedge accounting. Changes in fair value of these derivative financial in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">struments are therefore recognis</span><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0032em;">ed in the income statement under “Financial income” or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:-0.0018em;">“Financial expenses” for interest rate swaps.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0021em;">The amount included in the hedging reserve is the lower of, in absolute amounts, of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0009em;">cumulative fair value adjustment of the hedging instrument and the hedged item. Inef-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0009em;">fectiveness is recognised in the consolidated statement of profit and loss. Further, in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0027em;">case any modifications occur in the hedged risk, the Group will conduct a comprehen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">sive review and assessment of the hedge relationship. In a recent evaluation, adjust-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">ments in debt were carefully assessed in accordance with hedge accounting standards,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0009em;">resulting in no material changes or implications on hedge accounting.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_39 stl_08 stl_41" style="word-spacing:0.013em;">2.20. Derivatives and hedge accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0024em;">Derivative financial instruments are initially recognised at fair value on the date on which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">a derivative contract is entered into and subsequently remeasured at fair value over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0047em;">profit and loss. Derivatives are carried as financial assets, presented under derivatives  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0031em;">assets, when the fair value is positive and as financial liabilities, presented under deriva-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0002em;">tives liabilities, when the fair value is negative.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0004em;">At the inception of a hedge relationship, the Group formally designates and documents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0022em;">the hedge relationship and the risk management objective and strategy for undertaking  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:-0.0057em;">the hedge.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.0264em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0029em;">Changes in the fair value of derivative financial instruments designated as cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.1064em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0011em;">hedges are recognis</span><span class="stl_46 stl_08 stl_49" style="word-spacing:-0.0036em;">ed in other comprehensive income and presented under “</span><span class="stl_43 stl_08 stl_29">Hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.1964em;"><span class="stl_43 stl_08 stl_136">r</span><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0008em;">eserves” (equity). Where the expected future transactions results in the acquisition of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.2764em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">non-financial assets, any amounts deferred under equity are transferred from equity to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.3564em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0034em;">the cost of the asset. Where expected future transaction results in income or expense,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.4464em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0029em;">amount deferred under equity are transferred from equity to the income statement in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.5281em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0042em;">same item as the hedged transaction as a reclassification adjustment. Further, the entity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.6081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0003em;">may transfer the cumulative fair value change recognised within equity upon derecogni-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.6981em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0005em;">tion of the hedged item. Borrowing facilities are derecognised when the obligation under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.7781em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">the liability is discharged or cancelled or expires. When an existing financial liability is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">replaced by another from the same lender on substantially different terms, or the terms  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0034em;">of an existing liability are substantially modified, such an exchange or modification is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0009em;">treated as the derecognition of the original liability and the recognition of a new liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0026em;">Changes in the fair value of derivative financial instruments not designated as hedges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0005em;">are recognised in the income statement. Certain borrowing facilities when undrawn do  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0021em;">not qualify for hedge accounting. Changes in fair value of these derivative financial in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">struments are therefore recognis</span><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0032em;">ed in the income statement under “Financial income” or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:-0.0018em;">“Financial expenses” for interest rate swaps.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0021em;">The amount included in the hedging reserve is the lower of, in absolute amounts, of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0009em;">cumulative fair value adjustment of the hedging instrument and the hedged item. Inef-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0009em;">fectiveness is recognised in the consolidated statement of profit and loss. Further, in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0027em;">case any modifications occur in the hedged risk, the Group will conduct a comprehen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">sive review and assessment of the hedge relationship. In a recent evaluation, adjust-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">ments in debt were carefully assessed in accordance with hedge accounting standards,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0009em;">resulting in no material changes or implications on hedge accounting.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:-0.0003em;">Equity-settled transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">The cost of equity-settled transactions is determined by the fair value at the date when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0013em;">the grant is made using an appropriate valuation model.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0019em;">That cost is recognised in employee benefits expenses, together with a corresponding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0017em;">increase in equity (retained earnings), over the period in which the service and, where ap-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0023em;">plicable, the performance conditions are fulfilled (the vesting period). The cumulative ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">pense recognised for equity-settled transactions at each reporting date until the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0em;">date reflects the extent to which the vesting period has expired and the Group’s best es-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0014em;">timate of the number of equity instruments that will ultimately vest. The expense or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.003em;">credit in the statement of profit or loss for a period represents the movement in cumula-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0021em;">tive expense recognised as at the beginning and end of that period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0012em;">Service and non-market performance conditions are not taken into account when deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">mining the grant date fair value of awards, but the likelihood of the conditions being met  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0014em;">is assessed as part of the Group’s best estimate of the number of equity instrumen</span><span class="stl_43 stl_08 stl_15">ts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0011em;">that will ultimately vest. Market performance conditions are reflected within the grant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:-0.0035em;">date fair value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0024em;">Any other conditions attached to an award, but without an associated service require-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.004em;">ment, are considered to be non-vesting conditions. Non-vesting conditions are reflected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0027em;">in the fair value of an award and lead to an immediate expensing of an award unless  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">there are also service and/or performance conditions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0047em;">No expense is recognised for awards that do not ultimately vest because non-market  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0047em;">performance and/or service conditions have not been met.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0034em;">Where awards include a market or non-vesting condition, the transactions are treated as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0013em;">vested irrespective of whether the market or non-vesting condition is satisfied, provided  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0026em;">that all other performance and/or service conditions are satisfied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0022em;">The dilutive effect of outstanding options is reflected as additional share dilution in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0006em;">computation of diluted earnings per share in a loss situation only if loss per share de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_34">creases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.1058em;top:4.9542em;"><span class="stl_67 stl_08 stl_257">Between  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1158em;top:5.9542em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.01em;">Less than  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.7058em;top:5.9542em;"><span class="stl_67 stl_08 stl_172" style="word-spacing:0.0025em;">1 and 2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5483em;top:5.9542em;"><span class="stl_67 stl_08 stl_253" style="word-spacing:-0.015em;">After 2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4483em;top:5.9542em;"><span class="stl_67 stl_08 stl_131">Carrying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:7.1423em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4058em;top:6.9542em;"><span class="stl_67 stl_08 stl_257" style="word-spacing:-0.0033em;">1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.3558em;top:6.9542em;"><span class="stl_67 stl_08 stl_133">years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.0783em;top:6.9542em;"><span class="stl_67 stl_08 stl_133">years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9183em;top:6.9542em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.6683em;top:6.9542em;"><span class="stl_67 stl_08 stl_295">amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:8.8342em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:10.6442em;"><span class="stl_67 stl_08 stl_114" style="word-spacing:0.0122em;">Derivative financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:11.6467em;"><span class="stl_67 stl_08 stl_72">ments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:12.9167em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.0015em;">e swaps wi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">h a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:13.9167em;"><span class="stl_76 stl_08 stl_09">posi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20" style="word-spacing:0em;">ive </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_40">ai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.004em;">r </span><span class="stl_76 stl_08 stl_25">value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2958em;top:13.9167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.0158em;top:13.9167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7383em;top:13.9167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.4683em;top:13.9167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.1883em;top:13.9167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:15.1867em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.0015em;">e swaps wi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">h a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:16.1867em;"><span class="stl_76 stl_08 stl_40">nega</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.002em;">ive </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_137">ai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_136">value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2258em;top:16.1867em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">98  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.9258em;top:16.1867em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_100">,166)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.1983em;top:16.1867em;"><span class="stl_76 stl_08 stl_113">(11,86</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9283em;top:16.1867em;"><span class="stl_76 stl_08 stl_100">(14,</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">9)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.6483em;top:16.1867em;"><span class="stl_76 stl_08 stl_38">(11,855)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:17.4567em;"><span class="stl_77 stl_08 stl_40">Gr</span><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0035em;">oss se</span><span class="stl_77 stl_08 stl_15">tt</span><span class="stl_76 stl_08 stl_20" style="word-spacing:0em;">led </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:18.4567em;"><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">s, pa</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_33">leg  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:19.4567em;"><span class="stl_76 stl_08 stl_09">(EUR)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2958em;top:19.4567em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.0258em;top:19.4567em;"><span class="stl_76 stl_08 stl_15">(18</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_103">,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7383em;top:19.4567em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4783em;top:19.4567em;"><span class="stl_76 stl_08 stl_15">(18</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_103">,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:20.7283em;"><span class="stl_77 stl_08 stl_40">Gr</span><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0035em;">oss se</span><span class="stl_77 stl_08 stl_15">tt</span><span class="stl_76 stl_08 stl_20" style="word-spacing:0em;">led </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:21.7283em;"><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.01em;">s, </span><span class="stl_77 stl_08 stl_79">r</span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.012em;">eceive leg  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:22.7283em;"><span class="stl_76 stl_08 stl_89">(USD)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2958em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.4258em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">8,4</span><span class="stl_77 stl_08 stl_15">03  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7383em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8783em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">8,4</span><span class="stl_77 stl_08 stl_15">03  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0983em;top:22.7383em;"><span class="stl_76 stl_08 stl_102">(5,</span><span class="stl_77 stl_08 stl_15">33</span><span class="stl_76 stl_08 stl_15">8)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.1658em;top:24.0083em;"><span class="stl_67 stl_08 stl_83">798  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.7558em;top:24.0083em;"><span class="stl_67 stl_08 stl_28">(8,504)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.0083em;top:24.0083em;"><span class="stl_67 stl_08 stl_22">(11,862)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.7383em;top:24.0083em;"><span class="stl_67 stl_08 stl_22">(19,567)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4583em;top:24.0083em;"><span class="stl_67 stl_08 stl_22">(17,193)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:25.8783em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:27.6883em;"><span class="stl_67 stl_08 stl_114" style="word-spacing:0.0101em;">Derivative financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:28.6908em;"><span class="stl_67 stl_08 stl_72">ments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:29.9608em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0029em;">e swaps wi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">h a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:30.9608em;"><span class="stl_76 stl_08 stl_09">posi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20" style="word-spacing:0em;">ive </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_40">ai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.004em;">r </span><span class="stl_76 stl_08 stl_25">value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.8258em;top:30.9608em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">5)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.3258em;top:30.9608em;"><span class="stl_76 stl_08 stl_15">1,158  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.0483em;top:30.9608em;"><span class="stl_76 stl_08 stl_15">4,</span><span class="stl_77 stl_08 stl_15">23</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.7783em;top:30.9608em;"><span class="stl_76 stl_08 stl_15">5,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">84  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4983em;top:30.9608em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:32.2308em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.0015em;">e swaps wi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">h a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:33.2308em;"><span class="stl_76 stl_08 stl_40">nega</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.002em;">ive </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_137">ai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_136">value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2958em;top:33.2408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.0158em;top:33.2408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2683em;top:33.2408em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">370</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9983em;top:33.2408em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">370</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7183em;top:33.2408em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:34.5008em;"><span class="stl_77 stl_08 stl_40">Gr</span><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0035em;">oss se</span><span class="stl_77 stl_08 stl_15">tt</span><span class="stl_76 stl_08 stl_20" style="word-spacing:0em;">led </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:35.5008em;"><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">s, pa</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_33">leg  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:36.5025em;"><span class="stl_76 stl_08 stl_09">(EUR)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2958em;top:36.5125em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.0258em;top:36.5125em;"><span class="stl_76 stl_08 stl_15">(18</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_103">,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7383em;top:36.5125em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4783em;top:36.5125em;"><span class="stl_76 stl_08 stl_15">(18</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_103">,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:37.7725em;"><span class="stl_77 stl_08 stl_40">Gr</span><span class="stl_76 stl_08 stl_78" style="word-spacing:0.0029em;">oss se</span><span class="stl_77 stl_08 stl_15">tt</span><span class="stl_76 stl_08 stl_125" style="word-spacing:-0.003em;">led </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:38.7725em;"><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.01em;">s, </span><span class="stl_77 stl_08 stl_79">r</span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.012em;">eceive leg  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:39.7725em;"><span class="stl_76 stl_08 stl_89">(USD)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2958em;top:39.7825em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.4258em;top:39.7825em;"><span class="stl_76 stl_08 stl_15">181,9</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7383em;top:39.7825em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8783em;top:39.7825em;"><span class="stl_76 stl_08 stl_15">181,9</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0983em;top:39.7825em;"><span class="stl_76 stl_08 stl_100">(1,8</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.7058em;top:41.0525em;"><span class="stl_67 stl_08 stl_33">(305)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4258em;top:41.0525em;"><span class="stl_67 stl_08 stl_33">(662)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.9383em;top:41.0525em;"><span class="stl_67 stl_08 stl_79">3,861  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6683em;top:41.0525em;"><span class="stl_67 stl_08 stl_79">2,894  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.3883em;top:41.0525em;"><span class="stl_67 stl_08 stl_79">1,268  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:9.6523em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2658em;top:9.4742em;"><span class="stl_67 stl_08 stl_294" style="word-spacing:0.0015em;">Level 1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.1658em;top:9.4742em;"><span class="stl_67 stl_08 stl_294" style="word-spacing:0.0015em;">Level 2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0783em;top:9.4742em;"><span class="stl_67 stl_08 stl_294" style="word-spacing:0.0015em;">Level 3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6683em;top:9.4742em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:11.3467em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:13.1567em;"><span class="stl_67 stl_08 stl_258" style="word-spacing:-0.0024em;">Through the consolidated statement of profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.4367em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ive asse</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:14.4367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4083em;top:14.4367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:14.4367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2183em;top:14.4367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.2467em;"><span class="stl_67 stl_08 stl_117" style="word-spacing:-0.0018em;">Total financial assets at fair value through the consolidated statement of profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4758em;top:16.2467em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3783em;top:16.2467em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:16.2467em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.1883em;top:16.2467em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.5167em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0064em;">ive liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.9358em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">(4</span><span class="stl_77 stl_08 stl_15">03</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7483em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">(4</span><span class="stl_77 stl_08 stl_15">03</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.3267em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:0.0011em;">Total financial liabilities at fair value through the consolidated statement of profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4758em;top:19.3267em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.8158em;top:19.3267em;"><span class="stl_67 stl_08 stl_33">(403)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:19.3267em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6283em;top:19.3267em;"><span class="stl_67 stl_08 stl_33">(403)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.1383em;"><span class="stl_67 stl_08 stl_248" style="word-spacing:0.003em;">Cash flow hedges:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.4183em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ive asse</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:22.4183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3383em;top:22.4183em;"><span class="stl_77 stl_08 stl_15">33</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:22.4183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1483em;top:22.4183em;"><span class="stl_77 stl_08 stl_15">33</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.6883em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0064em;">ive liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:23.6883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8658em;top:23.6883em;"><span class="stl_76 stl_08 stl_15">(1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_101">,9</span><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:23.6883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.6783em;top:23.6883em;"><span class="stl_76 stl_08 stl_15">(1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_101">,9</span><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:25.4983em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:27.3083em;"><span class="stl_67 stl_08 stl_258" style="word-spacing:-0.0021em;">Through the consolidated statement of profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.5808em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ive asse</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:28.5808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3383em;top:28.5808em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:28.5808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1483em;top:28.5808em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:30.3908em;"><span class="stl_67 stl_08 stl_117" style="word-spacing:-0.0018em;">Total financial assets at fair value through the consolidated statement of profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4758em;top:30.3908em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2758em;top:30.3908em;"><span class="stl_67 stl_08 stl_83">363  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:30.3908em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.0883em;top:30.3908em;"><span class="stl_67 stl_08 stl_83">363  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.6708em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0064em;">ive liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:31.6708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4083em;top:31.6708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:31.6708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2183em;top:31.6708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:33.4808em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:0.0011em;">Total financial liabilities at fair value through the consolidated statement of profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4758em;top:33.4808em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3783em;top:33.4808em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:33.4808em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.1883em;top:33.4808em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:35.2908em;"><span class="stl_67 stl_08 stl_248" style="word-spacing:0.003em;">Cash flow hedges:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:36.5625em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ive asse</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:36.5625em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.7158em;top:36.5625em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:36.5625em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5283em;top:36.5625em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:37.8325em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0064em;">ive liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.3158em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_101">,1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.1283em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_101">,1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_113" style="word-spacing:-0.0011em;">Derivative Financial Instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:-0.0064em;">Hedge accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0018em;">The Group uses forward exchange contracts, including options (collars), and interest rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0014em;">swap contracts to hedge currency risks and interest risk regarding highly probable future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.004em;">cash flows and designates them as cash flow hedges subject to meeting the criteria for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0038em;">application of cash flow hedging.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0025em;">The hedging ratios are determined as the notional value of the instrument divided by the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5623em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0003em;">notional value of the hedge item. The Group seeks to establish hedge relationships with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6523em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0049em;">a hedging ratio of 1:1. Due to the nature of the hedge items risk, this will be possible by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7339em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.004em;">either designating a proportion of the hedge instrument or the hedge notional value be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0033em;">ing equal or lower of the hedge items notional value. The main score of ineffectiveness  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.001em;">arises from the timing of the delivery of the vessels. The delivery of the vessels will ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0002em;">pose the Group to several market risks, related to foreign currency risks and interest rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0639em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0022em;">risk. The fair value adjustment of the derivatives is recognised in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1639em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0025em;">income until the hedged items are realised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.9798em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0027em;">The table below shows the movement in the reserve for cash flow for hedging, listed by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0698em;"><span class="stl_43 stl_08 stl_59" style="word-spacing:-0.0006em;">the hedged risk.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.5948em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9683em;top:13.4067em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:13.4067em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:15.2767em;"><span class="stl_67 stl_08 stl_114" style="word-spacing:0.0037em;">Fair Value change of Cash flow hedges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.5567em;"><span class="stl_76 stl_08 stl_53">Cumula</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.009em;">ive </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_137">ai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_56" style="word-spacing:-0.0028em;">value change a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.004em;">t </span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">1 </span><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_53">anua</span><span class="stl_77 stl_08 stl_128">ry  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:16.5567em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:16.5567em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.8267em;"><span class="stl_76 stl_08 stl_15">Fai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.009em;">r </span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0063em;">value ad</span><span class="stl_77 stl_08 stl_96">j</span><span class="stl_76 stl_08 stl_20">us</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_51">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.01em;">t </span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.004em;">t y</span><span class="stl_76 stl_08 stl_53">ea</span><span class="stl_77 stl_08 stl_186">r</span><span class="stl_76 stl_08 stl_41" style="word-spacing:-0.0031em;">-end, ne</span><span class="stl_77 stl_08 stl_41" style="word-spacing:-0.0031em;">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9783em;top:17.8267em;"><span class="stl_76 stl_08 stl_64">(18,5</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:17.8267em;"><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:19.0967em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_15">ec</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0045em;">cled a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.011em;">t y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_304">r</span><span class="stl_76 stl_08 stl_70" style="word-spacing:-0.0154em;">-end, ne</span><span class="stl_77 stl_08 stl_70" style="word-spacing:-0.0154em;">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0483em;top:19.0967em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">77</span><span class="stl_76 stl_08 stl_15">6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:19.0967em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:20.3683em;"><span class="stl_76 stl_08 stl_52" style="word-spacing:-0.0044em;">Time value ad</span><span class="stl_77 stl_08 stl_96">j</span><span class="stl_76 stl_08 stl_20">us</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_16">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_22">a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_305">r</span><span class="stl_76 stl_08 stl_41" style="word-spacing:-0.0031em;">-end, ne</span><span class="stl_77 stl_08 stl_41" style="word-spacing:-0.0031em;">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4283em;top:20.3683em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_101">,6</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:20.3683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.6383em;"><span class="stl_67 stl_08 stl_245" style="word-spacing:-0.0049em;">Cumulative fair value change at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.7983em;top:21.6383em;"><span class="stl_67 stl_08 stl_40">(21,559)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4383em;top:21.6383em;"><span class="stl_67 stl_08 stl_79">1,343  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:25.6983em;"><span class="stl_67 stl_08 stl_73" style="word-spacing:-0.0036em;">The fair value of cash flow hedges at 31 December can be speci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:26.6983em;"><span class="stl_67 stl_08 stl_121" style="word-spacing:-0.0065em;">fied as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:27.9708em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.007em;">e </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_12" style="word-spacing:-0.0033em;">isk hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9783em;top:27.9708em;"><span class="stl_76 stl_08 stl_100">(11,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:27.9708em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,16</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:29.2408em;"><span class="stl_76 stl_08 stl_157">Fo</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_100">rr</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">y r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0063em;">isk hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4283em;top:29.2408em;"><span class="stl_76 stl_08 stl_113">(6,148)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.1483em;top:29.2408em;"><span class="stl_76 stl_08 stl_100">(1,8</span><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:30.5208em;"><span class="stl_76 stl_08 stl_157">Fo</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_100">rr</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">y r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0052em;">isk hedging - </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_10" style="word-spacing:0.0067em;">ime value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4283em;top:30.5208em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_101">,6</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:30.5208em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:31.7908em;"><span class="stl_67 stl_08 stl_245" style="word-spacing:-0.0062em;">Cumulative fair value change at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.7983em;top:31.7908em;"><span class="stl_67 stl_08 stl_40">(21,559)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4383em;top:31.7908em;"><span class="stl_67 stl_08 stl_79">1,343  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:-0.0023em;">Interest rate risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0012em;">In 2022 the Group entered into a Senior Secured Green EURIBOR based revolving credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0002em;">facility (RCF) with a 0 bps floor which led the Group to be exposed to changes in the 3M  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0018em;">EURIBOR rate with respect of their current funding. Further the group obtained an indic-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0021em;">ative term sheet for the financing of the P-class vessels acquired from COSCO SHIP-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0003em;">PING Heavy Industry and planned to be delivered in the period of 2024 to 2025. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">group intended to enter these loans as the main source of future funding and considered  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0013em;">the risk of changes to EURIBOR based interest payments in 2022 and coming years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7339em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0001em;">On 5 October 2022, the Group entered into interest rate swap contracts with DNB which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0033em;">relate to the Debt Facility and future loans thereunder. The interest rate risk arising from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0026em;">the loans under the Debt Facility have been swapped from 3-month EURIBOR to a fixed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0009em;">rate until 5 October 2027. The average fixed rate of the swaps is 2.81% (2022: 2.82%).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0639em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.004em;">Such interest rate swap contracts have been replaced by new contracts in connection  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1639em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0036em;">with the New Debt Facility.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3139em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0012em;">In connection with the Business Combination, on 7 December 2023 the Group entered  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">into the New Debt Facility, a new senior secured credit and guarantee facility of up to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4864em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0009em;">EUR 550 million. The New Debt Facility has similar terms and conditions as the Debt Fa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.5764em;"><span class="stl_43 stl_08 stl_47">cility.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7364em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0005em;">Further, on 23 December 2023, the Group entered into a Sinosure-backed green term  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8164em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0008em;">loan facility (EUR 425 million). The Group entered these loans as the main source to fi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9164em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0049em;">nance the purchase of the P-Class newbuilds.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.9798em;"><span class="stl_46 stl_08 stl_40" style="word-spacing:0.002em;">The Group entered into interest rate swap contracts with the Group’s main bank and re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0035em;">lated these to the New Debt Facility and the future loans. The interest rate risk arising  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0028em;">from the loans have been partially swapped from 3M EURIBOR to a fixed rate. The new  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2423em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0026em;">credit facilities expand the exposure of the Group to changes in the 3M EURIBOR rate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0013em;">The economic relationship is established as a match of critical terms between the hedge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.4823em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0009em;">item and hedge instrument. The group has assessed the following terms when entered  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.5723em;"><span class="stl_43 stl_08 stl_24" style="word-spacing:-0.0057em;">into the hedge relationship:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3242em;top:19.7039em;"><span class="stl_46 stl_08 stl_15">–</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7358em;top:19.7039em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.003em;">Instalments on the facilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3242em;top:21.7039em;"><span class="stl_46 stl_08 stl_15">–</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7358em;top:21.7039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.002em;">Payment date of interest and instalment.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3242em;top:23.7039em;"><span class="stl_46 stl_08 stl_15">–</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7358em;top:23.7039em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.005em;">Timing difference in the maturity of the hedge item and hedge instrument.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.7439em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0041em;">The expected causes of hedging ineffectiveness relate to:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3242em;top:27.8764em;"><span class="stl_46 stl_08 stl_15">–</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7358em;top:27.8764em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0005em;">Changes to the expected date of delivery of the vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3242em;top:29.8764em;"><span class="stl_46 stl_08 stl_15">–</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7358em;top:29.8764em;"><span class="stl_43 stl_08 stl_23" style="word-spacing:-0.0082em;">3M EURIBOR rate falling below 0%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0015em;">The below table shows the profile of the nominal amount of the interest rate swaps and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:-0.0026em;">the fair values.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9542em;top:13.4867em;"><span class="stl_67 stl_08 stl_51" style="word-spacing:-0.0114em;">Fair value EUR’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.2617em;top:14.7367em;"><span class="stl_67 stl_08 stl_257">Between  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.9817em;top:14.7367em;"><span class="stl_67 stl_08 stl_257">Between  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.2717em;top:15.7367em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.01em;">Less than  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.8617em;top:15.7367em;"><span class="stl_67 stl_08 stl_172" style="word-spacing:0.0025em;">1 and 2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5817em;top:15.7367em;"><span class="stl_67 stl_08 stl_172" style="word-spacing:0.0025em;">2 and 5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.9248em;"><span class="stl_74 stl_08 stl_78">No</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_25" style="word-spacing:0.0214em;">ional amoun</span><span class="stl_98 stl_08 stl_15" style="word-spacing:0.027em;">t </span><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.5617em;top:16.7367em;"><span class="stl_67 stl_08 stl_257" style="word-spacing:-0.0033em;">1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.5117em;top:16.7367em;"><span class="stl_67 stl_08 stl_133">years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2317em;top:16.7367em;"><span class="stl_67 stl_08 stl_293">years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8542em;top:16.7367em;"><span class="stl_67 stl_08 stl_292">Asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8742em;top:16.7367em;"><span class="stl_67 stl_08 stl_306">Liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.6167em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.8883em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_62" style="word-spacing:0.006em;">e Swap – EURI-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.8883em;"><span class="stl_76 stl_08 stl_127" style="word-spacing:0.003em;">BOR </span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">M  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.4517em;top:20.8883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1717em;top:20.8883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3017em;top:20.8883em;"><span class="stl_76 stl_08 stl_15">555,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6242em;top:20.8883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8142em;top:20.8883em;"><span class="stl_76 stl_08 stl_100">(11,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.6983em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.9683em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_62" style="word-spacing:0.006em;">e Swap – EURI-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:24.9683em;"><span class="stl_76 stl_08 stl_127" style="word-spacing:0.003em;">BOR </span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">M  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.4517em;top:24.9683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1717em;top:24.9683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3017em;top:24.9683em;"><span class="stl_76 stl_08 stl_15">469,</span><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9342em;top:24.9683em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,451  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8842em;top:24.9683em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">88)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.8998em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">More details can be found in Note 26 with regards of the current debt facilities of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.8998em;"><span class="stl_43 stl_08 stl_24" style="word-spacing:-0.0065em;">Group related to the interest rate swaps.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.3448em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9683em;top:14.1567em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:14.1567em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.0267em;"><span class="stl_67 stl_08 stl_253" style="word-spacing:-0.0005em;">Movements in the hedging reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.3067em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:17.3067em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,16</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:17.3067em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.5767em;"><span class="stl_76 stl_08 stl_15">Fai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.009em;">r </span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0063em;">value ad</span><span class="stl_77 stl_08 stl_96">j</span><span class="stl_76 stl_08 stl_20">us</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_51">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.005em;">r t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.007em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_53">ea</span><span class="stl_77 stl_08 stl_53">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9783em;top:18.5767em;"><span class="stl_76 stl_08 stl_64">(14,1</span><span class="stl_77 stl_08 stl_15">77</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:18.5767em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">72</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:19.8483em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_15">ec</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.006em;">cled </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r t</span><span class="stl_76 stl_08 stl_131" style="word-spacing:0.028em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_127">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0483em;top:19.8483em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">77</span><span class="stl_76 stl_08 stl_15">6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:19.8483em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.1183em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0075em;">End of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.7983em;top:21.1183em;"><span class="stl_67 stl_08 stl_42">(11,790)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4383em;top:21.1183em;"><span class="stl_67 stl_08 stl_79">3,163  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0025em;">Foreign currency risk hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.003em;">In 2021, the Group entered into a binding contract for the construction of two P-class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0012em;">vessels from COSCO. The contracts are partly settled in USD. USD payments will be due  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0029em;">in 2024 and 2025.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.8123em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0034em;">The currency exposure arising from the contracts has been swapped to EUR at the Com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.9023em;"><span class="stl_43 stl_08 stl_53">pany</span><span class="stl_46 stl_08 stl_30" style="word-spacing:-0.0041em;">’s banks at an average USD:EUR rate of 0.</span><span class="stl_140 stl_08 stl_307">918</span><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0035em;">7 for both 2023 and 2022.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.4823em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0003em;">In 2022, the Company signed additional contracts with COSCO SHIPPING Heavy Industry  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.5623em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0024em;">to build a total of two new A-class foundation installation vessel. The Company is ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.6539em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0011em;">posed to change in foreign exchange currency risk on their contractual obligation to ac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.7339em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0065em;">quire the A-class vessels due to the last instalment being in USD. The last instalment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.8139em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0031em;">shall be payable upon delivery of the vessel.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.4039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0008em;">The exposure to the variability in the future currency rate has been hedged by entering  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.4839em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0015em;">into six zero cost collar contracts with DNB, securing an average USD:EUR rate of be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.5639em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0027em;">tween 0.8695 and 0.9466 for USD 300 million of notional amount, bringing the total cov-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.6539em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0024em;">erage to USD 500 million. As of 31 December 2023, the total coverage effectively miti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.7364em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0035em;">gates around 50% of its foreign exchange risk for the upcoming USD instalments for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.8164em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0003em;">new P- and A-class vessels contracts.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.4064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">The economic relationship is established as a match of critical terms between the hedge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.4864em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0023em;">item and hedge instrument. The Group has assessed the following terms when entered  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.5664em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0077em;">the hedge relationship:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.44em;top:34.1964em;"><span class="stl_46 stl_08 stl_15">–</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.85em;top:34.1964em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0012em;">Payment date of instalment in foreign currency.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.44em;top:35.7764em;"><span class="stl_46 stl_08 stl_15">–</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.85em;top:35.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0031em;">Maturity of the hedged item and hedged instruments (forward contract and op-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.85em;top:36.8581em;"><span class="stl_43 stl_08 stl_116" style="word-spacing:0.0048em;">tion collars).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0005em;">The expected causes of hedging ineffectiveness relate to changes to the expected date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0011em;">of delivery of the vessel. The below table shows the profile of the nominal amount of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0015em;">foreign currency forward contracts and option collars and the fair values.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8383em;top:14.8267em;"><span class="stl_67 stl_08 stl_51" style="word-spacing:-0.0114em;">Fair value EUR’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.1458em;top:16.0667em;"><span class="stl_67 stl_08 stl_257">Between  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.8683em;top:16.0667em;"><span class="stl_67 stl_08 stl_257">Between  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1558em;top:17.0667em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.01em;">Less than  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.7458em;top:17.0667em;"><span class="stl_67 stl_08 stl_172" style="word-spacing:0.0025em;">1 and 2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4683em;top:17.0667em;"><span class="stl_67 stl_08 stl_172" style="word-spacing:0.0025em;">2 and 5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.2548em;"><span class="stl_74 stl_08 stl_78">No</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_25" style="word-spacing:0.0214em;">ional amoun</span><span class="stl_98 stl_08 stl_15" style="word-spacing:0.01em;">t </span><span class="stl_74 stl_08 stl_79">USD’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4458em;top:18.0667em;"><span class="stl_67 stl_08 stl_257" style="word-spacing:-0.0033em;">1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.3958em;top:18.0667em;"><span class="stl_67 stl_08 stl_133">years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1183em;top:18.0667em;"><span class="stl_67 stl_08 stl_133">years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.7383em;top:18.0767em;"><span class="stl_67 stl_08 stl_292">Asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.7483em;top:18.0767em;"><span class="stl_67 stl_08 stl_306">Liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:19.9483em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.2183em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">FX </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">wa</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_96" style="word-spacing:0.01em;">d con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7458em;top:21.2183em;"><span class="stl_76 stl_08 stl_15">15</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.9158em;top:21.2183em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7783em;top:21.2183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5083em;top:21.2183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.1383em;top:21.2183em;"><span class="stl_76 stl_08 stl_102">(5,</span><span class="stl_77 stl_08 stl_15">33</span><span class="stl_76 stl_08 stl_15">8)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.4883em;"><span class="stl_76 stl_08 stl_09">Op</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0034em;">ion colla</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3358em;top:22.4883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.4658em;top:22.4883em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6383em;top:22.4883em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5083em;top:22.4883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.1383em;top:22.4883em;"><span class="stl_76 stl_08 stl_100">(4,4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">1)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:24.3083em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:25.5783em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">FX </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">wa</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_96" style="word-spacing:0.01em;">d con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3358em;top:25.5783em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.4658em;top:25.5783em;"><span class="stl_77 stl_08 stl_15">200</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7783em;top:25.5783em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5083em;top:25.5783em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.1383em;top:25.5783em;"><span class="stl_76 stl_08 stl_100">(1,8</span><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:26.8483em;"><span class="stl_76 stl_08 stl_09">Op</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0034em;">ion colla</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3358em;top:26.8483em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.0558em;top:26.8483em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7783em;top:26.8483em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5083em;top:26.8483em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2283em;top:26.8483em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:29.8889em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9683em;top:29.7008em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:29.7008em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:31.5808em;"><span class="stl_67 stl_08 stl_253" style="word-spacing:0.0005em;">Movements in the hedging reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:32.8508em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4283em;top:32.8508em;"><span class="stl_76 stl_08 stl_100">(1,8</span><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:32.8508em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:34.1208em;"><span class="stl_76 stl_08 stl_15">Fai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.009em;">r </span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0063em;">value ad</span><span class="stl_77 stl_08 stl_96">j</span><span class="stl_76 stl_08 stl_20">us</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_51">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.005em;">r t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.007em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_53">ea</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0222em;">r </span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0007em;">- FX </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">wa</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_96" style="word-spacing:-0.002em;">d con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4283em;top:34.1208em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_100">,518)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.1483em;top:34.1208em;"><span class="stl_76 stl_08 stl_100">(1,8</span><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:35.3908em;"><span class="stl_76 stl_08 stl_15">Fai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.009em;">r </span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0063em;">value ad</span><span class="stl_77 stl_08 stl_96">j</span><span class="stl_76 stl_08 stl_20">us</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_51">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.005em;">r t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.007em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_53">ea</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0222em;">r </span><span class="stl_76 stl_08 stl_09" style="word-spacing:-0.0003em;">- Op</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0034em;">ion colla</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0483em;top:35.3908em;"><span class="stl_76 stl_08 stl_15">(81</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:35.3908em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:36.6625em;"><span class="stl_76 stl_08 stl_52" style="word-spacing:-0.0044em;">Time value ad</span><span class="stl_77 stl_08 stl_96">j</span><span class="stl_76 stl_08 stl_20">us</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_16">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r t</span><span class="stl_76 stl_08 stl_131" style="word-spacing:0.028em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4283em;top:36.6625em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_101">,6</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:36.6625em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:37.9325em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0075em;">End of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:37.9325em;"><span class="stl_67 stl_08 stl_28">(9,769)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9883em;top:37.9325em;"><span class="stl_67 stl_08 stl_136">(1,820)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_39 stl_08 stl_41" style="word-spacing:0.013em;">2.20. Derivatives and hedge accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0024em;">Derivative financial instruments are initially recognised at fair value on the date on which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">a derivative contract is entered into and subsequently remeasured at fair value over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0047em;">profit and loss. Derivatives are carried as financial assets, presented under derivatives  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0031em;">assets, when the fair value is positive and as financial liabilities, presented under deriva-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0002em;">tives liabilities, when the fair value is negative.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0004em;">At the inception of a hedge relationship, the Group formally designates and documents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0022em;">the hedge relationship and the risk management objective and strategy for undertaking  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:-0.0057em;">the hedge.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.0264em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0029em;">Changes in the fair value of derivative financial instruments designated as cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.1064em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0011em;">hedges are recognis</span><span class="stl_46 stl_08 stl_49" style="word-spacing:-0.0036em;">ed in other comprehensive income and presented under “</span><span class="stl_43 stl_08 stl_29">Hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.1964em;"><span class="stl_43 stl_08 stl_136">r</span><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0008em;">eserves” (equity). Where the expected future transactions results in the acquisition of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.2764em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">non-financial assets, any amounts deferred under equity are transferred from equity to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.3564em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0034em;">the cost of the asset. Where expected future transaction results in income or expense,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.4464em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0029em;">amount deferred under equity are transferred from equity to the income statement in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.5281em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0042em;">same item as the hedged transaction as a reclassification adjustment. Further, the entity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.6081em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0003em;">may transfer the cumulative fair value change recognised within equity upon derecogni-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.6981em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0005em;">tion of the hedged item. Borrowing facilities are derecognised when the obligation under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.7781em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">the liability is discharged or cancelled or expires. When an existing financial liability is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">replaced by another from the same lender on substantially different terms, or the terms  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0034em;">of an existing liability are substantially modified, such an exchange or modification is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0009em;">treated as the derecognition of the original liability and the recognition of a new liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0026em;">Changes in the fair value of derivative financial instruments not designated as hedges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0005em;">are recognised in the income statement. Certain borrowing facilities when undrawn do  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0021em;">not qualify for hedge accounting. Changes in fair value of these derivative financial in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">struments are therefore recognis</span><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0032em;">ed in the income statement under “Financial income” or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:-0.0018em;">“Financial expenses” for interest rate swaps.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0021em;">The amount included in the hedging reserve is the lower of, in absolute amounts, of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0009em;">cumulative fair value adjustment of the hedging instrument and the hedged item. Inef-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0009em;">fectiveness is recognised in the consolidated statement of profit and loss. Further, in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0027em;">case any modifications occur in the hedged risk, the Group will conduct a comprehen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">sive review and assessment of the hedge relationship. In a recent evaluation, adjust-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">ments in debt were carefully assessed in accordance with hedge accounting standards,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0009em;">resulting in no material changes or implications on hedge accounting.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:-0.0003em;">Equity-settled transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">The cost of equity-settled transactions is determined by the fair value at the date when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0013em;">the grant is made using an appropriate valuation model.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0019em;">That cost is recognised in employee benefits expenses, together with a corresponding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0017em;">increase in equity (retained earnings), over the period in which the service and, where ap-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0023em;">plicable, the performance conditions are fulfilled (the vesting period). The cumulative ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">pense recognised for equity-settled transactions at each reporting date until the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0em;">date reflects the extent to which the vesting period has expired and the Group’s best es-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0014em;">timate of the number of equity instruments that will ultimately vest. The expense or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.003em;">credit in the statement of profit or loss for a period represents the movement in cumula-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0021em;">tive expense recognised as at the beginning and end of that period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0012em;">Service and non-market performance conditions are not taken into account when deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">mining the grant date fair value of awards, but the likelihood of the conditions being met  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0014em;">is assessed as part of the Group’s best estimate of the number of equity instrumen</span><span class="stl_43 stl_08 stl_15">ts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0011em;">that will ultimately vest. Market performance conditions are reflected within the grant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:-0.0035em;">date fair value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0024em;">Any other conditions attached to an award, but without an associated service require-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.004em;">ment, are considered to be non-vesting conditions. Non-vesting conditions are reflected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0027em;">in the fair value of an award and lead to an immediate expensing of an award unless  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">there are also service and/or performance conditions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0047em;">No expense is recognised for awards that do not ultimately vest because non-market  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0047em;">performance and/or service conditions have not been met.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0034em;">Where awards include a market or non-vesting condition, the transactions are treated as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0013em;">vested irrespective of whether the market or non-vesting condition is satisfied, provided  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0026em;">that all other performance and/or service conditions are satisfied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0022em;">The dilutive effect of outstanding options is reflected as additional share dilution in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0006em;">computation of diluted earnings per share in a loss situation only if loss per share de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_34">creases.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0247em;">2.21. Share capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0035em;">Ordinary shares are classified as equity. When there is a capital increase through the is-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0009em;">suance of new shares, these shares are recorded at their nominal value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_39 stl_08 stl_20" style="word-spacing:0.0059em;">2.22. Share premium reserve and retained earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0013em;">Capital increase is categorised as equity. Share premium reserve signifies the capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">contributed by investors exceeding the nominal value of the shares issued, net of any in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">cremental costs directly associated with the issuance of new shares. Retained earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0015em;">include results from previous periods, changes to equity arising from business combina-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.2781em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0016em;">tion purchase price, and share-based payments.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0247em;">2.21. Share capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0035em;">Ordinary shares are classified as equity. When there is a capital increase through the is-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0009em;">suance of new shares, these shares are recorded at their nominal value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_39 stl_08 stl_20" style="word-spacing:0.0059em;">2.22. Share premium reserve and retained earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0013em;">Capital increase is categorised as equity. Share premium reserve signifies the capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">contributed by investors exceeding the nominal value of the shares issued, net of any in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">cremental costs directly associated with the issuance of new shares. Retained earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0015em;">include results from previous periods, changes to equity arising from business combina-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.2781em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0016em;">tion purchase price, and share-based payments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:-0.0003em;">Issued Share Capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.3217em;top:10.1542em;"><span class="stl_67 stl_08 stl_219" style="word-spacing:0.012em;">No. of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:11.3423em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0717em;top:11.1542em;"><span class="stl_67 stl_08 stl_300">shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:11.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:11.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:11.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:13.0267em;"><span class="stl_67 stl_08 stl_248" style="word-spacing:-0.0047em;">Ordinary shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.3067em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0007em;">Beginning and end o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.009em;">r 202</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.009em;">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.5917em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">8,5</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7717em;top:14.3067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6,5</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4942em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">18,641  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2142em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">18,641  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.5767em;"><span class="stl_76 stl_08 stl_70" style="word-spacing:0.0025em;">Issued on Ma</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y 2022 f</span><span class="stl_76 stl_08 stl_103">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_92">capi</span><span class="stl_77 stl_08 stl_72">t</span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0045em;">al inc</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">ease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0417em;top:15.5767em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6,1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:15.5767em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,518  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.8567em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0033em;">Issued on Oc</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92">obe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0045em;">r 2022 f</span><span class="stl_76 stl_08 stl_103">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_80">capi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.002em;">al in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.8567em;"><span class="stl_76 stl_08 stl_103">c</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">ease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0417em;top:17.8667em;"><span class="stl_77 stl_08 stl_15">32</span><span class="stl_76 stl_08 stl_15">,85</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:17.8667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:17.8667em;"><span class="stl_76 stl_08 stl_15">4,416  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:17.8667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.1367em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:0.002em;">Issued on Decembe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.0015em;">r 2023 f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_92">capi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.002em;">al in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.1383em;"><span class="stl_76 stl_08 stl_103">c</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">ease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.5917em;top:20.1383em;"><span class="stl_76 stl_08 stl_15">11</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,8</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7717em;top:20.1383em;"><span class="stl_76 stl_08 stl_15">15,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.4683em;"><span class="stl_67 stl_08 stl_301" style="word-spacing:-0.0099em;">End of financial year 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4517em;top:21.4683em;"><span class="stl_67 stl_08 stl_49">311,409  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6517em;top:21.4683em;"><span class="stl_67 stl_08 stl_29">41,838  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:21.4683em;"><span class="stl_67 stl_08 stl_29">26,575  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0942em;top:21.4683em;"><span class="stl_67 stl_08 stl_29">18,641  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.8339em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">As of 1 January 2023</span><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0009em;">, the Group’s issued and paid in share capital amounted to DKK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.9239em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0044em;">197,600 thousand, equal to EUR 26,575 thousand, consisting of 197,600,000 shares of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.0039em;"><span class="stl_43 stl_08 stl_102" style="word-spacing:0.0027em;">DKK 1.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.5864em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0019em;">In June 2023, Cadeler and Eneti entered into a Business Combination Agreement, exe-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.6764em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0049em;">cuted through a stock-for-stock exchange offer made to all stockholders of Eneti. In De-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.7564em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.003em;">cember 2023, the share exchange offer was successfully completed and, consequently,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.8364em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0054em;">the registration of the share capital increase.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.4264em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0012em;">In December 2023, the authorised share capital was increased by DKK 113,809 thousand,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.5064em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0014em;">equal to EUR 15,263 thousand, consisting of 113,809,868 shares of DKK 1.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0881em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0019em;">At the end of 2023, the Group had share capital amounting to DKK 311,409 thousand,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1781em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0022em;">equal to EUR 41,838 thousand, consisting of 311,409,868 shares of DKK 1.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.7581em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">All shares have equal rights.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_42" style="word-spacing:0.0007em;">Capital management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0014em;">The Company’s objectives when managing capital are to ensure the Company’s ability to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1623em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">continue as a going concern and to maintain an optimal capital structure.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0003em;">In order to achieve this overall objective, the Company’s capital management, among  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0008em;">other things, aims to ensure that it meets financial covenants attached to the interest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0029em;">bearing loans and borrowings that define capital structure requirements. Breaches in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5623em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0041em;">meeting the financial covenants would permit the bank to immediately call loans and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6523em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0037em;">borrowings. There have been no breaches of the financial covenants of any interest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0027em;">bearing loans and borrowing in the current period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.001em;">In order to maintain or adjust the capital structure in the future, the Group may adjust the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">amount of dividends paid to shareholders, issue new shares and/or sell assets to reduce  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0639em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0027em;">debt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1639em;"><span class="stl_46 stl_08 stl_52" style="word-spacing:0.0037em;">distributions without DNB Bank ASA’s written consent.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_39 stl_08 stl_20" style="word-spacing:0.0059em;">2.22. Share premium reserve and retained earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0013em;">Capital increase is categorised as equity. Share premium reserve signifies the capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">contributed by investors exceeding the nominal value of the shares issued, net of any in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">cremental costs directly associated with the issuance of new shares. Retained earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0015em;">include results from previous periods, changes to equity arising from business combina-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.2781em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0016em;">tion purchase price, and share-based payments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_39 stl_08 stl_54" style="word-spacing:0.0109em;">2.23. Share based payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0029em;">Employees (including senior executives) of the Group receive remuneration in the form  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0004em;">of share-based payments, whereby employees render services as consideration for eq-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">uity instruments (equity-settled transactions).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:-0.0003em;">Equity-settled transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">The cost of equity-settled transactions is determined by the fair value at the date when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0013em;">the grant is made using an appropriate valuation model.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0019em;">That cost is recognised in employee benefits expenses, together with a corresponding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0017em;">increase in equity (retained earnings), over the period in which the service and, where ap-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0023em;">plicable, the performance conditions are fulfilled (the vesting period). The cumulative ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">pense recognised for equity-settled transactions at each reporting date until the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0em;">date reflects the extent to which the vesting period has expired and the Group’s best es-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0014em;">timate of the number of equity instruments that will ultimately vest. The expense or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.003em;">credit in the statement of profit or loss for a period represents the movement in cumula-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0021em;">tive expense recognised as at the beginning and end of that period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0012em;">Service and non-market performance conditions are not taken into account when deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">mining the grant date fair value of awards, but the likelihood of the conditions being met  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0014em;">is assessed as part of the Group’s best estimate of the number of equity instrumen</span><span class="stl_43 stl_08 stl_15">ts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0011em;">that will ultimately vest. Market performance conditions are reflected within the grant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:-0.0035em;">date fair value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0024em;">Any other conditions attached to an award, but without an associated service require-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.004em;">ment, are considered to be non-vesting conditions. Non-vesting conditions are reflected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0027em;">in the fair value of an award and lead to an immediate expensing of an award unless  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">there are also service and/or performance conditions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0047em;">No expense is recognised for awards that do not ultimately vest because non-market  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0047em;">performance and/or service conditions have not been met.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0034em;">Where awards include a market or non-vesting condition, the transactions are treated as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0013em;">vested irrespective of whether the market or non-vesting condition is satisfied, provided  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0026em;">that all other performance and/or service conditions are satisfied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0022em;">The dilutive effect of outstanding options is reflected as additional share dilution in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0006em;">computation of diluted earnings per share in a loss situation only if loss per share de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_34">creases.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_39 stl_08 stl_20" style="word-spacing:0.0059em;">2.22. Share premium reserve and retained earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0013em;">Capital increase is categorised as equity. Share premium reserve signifies the capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">contributed by investors exceeding the nominal value of the shares issued, net of any in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0005em;">cremental costs directly associated with the issuance of new shares. Retained earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0015em;">include results from previous periods, changes to equity arising from business combina-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.2781em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0016em;">tion purchase price, and share-based payments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_39 stl_08 stl_54" style="word-spacing:0.0109em;">2.23. Share based payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0029em;">Employees (including senior executives) of the Group receive remuneration in the form  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0004em;">of share-based payments, whereby employees render services as consideration for eq-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">uity instruments (equity-settled transactions).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:-0.0003em;">Equity-settled transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">The cost of equity-settled transactions is determined by the fair value at the date when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0013em;">the grant is made using an appropriate valuation model.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0019em;">That cost is recognised in employee benefits expenses, together with a corresponding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0017em;">increase in equity (retained earnings), over the period in which the service and, where ap-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0023em;">plicable, the performance conditions are fulfilled (the vesting period). The cumulative ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">pense recognised for equity-settled transactions at each reporting date until the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0em;">date reflects the extent to which the vesting period has expired and the Group’s best es-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0014em;">timate of the number of equity instruments that will ultimately vest. The expense or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.003em;">credit in the statement of profit or loss for a period represents the movement in cumula-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0021em;">tive expense recognised as at the beginning and end of that period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0012em;">Service and non-market performance conditions are not taken into account when deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">mining the grant date fair value of awards, but the likelihood of the conditions being met  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0014em;">is assessed as part of the Group’s best estimate of the number of equity instrumen</span><span class="stl_43 stl_08 stl_15">ts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0011em;">that will ultimately vest. Market performance conditions are reflected within the grant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:-0.0035em;">date fair value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0024em;">Any other conditions attached to an award, but without an associated service require-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.004em;">ment, are considered to be non-vesting conditions. Non-vesting conditions are reflected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0027em;">in the fair value of an award and lead to an immediate expensing of an award unless  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">there are also service and/or performance conditions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0047em;">No expense is recognised for awards that do not ultimately vest because non-market  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0047em;">performance and/or service conditions have not been met.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0034em;">Where awards include a market or non-vesting condition, the transactions are treated as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0013em;">vested irrespective of whether the market or non-vesting condition is satisfied, provided  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0026em;">that all other performance and/or service conditions are satisfied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0022em;">The dilutive effect of outstanding options is reflected as additional share dilution in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0006em;">computation of diluted earnings per share in a loss situation only if loss per share de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_34">creases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_113" style="word-spacing:0.0013em;">Note 8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_09" style="word-spacing:-0.0006em;">Long Term Incentive Programs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0038em;">In December 2021, a new remuneration scheme was agreed starting in January 2022 and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0006em;">replacing the existing share-based incentive schemes for the majority of eligible employ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0046em;">ees. The terms of the programme initiated in December 2021 are:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0042em;">(i) with effect from 2021, an annual cash bonus up to 12 months of salary for the CEO, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">up to 6 months for selected employees. This bonus is at the discretion of the board and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">paid in cash the following January. Bonuses regarding selected employees is expensed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0036em;">in 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0057em;">(ii) with effect from 2021, an annual cash bonus up to 3 months of salary for other em-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0042em;">ployees. This bonus paid based on Company, team and individual performance. The bo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0012em;">nus is paid in cash at the end of the calendar year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0022em;">(iii) in January 2022, the executive management and selected employees were granted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0001em;">from 10,393 to 55,430 Restricted Share Units (RSU) which will vest July 2024 and are con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0039em;">ditional upon continued employment within Cadeler. The total value of the RSU alloca-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0006em;">tion is calculated based on the Company's closing share price on Nasdaq Copenhagen  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0008em;">A/S on the day of the grant and the value is EUR 394 thousand (EUR 3.3 per RSU). The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0002em;">expense recognised in profit and loss for the year amounts to EUR 143 thousand (EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0007em;">157 thousand in 2022). The average remaining contractual life as of 31 December 2023 is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_62" style="word-spacing:0.0098em;">0.5 years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0033em;">(iv) in January 2022, the executive management and selected employees were granted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0017em;">from 10,393 to 55,430 Options in Cadeler shares which will vest May 2024 and expire in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0039em;">April 2027. The strike price will range from NOK 36.02 to NOK 38.42 depending on the ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0044em;">ercise period and are conditional upon continued employment within Cadeler. The fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.003em;">value of these granted options was determined using the Black-Scholes model and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0011em;">value is EUR 160 thousand (EUR 1.3 per RSU). The expense recognised in profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0028em;">for the year amounts to EUR 62 thousand (EUR 69 thousand in 2022). The average re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0006em;">maining contractual life for the options as of 31 December 2023 is 3.3 years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.003em;">For the programmes described in (iii) and (iv) the annualised volatility of the shares 48.1%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0006em;">is based on the historical volatility of the price of shares, annual risk free interest rate of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0054em;">1%, dividend yield of zero, expected life until expiration date and average share price of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_116" style="word-spacing:-0.0012em;">EUR 3.7.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0053em;">(v) in May 2022, the executive management and selected employees were granted from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0027em;">43,420 to 221,719 Options in Cadeler shares which will vest in May 2025 and expire in May  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0021em;">2028. The strike price will be NOK 40.24 and is conditional upon continued employment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0022em;">within Cadeler. The fair value of these granted options was determined using the Black-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.004em;">Scholes model and the value is EUR 761 thousand (EUR 1.3 per RSU). The expense recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0021em;">nised in profit and loss for the year amounts to EUR 237 thousand. The average remain-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.0048em;">ing contractual life for the options as per 31 December 2023 is 4.3 years. The annualised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0009em;">volatility of the shares 42.5% is based on the historical volatility of the price of shares,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0033em;">annual risk free interest rate of 2.8%, dividend yield of zero, expected life until expiration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">date and average share price of EUR 3.7.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0016em;">(vi) in January 2023, the executive management and selected employees were granted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">from 19,760 to 130,416 Restricted Share Units which will vest in July 2025 and are condi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">tional upon continued employment within Cadeler. The total value of the RSU allocation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">is calculated based on the Black-Scholes model and the value is EUR 1.2 million (EUR 3.0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0043em;">per RSU). The expense recognised in profit and loss for the year amounts to EUR 498  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0002em;">thousand. The average remaining contractual life is 1.5 years. The average share price is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0039em;">NOK 36.56.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0023em;">(vii) In August 2023, the executive management and selected employees were granted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0002em;">from 88,920 to 385,320 Options in Cadeler shares which will vest in August 2026 and ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0004em;">pire in August 2029. The strike price will be NOK 45.49 and is conditional upon continued  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0002em;">employment within Cadeler. The fair value of these granted options was determined us-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0002em;">ing the Black-Scholes model and the value is EUR 2.2 million (EUR 1.8 per RSU). The ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0036em;">pense recognised in profit and loss for the year amounts to EUR 250 thousand. The aver-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">age remaining contractual life for the options as of 31 December 2023 is 5.5 years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">The annualised volatility of the shares 61.0% is based on the historical volatility of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0014em;">price of shares, annual risk free interest rate of 2.68%, dividend yield of zero, expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0019em;">life until expiration date and average share price of EUR 3.7.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">The Group previously had a share-based incentive scheme for its key employees in con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0002em;">nection with the IPO, with the following key terms:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0012em;">(viii) an incentive varying from 1 to 8 months of salary of the key employee paid in shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0032em;">in the event the Offering is successful. The gross monthly salary and share price for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0025em;">basis of calculation of the shares to be issued is based on the gross monthly salary of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0044em;">the employee and share price on the first day of trading of the shares. The initial share  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">price was set at observable input 27 November 2020 (146,626 shares) and was paid out in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.002em;">cash at the share price after the vesting period 27 November 2021.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0004em;">The initial cost was calculated to EUR 504 thousand but was paid out at EUR 734 thou-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0022em;">sand. The charge to equity amounts to EUR 230 thousand.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0015em;">(ix) an incentive varying from 2 to 4 months of salary of the key employee paid in shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">for the continuous employment of the employee for each full calendar year of 2020 and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_46 stl_08 stl_40">202</span><span class="stl_140 stl_08 stl_96">1</span><span class="stl_46 stl_08 stl_51" style="word-spacing:0.0008em;">. The incentive will be paid with the employee’s salary in June in the following </span><span class="stl_43 stl_08 stl_136">year,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0em;">i.e., in June 2021 and June 2022. The gross monthly salary and share price for the basis of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">calculation of the shares to be issued is based on the gross monthly salary of the em-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0028em;">ployee and share price on the date the incentive will be paid in June 2021 and June 2022.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0016em;">As stated above this programme was terminated for most of employees and this part is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">reversed in equity and in profit and loss as well. The amount reversed regarding 2020 is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0026em;">EUR 3 thousand and 2021 EUR 167 thousand.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0016em;">(x) with effect from 2021, a tiered annual bonus scheme for the CEO of the Company  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">linked to KPIs and business profitability, which is capped at 8 months of gross monthly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.001em;">salary of the CEO paid in shares. The gross monthly salary and share price for the basis  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0032em;">of calculation of the shares to be issued is based on the gross monthly salary of the CEO  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0042em;">and shares price on the date falling 30 days from the date of filing of the audited ac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0024em;">counts of the Company for the financial year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0001em;">As stated above this programme is terminated and was replaced with a cash bonus. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0007em;">programme was accounted for as a cash-based incentive programme for 2021 and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0028em;">full cash bonus was expensed for in 2021.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0068em;">None of these instruments are exercisable at the reporting period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.3858em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6983em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5542em;top:11.4667em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1458em;top:11.4667em;"><span class="stl_67 stl_08 stl_246">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.8558em;top:11.4667em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4483em;top:11.4667em;"><span class="stl_67 stl_08 stl_246">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2442em;top:12.4667em;"><span class="stl_67 stl_08 stl_293">management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3058em;top:12.4667em;"><span class="stl_67 stl_08 stl_254">employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.5458em;top:12.4667em;"><span class="stl_67 stl_08 stl_293">management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6083em;top:12.4667em;"><span class="stl_67 stl_08 stl_254">employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.04em;top:13.5823em;"><span class="stl_168 stl_08 stl_29" style="word-spacing:0.0004em;">Outstanding instruments - Options  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8742em;top:14.2348em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2742em;top:14.2348em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.0258em;top:14.2348em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.4358em;top:14.2348em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1758em;top:14.2348em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5883em;top:14.2348em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.3283em;top:14.2348em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7483em;top:14.2348em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.3867em;"><span class="stl_67 stl_08 stl_247" style="word-spacing:0.0045em;">Outstanding at 1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1242em;top:15.3867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">44,589  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5342em;top:15.3867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2758em;top:15.3867em;"><span class="stl_77 stl_08 stl_15">330</span><span class="stl_76 stl_08 stl_15">,96</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6958em;top:15.3867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:15.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:15.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:15.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:15.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:16.6567em;"><span class="stl_77 stl_08 stl_40">Gr</span><span class="stl_76 stl_08 stl_15">an</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0093em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_127">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1242em;top:16.6567em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">,44</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5342em;top:16.6567em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2758em;top:16.6567em;"><span class="stl_76 stl_08 stl_15">56</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,16</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6958em;top:16.6567em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4258em;top:16.6567em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">44,589  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.8483em;top:16.6567em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.5783em;top:16.6567em;"><span class="stl_77 stl_08 stl_15">330</span><span class="stl_76 stl_08 stl_15">,96</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.0083em;top:16.6567em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.9267em;"><span class="stl_76 stl_08 stl_157">Fo</span><span class="stl_77 stl_08 stl_33">rf</span><span class="stl_76 stl_08 stl_53">ei</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.016em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_72" style="word-spacing:0.03em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_127">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7142em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8658em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:19.1967em;"><span class="stl_76 stl_08 stl_70">Exe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0093em;">cised du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_72" style="word-spacing:0.03em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7142em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8658em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:20.4683em;"><span class="stl_76 stl_08 stl_25">Expi</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.008em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_81">ea</span><span class="stl_77 stl_08 stl_81">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7142em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8658em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.8083em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0036em;">Outstanding at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9842em;top:21.8083em;"><span class="stl_67 stl_08 stl_49">967,029  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5342em;top:21.8083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.4</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.1358em;top:21.8083em;"><span class="stl_67 stl_08 stl_49">894,123  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6958em;top:21.8083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.46  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.2858em;top:21.8083em;"><span class="stl_67 stl_08 stl_49">344,589  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.8483em;top:21.8083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4383em;top:21.8083em;"><span class="stl_67 stl_08 stl_49">330,963  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.0083em;top:21.8083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.3858em;top:27.2483em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6983em;top:27.2483em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5542em;top:28.5408em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1458em;top:28.5408em;"><span class="stl_67 stl_08 stl_246">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.8558em;top:28.5408em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4483em;top:28.5408em;"><span class="stl_67 stl_08 stl_246">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2442em;top:29.5408em;"><span class="stl_67 stl_08 stl_293">management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3058em;top:29.5408em;"><span class="stl_67 stl_08 stl_254">employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.5458em;top:29.5408em;"><span class="stl_67 stl_08 stl_293">management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6083em;top:29.5408em;"><span class="stl_67 stl_08 stl_254">employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.04em;top:30.6564em;"><span class="stl_168 stl_08 stl_47" style="word-spacing:0.0011em;">Outstanding instruments - RSU  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8742em;top:31.3089em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2742em;top:31.3089em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.0258em;top:31.3089em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.4358em;top:31.3089em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1758em;top:31.3089em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5883em;top:31.3089em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.3283em;top:31.3089em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7483em;top:31.3089em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:32.4608em;"><span class="stl_67 stl_08 stl_247" style="word-spacing:0.0045em;">Outstanding at 1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5742em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">55,4</span><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.7258em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">65,8</span><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:33.7308em;"><span class="stl_77 stl_08 stl_40">Gr</span><span class="stl_76 stl_08 stl_15">an</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0093em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_127">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1242em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">189,696  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2758em;top:33.7308em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">5,5</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8758em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">55,4</span><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.0283em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">65,8</span><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:35.0008em;"><span class="stl_76 stl_08 stl_157">Fo</span><span class="stl_77 stl_08 stl_33">rf</span><span class="stl_76 stl_08 stl_53">ei</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.016em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_72" style="word-spacing:0.03em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_127">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7142em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8658em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:36.2725em;"><span class="stl_76 stl_08 stl_70">Exe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0093em;">cised du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_72" style="word-spacing:0.03em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7142em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8658em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:37.5425em;"><span class="stl_76 stl_08 stl_25">Expi</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.008em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_81">ea</span><span class="stl_77 stl_08 stl_81">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7142em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8658em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:38.8725em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0036em;">Outstanding at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9842em;top:38.8725em;"><span class="stl_67 stl_08 stl_49">245,126  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:38.8725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.1458em;top:38.8725em;"><span class="stl_67 stl_08 stl_136">271,327  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:38.8725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.7558em;top:38.8725em;"><span class="stl_67 stl_08 stl_20">55,430  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:38.8725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.9083em;top:38.8725em;"><span class="stl_67 stl_08 stl_29">65,823  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:38.8725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:41.2369em;"><sup style="top: -0.21em;"><span class="stl_84 stl_08 stl_198">1</span></sup><span class="stl_85 stl_08 stl_89" style="word-spacing:-0.0011em;">EUR Weighted average exercise price (WAEP).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_113" style="word-spacing:0.0013em;">Note 9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_113" style="word-spacing:-0.0004em;">Board of Directors and Management Compensation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1542em;top:12.6667em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.8858em;top:12.6667em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.1983em;top:12.6667em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0917em;top:13.9567em;"><span class="stl_67 stl_08 stl_246" style="word-spacing:0.0006em;">Board of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5742em;top:13.9567em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8142em;top:13.9567em;"><span class="stl_67 stl_08 stl_246" style="word-spacing:0.0006em;">Board of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2858em;top:13.9567em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.5258em;top:13.9567em;"><span class="stl_67 stl_08 stl_246" style="word-spacing:0.0006em;">Board of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0183em;top:13.9567em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.1448em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9417em;top:14.9567em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:1.254em;">directors management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1542em;top:14.9567em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6642em;top:14.9567em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:1.2396em;">directors management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.8858em;top:14.9567em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.3758em;top:14.9567em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:1.2674em;">directors management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.1983em;top:14.9567em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.2867em;"><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0066em;">Wages, sala</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_129" style="word-spacing:0.0043em;">ies and boa</span><span class="stl_77 stl_08 stl_81">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">d </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_101">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8217em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7342em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">85</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0142em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5442em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4458em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">68</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.3658em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">86</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.2558em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.1783em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">65</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.5667em;"><span class="stl_76 stl_08 stl_101">Sha</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_59" style="word-spacing:0.003em;">e based pa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_58">men</span><span class="stl_77 stl_08 stl_58">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8942em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7342em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">588  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6342em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">588  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6158em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4458em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.3658em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3283em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.1783em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">164  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">164  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.8367em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_58">sho</span><span class="stl_77 stl_08 stl_71">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_70" style="word-spacing:-0.0095em;">m bene</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8942em;top:18.8367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1842em;top:18.8367em;"><span class="stl_76 stl_08 stl_15">55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0842em;top:18.8367em;"><span class="stl_76 stl_08 stl_15">55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6158em;top:18.8367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8958em;top:18.8367em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.8158em;top:18.8367em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3283em;top:18.8367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6283em;top:18.8367em;"><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1283em;top:18.8367em;"><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.1083em;"><span class="stl_76 stl_08 stl_99" style="word-spacing:-0.0009em;">Cash bonus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8942em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1142em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">1,155  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0142em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">1,155  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6158em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4458em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">48</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.3658em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">48</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3283em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.1783em;top:20.1083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:20.1083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.4383em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0028em;">Total management compensation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7617em;top:21.4383em;"><span class="stl_67 stl_08 stl_83">183  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0142em;top:21.4383em;"><span class="stl_67 stl_08 stl_55">2,648  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9142em;top:21.4383em;"><span class="stl_67 stl_08 stl_55">2,831  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4842em;top:21.4383em;"><span class="stl_67 stl_08 stl_83">180  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7258em;top:21.4383em;"><span class="stl_67 stl_08 stl_92">1,374  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.6458em;top:21.4383em;"><span class="stl_67 stl_08 stl_92">1,554  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.1958em;top:21.4383em;"><span class="stl_67 stl_08 stl_83">180  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.4583em;top:21.4383em;"><span class="stl_67 stl_08 stl_92">1,151  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9583em;top:21.4383em;"><span class="stl_67 stl_08 stl_92">1,331  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.9739em;"><span class="stl_118 stl_08 stl_45" style="word-spacing:0.0054em;">Executive management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.0564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0008em;">Executive management means the members of the executive management which were  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.1364em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0043em;">registered with the Danish business authority and who have the authority and responsi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.2264em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">bility for the planning, directing and controlling activities of the Company as defined by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.3064em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0029em;">IAS 24. In 2021, Key management also included personnel who supported executive man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.3864em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0031em;">agement, for the planning, directing and controlling activities of the Company.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.5564em;"><span class="stl_118 stl_08 stl_52" style="word-spacing:-0.0015em;">Board of directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.6364em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">Andreas Sohmen-Pao and Andreas Beroutsos are employed by the BW Group. These  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.7281em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:0.0007em;">board members have not received remuneration from Cadeler in 2021, 2022 and 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.8081em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0038em;">Andreas Beroutsos stepped down from the Board with effect from 25 April 2023. On the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.8881em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0033em;">same date, Andrea Abt joined the Board.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.9739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0003em;">David Peter Cogman is employed by the Swire Group and has not received remuneration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.0564em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0017em;">from Cadeler in 2021, 2022 and 2023. David Peter Cogman stepped down from the Board  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.1364em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.003em;">with effect from 16 June 2023 along with Connie Hedegaard.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.3064em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0009em;">On 20 February 2024, Emanuele Lauro and James Nish joined the Board. Emanuele  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.3864em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0004em;">Lauro is the Director and Chief Executive Officer of Scorpio Holdings Limited considered  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.4764em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0007em;">a related party (See Note 27).  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0139em;"><span class="stl_39 stl_08 stl_52" style="word-spacing:0.0252em;">2.24. Currency translation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0038em;">The financial statements are presented in Euro (EUR), which is also the functional cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0002em;">rency of the Parent Company. For each entity in the Group, the Group determines the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">functional currency and items included in the financial statements of each entity are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0017em;">measured using that functional currency.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0006em;">Transactions in a currency other than the EUR (“foreign currency”) are translated into  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0041em;">EUR using the exchange rates at the dates of the transactions. Currency exchange dif-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0064em;">ferences resulting from the settlement of such transactions and from the translation of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">monetary assets and liabilities denominated in foreign currencies at the closing rates at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0032em;">the balance sheet are recognised in profit or loss. Non-monetary items measured at fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0006em;">values in foreign currencies are translated using the exchange rates at the date when the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0045em;">fair values are determined.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0009em;">Foreign exchange gains and losses impacting profit or loss are presented in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.2781em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0003em;">statement within finance income or finance expenses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0011em;">On consolidation, the assets and liabilities of foreign operations are translated into euros  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0005em;">at the rate of exchange prevailing at the reporting date and their statements of profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0022em;">loss are translated at exchange rates prevailing at the dates of the transactions. The ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0008em;">change differences arising on translation for consolidation are recognised in other com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0055em;">prehensive income. On disposal of a foreign operation, the component of other compre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0027em;">hensive income relating to that particular foreign operation is reclassified to profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_100">loss.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0139em;"><span class="stl_39 stl_08 stl_52" style="word-spacing:0.0252em;">2.24. Currency translation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0038em;">The financial statements are presented in Euro (EUR), which is also the functional cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0002em;">rency of the Parent Company. For each entity in the Group, the Group determines the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">functional currency and items included in the financial statements of each entity are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0017em;">measured using that functional currency.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0006em;">Transactions in a currency other than the EUR (“foreign currency”) are translated into  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0041em;">EUR using the exchange rates at the dates of the transactions. Currency exchange dif-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0064em;">ferences resulting from the settlement of such transactions and from the translation of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">monetary assets and liabilities denominated in foreign currencies at the closing rates at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0032em;">the balance sheet are recognised in profit or loss. Non-monetary items measured at fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0006em;">values in foreign currencies are translated using the exchange rates at the date when the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0045em;">fair values are determined.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0009em;">Foreign exchange gains and losses impacting profit or loss are presented in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.2781em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0003em;">statement within finance income or finance expenses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0011em;">On consolidation, the assets and liabilities of foreign operations are translated into euros  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0005em;">at the rate of exchange prevailing at the reporting date and their statements of profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0022em;">loss are translated at exchange rates prevailing at the dates of the transactions. The ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0008em;">change differences arising on translation for consolidation are recognised in other com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0055em;">prehensive income. On disposal of a foreign operation, the component of other compre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0027em;">hensive income relating to that particular foreign operation is reclassified to profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_100">loss.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.01em;">2.26. Material accounting judgements, estimates and assumptions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_46 stl_08 stl_47" style="word-spacing:-0.001em;">The preparation of the Group’s consolidated financial statements requires management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.002em;">to make judgements, estimates and assumptions that affect the reported amounts of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0003em;">revenues, expenses, assets and liabilities, and the accompanying disclosures, and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0021em;">disclosure of contingent liabilities. Uncertainty about these assumptions and estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0019em;">could result in outcomes that require a material adjustment to the carrying amount of as-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0024em;">sets or liabilities affected in future periods.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.8539em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">The key assumptions concerning the future and other key sources of estimation uncer-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0017em;">tainty at the reporting date, that have a significant risk of causing a material adjustment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.0239em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0005em;">to the carrying amounts of assets and liabilities within the next financial year, are de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.1039em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.003em;">scribed below. The Group based its assumptions and estimates on parameters available  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.1964em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0013em;">when the consolidated financial statements were prepared. Existing circumstances and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.2764em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0041em;">assumptions about future developments, however, may change due to market changes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.3564em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0033em;">or circumstances arising that are beyond the control of the Group. Such changes are re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.4464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0008em;">flected in the assumptions when they occur.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.3564em;"><span class="stl_118 stl_08 stl_33">Estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.4464em;"><span class="stl_118 stl_08 stl_51" style="word-spacing:-0.0016em;">Useful life of vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.5264em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0027em;">The estimation made regarding the duration of the useful life of the vessels has been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.6081em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0049em;">based on, among other things, an analysis made by an external expert. The determined  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.6981em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0005em;">fatigue analysis is based on the technical specification of the wind turbine installation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.7781em;"><span class="stl_43 stl_08 stl_15" style="word-spacing:0.0057em;">vessels </span><span class="stl_46 stl_08 stl_22" style="word-spacing:-0.0031em;">(“WTIV”) </span><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0029em;">and comparable vessels, the useful life of the vessels is estimated at 25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.8581em;"><span class="stl_43 stl_08 stl_10">years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0004em;">In 2020, the Group acquired two vessels which had already been in use for 8 years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">Therefore, the remaining useful life of these vessels is estimated at 17 years for all com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0004em;">ponents except the jacking system and main crane. These components have a remain-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0006em;">ing useful life of 3 years from the acquisition of the vessels. In the current year, the main  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0024em;">crane of these vessels is undergoing an upgrade. The old main crane has been disposed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0037em;">of, and the new main crane is expected to be activated in the new year, matching the re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0052em;">maining useful life of the vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">In 2023, as part of the business combination, the Group acquired two additional vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0016em;">One of these vessels was delivered in 2015 and the other in 2012. Similar to the vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0029em;">acquired in 2020, the estimated useful life of these vessels, 25 years when first acquired,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0028em;">depend on initial delivery. Therefore its useful life is 17 and 14 years, and all components  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0018em;">will have the same useful life. The depreciation will be calculated over the remaining use-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0055em;">ful life of these vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0004em;">The residual value, useful life, and methods of depreciation of property, plant, and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0017em;">ment are reviewed at each financial year end and adjusted accordingly, if appropriate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_118 stl_08 stl_31" style="word-spacing:-0.0027em;">Impairment of non-financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0018em;">Management is responsible for the identification of internal and external indicators of im-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0032em;">pairment related to non-financial assets. If indicators of impairment are identified, an im-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0067em;">pairment test must be performed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0027em;">Impairment exists when the carrying value of an asset including right-of-use assets or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0038em;">CGU exceeds its recoverable amount, which is the higher of fair value less costs of dis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0022em;">posal and its value in use. The fair value less costs of disposal calculation is based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_46 stl_08 stl_41" style="word-spacing:-0.0025em;">available sales transactions conducted at arm’s length terms, if available. The value in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0001em;">use calculation is based on a DCF model. The cash flows are derived from the budget  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0065em;">and the most recent project pipeline. These cash flows do not include restructuring ac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">tivities or significant future investments which will enhance the performance of the as-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0055em;">sets or CGU being tested.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0009em;">The recoverable amount is sensitive to the discount rate used in the DCF model as well  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0023em;">as future cash in-flows and growth rate assumptions, for further information please refer  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_145" style="word-spacing:-0.0098em;">to Note 18.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_118 stl_08 stl_92" style="word-spacing:0.0045em;">Purchase price allocation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">In the application of the acquisition method, estimates play a pivotal role in determining  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">the fair values of acquired assets and assumed liabilities, given the absence of observa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0025em;">ble market prices. Valuation techniques primarily involve assessing the present value of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0002em;">uncertain future cash flows or events at the acquisition date, with more significant esti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">mates typically applied to property, plant, and equipment. Due to inherent uncertainties  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0013em;">in fair value estimation, adjustments during the measurement period may be necessary.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0007em;">Valuation techniques considered include market-based, income-based, and cost-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">methodologies, prioritised in that order. Key assumptions, such as the remaining useful  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0002em;">life of vessels, inflation, utilisation rates, and day rates, are integral to these methodolo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_09">gies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_118 stl_08 stl_41">Judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_118 stl_08 stl_41" style="word-spacing:0.0005em;">Identification of CGU for the purpose of goodwill impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.003em;">For the purpose of testing the Group's vessels the impairment test is performed on a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0001em;">vessel-by-vessel basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0001em;">For the purpose of testing goodwill for impairment, management has assessed that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0024em;">Cadeler has two cash generating units (CGUs), being  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:13.2097em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0033em;">the transport and installation of offshore wind turbine generators and founda-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0015em;">tions installation vessels (WTGFIV) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:15.3797em;"><span class="stl_65 stl_66 stl_15">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0012em;">the maintenance of offshore wind turbine generators (O&amp;MV)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0004em;">The WTGFIV CGU is comprised of </span><span class="stl_46 stl_08 stl_28" style="word-spacing:-0.0045em;">Cadeler’s O</span><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0029em;">-class vessels and Scylla, which are largely  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0044em;">interchangeable, and the cash flows generated by them are interdependent. These ves-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0051em;">sels are operated collectively, employed interchangeably, and actively managed to meet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0021em;">the needs of our customers in that market. Given the technical specifications of vessels,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0004em;">the WTGFIV vessels are relatively homogenous with a very high degree of interoperabil-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0004em;">ity. The O&amp;MV CGU is comprised of the vessel Zaratan which has different specifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_24" style="word-spacing:-0.0056em;">tions, has independent and separable cash flows from the other vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_118 stl_08 stl_41" style="word-spacing:0.0019em;">Revenue recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0001em;">Judgement is performed when determining if a contract contains one or more perfor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0001em;">mance obligations. Judgements is performed as complexities arise when several types  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0054em;">of customer contracts are bundled.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">Evaluating the criteria for revenue recognition requires management's judgement to as-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0042em;">sess and identify performance obligations within the contract. This includes assessing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0003em;">the nature of performance obligations and whether they are distinct or should be com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0034em;">bined with other performance obligations to determine whether the performance obliga-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0024em;">tions are satisfied over time or at a point in time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.001em;">In contracts where many activities are bundled judgement is applied in the determination  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0008em;">of the most adequate recognition method and the most adequate measure of progress.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0037em;">Both of the judgements have a primary impact on the timing and amount of revenue to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0075em;">be recognised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0006em;">Evaluating the criteria for revenue recognition with contract with customer requires Man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0015em;">agement's judgement to assess and determine the following:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:-0.0025em;">• Identification of performance obligations within the contract. This includes assessing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0003em;">the nature of performance obligations and whether they are distinct or should be com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0046em;">bined with other performance obligations to determine whether the performance obliga-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0024em;">tions are satisfied over time or at a point in time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:-0.0007em;">• Determine the transaction price, including an assessment of variable consideration in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0068em;">the contract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0024em;">• In contract where many performance obligation are bundled, the allocation of transac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0032em;">tion price to performance obligations to determine the stand-alone selling price of each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">performance obligation identified in the contract using key assumptions which may in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0022em;">clude observable market and expected margin in the activities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.0025em;">Macroeconomic factors and climate risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0028em;">As part of our commitment to transparency and thorough risk management, Cadeler rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0009em;">ognises the significance of macroeconomic factors and climate risks in our financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0001em;">evaluations. In navigating an ever-evolving operational landscape, we acknowledge the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0022em;">importance of factoring in these elements when assessing the useful lives of assets, de-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0002em;">termining residual values, and conducting Discounted Cash Flow (DCF) analyses for im-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0011em;">pairment assessments. Management does not currently consider climate risks to have a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1981em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0033em;">material effect on the accounting estimates and judgements for the 2023 consolidate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.2781em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0005em;">and parent company financial statements.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0006em;">Cadeler's strategic investments in offshore wind assets are in line with our dedication to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0008em;">sustainability and our contribution to progressing towards a climate-neutral future. We  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0023em;">comprehend the potential impact of climate-related considerations on our operations,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0005em;">including vulnerabilities within our supply chain due to severe weather events. Further-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0009em;">more, we acknowledge the uncertainties in macroeconomic conditions arising from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0012em;">global economic growth rates, political dynamics within the energy sector, currency fluc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0014em;">tuations, interest rates, and inflation. Additionally, geopolitical tensions introduce further  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0007em;">complexities that may influence market prospects and pose risks to our operations, par-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0038em;">ticularly in relation to cyber threats to energy supply.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0025em;">Through diligent assessment and ongoing review processes, Cadeler remains vigilant in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0009em;">integrating these factors into our financial evaluations. We are committed to ensuring  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0046em;">that our accounting policies reflect a comprehensive understanding of both macroeco-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">nomic factors and climate risks, thereby enhancing the robustness of our impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.001em;">analyses and financial reporting practices.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7639em;"><span class="stl_39 stl_08 stl_23" style="word-spacing:0.0046em;">2.25. Cash flow statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_118 stl_08 stl_28" style="word-spacing:-0.003em;">Statement of cash flows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">The statement of cash </span><span class="stl_46 stl_08 stl_47" style="word-spacing:-0.0005em;">flows shows the Group’s cash flows for the year distributed on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0012em;">operating, investing and financing activities, net changes for the year in cash and cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:0em;">equivalents as well as the Group’s cash and cash equivalents at the beginning and end  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_34" style="word-spacing:-0.0013em;">of the year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0058em;">Positive amounts indicate cash inflows, whereas negative amounts indicate cash out-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_100">flows.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_118 stl_08 stl_45" style="word-spacing:-0.0026em;">Cash flows from operating activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0002em;">Cash flows from operating activities are stated as the profit/loss for the year adjusted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0001em;">for non-cash operating items such as depreciation, changes in working capital and in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0015em;">come tax paid or received. Working capital includes current assets less current liabilities,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0003em;">excluding cash and cash equivalents.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_118 stl_08 stl_31" style="word-spacing:-0.0032em;">Cash flows from investing activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.001em;">Cash flows from investing activities comprise cash flows from the acquisition and sale of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.005em;">non-current assets and businesses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:-0.0027em;">Cash flows from financing activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0047em;">Cash flows from financing activities comprise cash flows from instalments on lease liabil-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0016em;">ities, and interest paid as well as proceeds from issue of shares and debt as well as pre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_59" style="word-spacing:0.0056em;">payment of borrowings.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:9.6523em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2658em;top:9.4742em;"><span class="stl_67 stl_08 stl_294" style="word-spacing:0.0015em;">Level 1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.1658em;top:9.4742em;"><span class="stl_67 stl_08 stl_294" style="word-spacing:0.0015em;">Level 2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0783em;top:9.4742em;"><span class="stl_67 stl_08 stl_294" style="word-spacing:0.0015em;">Level 3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6683em;top:9.4742em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:11.3467em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:13.1567em;"><span class="stl_67 stl_08 stl_258" style="word-spacing:-0.0024em;">Through the consolidated statement of profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.4367em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ive asse</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:14.4367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4083em;top:14.4367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:14.4367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2183em;top:14.4367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.2467em;"><span class="stl_67 stl_08 stl_117" style="word-spacing:-0.0018em;">Total financial assets at fair value through the consolidated statement of profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4758em;top:16.2467em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3783em;top:16.2467em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:16.2467em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.1883em;top:16.2467em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.5167em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0064em;">ive liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.9358em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">(4</span><span class="stl_77 stl_08 stl_15">03</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7483em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">(4</span><span class="stl_77 stl_08 stl_15">03</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.3267em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:0.0011em;">Total financial liabilities at fair value through the consolidated statement of profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4758em;top:19.3267em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.8158em;top:19.3267em;"><span class="stl_67 stl_08 stl_33">(403)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:19.3267em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6283em;top:19.3267em;"><span class="stl_67 stl_08 stl_33">(403)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.1383em;"><span class="stl_67 stl_08 stl_248" style="word-spacing:0.003em;">Cash flow hedges:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.4183em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ive asse</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:22.4183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3383em;top:22.4183em;"><span class="stl_77 stl_08 stl_15">33</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:22.4183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1483em;top:22.4183em;"><span class="stl_77 stl_08 stl_15">33</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.6883em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0064em;">ive liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:23.6883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8658em;top:23.6883em;"><span class="stl_76 stl_08 stl_15">(1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_101">,9</span><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:23.6883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.6783em;top:23.6883em;"><span class="stl_76 stl_08 stl_15">(1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_101">,9</span><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:25.4983em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:27.3083em;"><span class="stl_67 stl_08 stl_258" style="word-spacing:-0.0021em;">Through the consolidated statement of profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.5808em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ive asse</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:28.5808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3383em;top:28.5808em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:28.5808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1483em;top:28.5808em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:30.3908em;"><span class="stl_67 stl_08 stl_117" style="word-spacing:-0.0018em;">Total financial assets at fair value through the consolidated statement of profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4758em;top:30.3908em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2758em;top:30.3908em;"><span class="stl_67 stl_08 stl_83">363  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:30.3908em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.0883em;top:30.3908em;"><span class="stl_67 stl_08 stl_83">363  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.6708em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0064em;">ive liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:31.6708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4083em;top:31.6708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:31.6708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2183em;top:31.6708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:33.4808em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:0.0011em;">Total financial liabilities at fair value through the consolidated statement of profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4758em;top:33.4808em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3783em;top:33.4808em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:33.4808em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.1883em;top:33.4808em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:35.2908em;"><span class="stl_67 stl_08 stl_248" style="word-spacing:0.003em;">Cash flow hedges:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:36.5625em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ive asse</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:36.5625em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.7158em;top:36.5625em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:36.5625em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5283em;top:36.5625em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:37.8325em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0064em;">ive liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.3158em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_101">,1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.1283em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_101">,1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.6039em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0072em;">Major customers  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.6939em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0007em;">For the year ended 31 December 2023, revenue with three customers each exceeded  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.7739em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0024em;">10% of total revenue. The revenue derived from these three customers was EUR 44.5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.8539em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0025em;">million, EUR 28.5 and EUR 22.7 million respectively.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.0264em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0019em;">For the year ended 31 December 2022, revenue with two customers each exceeded 10%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.1064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">of total revenue. The revenue derived from these two customers was EUR 52.4 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.1964em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0001em;">and EUR 53.2 million respectively.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_116" style="word-spacing:0.0059em;">For the year ended 31 December 2021, revenue with two customers also each exceeded  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0021em;">10% of total revenue. The revenue derived from these two customers was EUR 24.6 mil-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0001em;">lion and EUR 29.1 million respectively.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4323em;"><span class="stl_39 stl_08 stl_29" style="word-spacing:0.0037em;">Operating segments and geographical information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0005em;">The Group operates four windfarm installation vessels, which are viewed as one seg-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0001em;">ment. The</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.284em;top:17.6023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.001em;">vessels operate in a global market and are often redeployed to different re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0004em;">gions due to changing customers or contracts. Accordingly, we report our operations as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0069em;">a single reportable segment.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_113" style="word-spacing:0.0103em;">Note 4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_15" style="word-spacing:-0.0055em;">Expenses by Nature  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:10.3423em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6817em;top:10.1542em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:12.0267em;"><span class="stl_67 stl_08 stl_82" style="word-spacing:0.0015em;">Cost of sales  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:13.3867em;"><span class="stl_76 stl_08 stl_78">Righ</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_55" style="word-spacing:0.0013em;">use asse</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.004em;">t </span><span class="stl_76 stl_08 stl_15">dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_177">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:13.3667em;"><span class="stl_76 stl_08 stl_15">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2942em;top:13.3867em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.7367em;"><span class="stl_76 stl_08 stl_53">Insu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">1,9</span><span class="stl_77 stl_08 stl_15">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">772  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.0967em;"><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0003em;">Vessel dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_101">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:16.0767em;"><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7717em;top:16.0967em;"><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">,484  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4942em;top:16.0967em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1,664  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2142em;top:16.0967em;"><span class="stl_76 stl_08 stl_15">16,</span><span class="stl_77 stl_08 stl_15">077  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.3567em;"><span class="stl_76 stl_08 stl_25">Impai</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_103">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_109">p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_144">ope</span><span class="stl_77 stl_08 stl_51">rty</span><span class="stl_76 stl_08 stl_53" style="word-spacing:-0.008em;">, plan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.008em;">t </span><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0027em;">and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.3567em;"><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_20">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:18.3467em;"><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">5,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.6383em;"><span class="stl_76 stl_08 stl_15">C</span><span class="stl_77 stl_08 stl_79">r</span><span class="stl_76 stl_08 stl_18" style="word-spacing:0.0031em;">ewing cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.003em;">s paid </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0015em;">o a </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_70" style="word-spacing:0.0047em;">ed pa</span><span class="stl_77 stl_08 stl_33" style="word-spacing:-0.003em;">rty </span><span class="stl_76 stl_08 stl_15">and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.6383em;"><span class="stl_76 stl_08 stl_108" style="word-spacing:-0.0037em;">an ex</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_250">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40" style="word-spacing:-0.012em;">nal pa</span><span class="stl_77 stl_08 stl_125">rty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:20.6183em;"><span class="stl_77 stl_08 stl_15">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:20.6383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0142em;top:20.6383em;"><span class="stl_76 stl_08 stl_15">61  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2142em;top:20.6383em;"><span class="stl_76 stl_08 stl_15">11,51</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.9883em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_22">a</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.005em;">r </span><span class="stl_76 stl_08 stl_22">pa</span><span class="stl_77 stl_08 stl_33">yr</span><span class="stl_76 stl_08 stl_96">oll  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0117em;top:21.9683em;"><span class="stl_77 stl_08 stl_15">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7717em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">15,9</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4942em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">1,159  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.3483em;"><span class="stl_76 stl_08 stl_92" style="word-spacing:0.0011em;">Fuel and oil  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:23.3483em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:23.3483em;"><span class="stl_76 stl_08 stl_15">1,11</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:23.3483em;"><span class="stl_76 stl_08 stl_15">89</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:24.6983em;"><span class="stl_76 stl_08 stl_106">Main</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_47">enance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:24.6983em;"><span class="stl_76 stl_08 stl_15">5,1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:24.6983em;"><span class="stl_76 stl_08 stl_15">4,</span><span class="stl_77 stl_08 stl_15">03</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:24.6983em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:26.0583em;"><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0036em;">Messing cos</span><span class="stl_77 stl_08 stl_169">t</span><span class="stl_76 stl_08 stl_169">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:26.0583em;"><span class="stl_76 stl_08 stl_15">1,448  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:26.0583em;"><span class="stl_76 stl_08 stl_15">1,4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:26.0583em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:27.4083em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_22">a</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.012em;">r tr</span><span class="stl_76 stl_08 stl_113">avel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:27.4083em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,8</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:27.4083em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,589  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:27.4083em;"><span class="stl_76 stl_08 stl_15">1,8</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.7708em;"><span class="stl_76 stl_08 stl_12">Speci</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">ic cha</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_96">cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:28.7708em;"><span class="stl_76 stl_08 stl_15">4,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:28.7708em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,6</span><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:28.7708em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">23</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:30.1208em;"><span class="stl_76 stl_08 stl_22">U</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">ili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:30.1208em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:30.1208em;"><span class="stl_76 stl_08 stl_15">689  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:30.1208em;"><span class="stl_76 stl_08 stl_15">541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.4708em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_40">ope</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0013em;">ing expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:31.4708em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:31.4708em;"><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:31.4708em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.8308em;"><span class="stl_76 stl_08 stl_09" style="word-spacing:0.005em;">Tonnage </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">ax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:32.8308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:32.8308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:32.8308em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.2408em;"><span class="stl_67 stl_08 stl_246" style="word-spacing:0.0065em;">Total cost of sales  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6517em;top:34.2408em;"><span class="stl_67 stl_08 stl_29">59,858  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:34.2408em;"><span class="stl_67 stl_08 stl_29">49,537  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0942em;top:34.2408em;"><span class="stl_67 stl_08 stl_29">38,879  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:10.3423em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.5658em;top:10.1542em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2483em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9683em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:12.0267em;"><span class="stl_67 stl_08 stl_114" style="word-spacing:0.0045em;">Administrative expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.3867em;"><span class="stl_76 stl_08 stl_40">Dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_12" style="word-spacing:-0.0026em;">ion and amo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">isa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.9258em;top:13.3667em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0015em;">, 18, 19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">020  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">414  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.7367em;"><span class="stl_76 stl_08 stl_55">Emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_34" style="word-spacing:0.0058em;">ee compensa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8958em;top:14.7167em;"><span class="stl_77 stl_08 stl_15">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6583em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">18,889  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">9,9</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:14.7367em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,6</span><span class="stl_77 stl_08 stl_15">03  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.0967em;"><span class="stl_76 stl_08 stl_99">Repai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.01em;">r </span><span class="stl_76 stl_08 stl_78" style="word-spacing:0.0159em;">and main</span><span class="stl_77 stl_08 stl_193">t</span><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0035em;">enance expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:16.0967em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:16.0967em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:16.0967em;"><span class="stl_76 stl_08 stl_15">161  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.3667em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0039em;">Legal and p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.004em;">essional </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_138">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:17.3667em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,1</span><span class="stl_77 stl_08 stl_15">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:17.3667em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:17.3667em;"><span class="stl_76 stl_08 stl_15">564  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.7167em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_15">ansac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_115" style="word-spacing:0.0068em;">ion cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8958em;top:18.6967em;"><span class="stl_76 stl_08 stl_15">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:18.7167em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">707  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:18.7167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:18.7167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:20.0783em;"><span class="stl_76 stl_08 stl_113">Ren</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_44" style="word-spacing:0.0002em;">al expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:20.0783em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:20.0783em;"><span class="stl_76 stl_08 stl_15">58</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:20.0783em;"><span class="stl_76 stl_08 stl_15">584  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.4283em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">avel expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:21.4283em;"><span class="stl_76 stl_08 stl_15">985  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:21.4283em;"><span class="stl_76 stl_08 stl_15">61</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:21.4283em;"><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.7883em;"><span class="stl_76 stl_08 stl_55">Managemen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t f</span><span class="stl_76 stl_08 stl_138" style="word-spacing:-0.009em;">ees </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.019em;">o </span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0067em;">ed pa</span><span class="stl_77 stl_08 stl_125">rty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.4458em;top:22.7583em;"><span class="stl_77 stl_08 stl_15">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7983em;top:22.7883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:22.7883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:22.7883em;"><span class="stl_76 stl_08 stl_15">115  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:24.1383em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">ke</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_52" style="word-spacing:0.0007em;">ing and en</span><span class="stl_77 stl_08 stl_72">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_113">ainmen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.01em;">t </span><span class="stl_76 stl_08 stl_44">expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:24.1383em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">02  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:24.1383em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:24.1383em;"><span class="stl_76 stl_08 stl_15">159  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:25.4883em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_44">expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:25.4883em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">45  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:25.4883em;"><span class="stl_76 stl_08 stl_15">946  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:25.4883em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">020  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:26.9083em;"><span class="stl_67 stl_08 stl_73" style="word-spacing:-0.0069em;">Total administrative expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5383em;top:26.9083em;"><span class="stl_67 stl_08 stl_29">34,458  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:26.9083em;"><span class="stl_67 stl_08 stl_29">15,696  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9783em;top:26.9083em;"><span class="stl_67 stl_08 stl_29">10,925  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5542em;top:3.8798em;"><span class="stl_39 stl_08 stl_113" style="word-spacing:0.0013em;">Note 5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5542em;top:4.9461em;"><span class="stl_259 stl_08 stl_113" style="word-spacing:0.0009em;">Other Operating Income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5542em;top:7.2861em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0044em;">and Expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:12.5348em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2683em;top:12.3467em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9883em;top:12.3467em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7083em;top:12.3467em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:13.6767em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_40">ope</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_62" style="word-spacing:0.0017em;">ing income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1283em;top:13.6767em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5383em;top:13.6767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2583em;top:13.6767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:14.9467em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_40">ope</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0013em;">ing expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.7283em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_102">,86</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5383em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2583em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:16.2867em;"><span class="stl_67 stl_08 stl_257" style="word-spacing:-0.001em;">Net other operating income and expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6883em;top:16.2867em;"><span class="stl_67 stl_08 stl_83">137  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.4983em;top:16.2867em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2183em;top:16.2867em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.7539em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0037em;">Other operating income and expenses includes the net gain from the sale of the main  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.8339em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0055em;">cranes and spare parts of both O-class vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0013em;">The contract agreement signed for the sale of both main cranes states a purchase price  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.0839em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0025em;">of EUR 1.5 million for each main crane. In the case of Wind Orca, the book value of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.1739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.002em;">main crane had been written down, reflecting the value that was expected from the dis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.2539em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0049em;">posal of the assets. Thus, an impairment loss of EUR 5 million was reflected in the profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.3364em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0002em;">and loss. The Osprey main crane had been kept at its carrying amount since there was a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.4264em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0026em;">gain from the disposal. The sale of both main cranes is driven by the main crane up-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.5064em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0066em;">grades to the O-Class vessels.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:10.3423em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6817em;top:10.1542em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:12.0267em;"><span class="stl_67 stl_08 stl_82" style="word-spacing:0.0015em;">Cost of sales  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:13.3867em;"><span class="stl_76 stl_08 stl_78">Righ</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_55" style="word-spacing:0.0013em;">use asse</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.004em;">t </span><span class="stl_76 stl_08 stl_15">dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_177">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:13.3667em;"><span class="stl_76 stl_08 stl_15">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2942em;top:13.3867em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.7367em;"><span class="stl_76 stl_08 stl_53">Insu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">1,9</span><span class="stl_77 stl_08 stl_15">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">772  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.0967em;"><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0003em;">Vessel dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_101">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:16.0767em;"><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7717em;top:16.0967em;"><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">,484  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4942em;top:16.0967em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1,664  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2142em;top:16.0967em;"><span class="stl_76 stl_08 stl_15">16,</span><span class="stl_77 stl_08 stl_15">077  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.3567em;"><span class="stl_76 stl_08 stl_25">Impai</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_103">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_109">p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_144">ope</span><span class="stl_77 stl_08 stl_51">rty</span><span class="stl_76 stl_08 stl_53" style="word-spacing:-0.008em;">, plan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.008em;">t </span><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0027em;">and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.3567em;"><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_20">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:18.3467em;"><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">5,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.6383em;"><span class="stl_76 stl_08 stl_15">C</span><span class="stl_77 stl_08 stl_79">r</span><span class="stl_76 stl_08 stl_18" style="word-spacing:0.0031em;">ewing cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.003em;">s paid </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0015em;">o a </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_70" style="word-spacing:0.0047em;">ed pa</span><span class="stl_77 stl_08 stl_33" style="word-spacing:-0.003em;">rty </span><span class="stl_76 stl_08 stl_15">and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.6383em;"><span class="stl_76 stl_08 stl_108" style="word-spacing:-0.0037em;">an ex</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_250">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40" style="word-spacing:-0.012em;">nal pa</span><span class="stl_77 stl_08 stl_125">rty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:20.6183em;"><span class="stl_77 stl_08 stl_15">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:20.6383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0142em;top:20.6383em;"><span class="stl_76 stl_08 stl_15">61  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2142em;top:20.6383em;"><span class="stl_76 stl_08 stl_15">11,51</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.9883em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_22">a</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.005em;">r </span><span class="stl_76 stl_08 stl_22">pa</span><span class="stl_77 stl_08 stl_33">yr</span><span class="stl_76 stl_08 stl_96">oll  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0117em;top:21.9683em;"><span class="stl_77 stl_08 stl_15">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7717em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">15,9</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4942em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">1,159  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.3483em;"><span class="stl_76 stl_08 stl_92" style="word-spacing:0.0011em;">Fuel and oil  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:23.3483em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:23.3483em;"><span class="stl_76 stl_08 stl_15">1,11</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:23.3483em;"><span class="stl_76 stl_08 stl_15">89</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:24.6983em;"><span class="stl_76 stl_08 stl_106">Main</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_47">enance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:24.6983em;"><span class="stl_76 stl_08 stl_15">5,1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:24.6983em;"><span class="stl_76 stl_08 stl_15">4,</span><span class="stl_77 stl_08 stl_15">03</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:24.6983em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:26.0583em;"><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0036em;">Messing cos</span><span class="stl_77 stl_08 stl_169">t</span><span class="stl_76 stl_08 stl_169">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:26.0583em;"><span class="stl_76 stl_08 stl_15">1,448  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:26.0583em;"><span class="stl_76 stl_08 stl_15">1,4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:26.0583em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:27.4083em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_22">a</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.012em;">r tr</span><span class="stl_76 stl_08 stl_113">avel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:27.4083em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,8</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:27.4083em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,589  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:27.4083em;"><span class="stl_76 stl_08 stl_15">1,8</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.7708em;"><span class="stl_76 stl_08 stl_12">Speci</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">ic cha</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_96">cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:28.7708em;"><span class="stl_76 stl_08 stl_15">4,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:28.7708em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,6</span><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:28.7708em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">23</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:30.1208em;"><span class="stl_76 stl_08 stl_22">U</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">ili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:30.1208em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:30.1208em;"><span class="stl_76 stl_08 stl_15">689  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:30.1208em;"><span class="stl_76 stl_08 stl_15">541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.4708em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_40">ope</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0013em;">ing expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:31.4708em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:31.4708em;"><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:31.4708em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.8308em;"><span class="stl_76 stl_08 stl_09" style="word-spacing:0.005em;">Tonnage </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">ax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:32.8308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:32.8308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:32.8308em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.2408em;"><span class="stl_67 stl_08 stl_246" style="word-spacing:0.0065em;">Total cost of sales  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6517em;top:34.2408em;"><span class="stl_67 stl_08 stl_29">59,858  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:34.2408em;"><span class="stl_67 stl_08 stl_29">49,537  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0942em;top:34.2408em;"><span class="stl_67 stl_08 stl_29">38,879  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:10.3423em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.5658em;top:10.1542em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2483em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9683em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:12.0267em;"><span class="stl_67 stl_08 stl_114" style="word-spacing:0.0045em;">Administrative expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.3867em;"><span class="stl_76 stl_08 stl_40">Dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_12" style="word-spacing:-0.0026em;">ion and amo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">isa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.9258em;top:13.3667em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0015em;">, 18, 19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">020  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">414  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.7367em;"><span class="stl_76 stl_08 stl_55">Emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_34" style="word-spacing:0.0058em;">ee compensa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8958em;top:14.7167em;"><span class="stl_77 stl_08 stl_15">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6583em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">18,889  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">9,9</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:14.7367em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,6</span><span class="stl_77 stl_08 stl_15">03  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.0967em;"><span class="stl_76 stl_08 stl_99">Repai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.01em;">r </span><span class="stl_76 stl_08 stl_78" style="word-spacing:0.0159em;">and main</span><span class="stl_77 stl_08 stl_193">t</span><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0035em;">enance expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:16.0967em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:16.0967em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:16.0967em;"><span class="stl_76 stl_08 stl_15">161  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.3667em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0039em;">Legal and p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.004em;">essional </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_138">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:17.3667em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,1</span><span class="stl_77 stl_08 stl_15">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:17.3667em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:17.3667em;"><span class="stl_76 stl_08 stl_15">564  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.7167em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_15">ansac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_115" style="word-spacing:0.0068em;">ion cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8958em;top:18.6967em;"><span class="stl_76 stl_08 stl_15">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:18.7167em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">707  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:18.7167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:18.7167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:20.0783em;"><span class="stl_76 stl_08 stl_113">Ren</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_44" style="word-spacing:0.0002em;">al expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:20.0783em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:20.0783em;"><span class="stl_76 stl_08 stl_15">58</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:20.0783em;"><span class="stl_76 stl_08 stl_15">584  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.4283em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">avel expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:21.4283em;"><span class="stl_76 stl_08 stl_15">985  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:21.4283em;"><span class="stl_76 stl_08 stl_15">61</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:21.4283em;"><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.7883em;"><span class="stl_76 stl_08 stl_55">Managemen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t f</span><span class="stl_76 stl_08 stl_138" style="word-spacing:-0.009em;">ees </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.019em;">o </span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0067em;">ed pa</span><span class="stl_77 stl_08 stl_125">rty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.4458em;top:22.7583em;"><span class="stl_77 stl_08 stl_15">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7983em;top:22.7883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:22.7883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:22.7883em;"><span class="stl_76 stl_08 stl_15">115  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:24.1383em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">ke</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_52" style="word-spacing:0.0007em;">ing and en</span><span class="stl_77 stl_08 stl_72">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_113">ainmen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.01em;">t </span><span class="stl_76 stl_08 stl_44">expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:24.1383em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">02  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:24.1383em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:24.1383em;"><span class="stl_76 stl_08 stl_15">159  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:25.4883em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_44">expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:25.4883em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">45  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:25.4883em;"><span class="stl_76 stl_08 stl_15">946  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:25.4883em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">020  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:26.9083em;"><span class="stl_67 stl_08 stl_73" style="word-spacing:-0.0069em;">Total administrative expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5383em;top:26.9083em;"><span class="stl_67 stl_08 stl_29">34,458  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:26.9083em;"><span class="stl_67 stl_08 stl_29">15,696  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9783em;top:26.9083em;"><span class="stl_67 stl_08 stl_29">10,925  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:10.3423em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6817em;top:10.1542em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:12.0267em;"><span class="stl_67 stl_08 stl_82" style="word-spacing:0.0015em;">Cost of sales  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:13.3867em;"><span class="stl_76 stl_08 stl_78">Righ</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_55" style="word-spacing:0.0013em;">use asse</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.004em;">t </span><span class="stl_76 stl_08 stl_15">dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_177">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:13.3667em;"><span class="stl_76 stl_08 stl_15">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2942em;top:13.3867em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.7367em;"><span class="stl_76 stl_08 stl_53">Insu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">1,9</span><span class="stl_77 stl_08 stl_15">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">772  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.0967em;"><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0003em;">Vessel dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_101">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:16.0767em;"><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7717em;top:16.0967em;"><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">,484  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4942em;top:16.0967em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1,664  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2142em;top:16.0967em;"><span class="stl_76 stl_08 stl_15">16,</span><span class="stl_77 stl_08 stl_15">077  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.3567em;"><span class="stl_76 stl_08 stl_25">Impai</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_103">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_109">p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_144">ope</span><span class="stl_77 stl_08 stl_51">rty</span><span class="stl_76 stl_08 stl_53" style="word-spacing:-0.008em;">, plan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.008em;">t </span><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0027em;">and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.3567em;"><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_20">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:18.3467em;"><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">5,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.6383em;"><span class="stl_76 stl_08 stl_15">C</span><span class="stl_77 stl_08 stl_79">r</span><span class="stl_76 stl_08 stl_18" style="word-spacing:0.0031em;">ewing cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.003em;">s paid </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0015em;">o a </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_70" style="word-spacing:0.0047em;">ed pa</span><span class="stl_77 stl_08 stl_33" style="word-spacing:-0.003em;">rty </span><span class="stl_76 stl_08 stl_15">and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.6383em;"><span class="stl_76 stl_08 stl_108" style="word-spacing:-0.0037em;">an ex</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_250">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40" style="word-spacing:-0.012em;">nal pa</span><span class="stl_77 stl_08 stl_125">rty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5617em;top:20.6183em;"><span class="stl_77 stl_08 stl_15">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:20.6383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0142em;top:20.6383em;"><span class="stl_76 stl_08 stl_15">61  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2142em;top:20.6383em;"><span class="stl_76 stl_08 stl_15">11,51</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.9883em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_22">a</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.005em;">r </span><span class="stl_76 stl_08 stl_22">pa</span><span class="stl_77 stl_08 stl_33">yr</span><span class="stl_76 stl_08 stl_96">oll  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0117em;top:21.9683em;"><span class="stl_77 stl_08 stl_15">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7717em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">15,9</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4942em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">1,159  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.3483em;"><span class="stl_76 stl_08 stl_92" style="word-spacing:0.0011em;">Fuel and oil  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:23.3483em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:23.3483em;"><span class="stl_76 stl_08 stl_15">1,11</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:23.3483em;"><span class="stl_76 stl_08 stl_15">89</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:24.6983em;"><span class="stl_76 stl_08 stl_106">Main</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_47">enance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:24.6983em;"><span class="stl_76 stl_08 stl_15">5,1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:24.6983em;"><span class="stl_76 stl_08 stl_15">4,</span><span class="stl_77 stl_08 stl_15">03</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:24.6983em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:26.0583em;"><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0036em;">Messing cos</span><span class="stl_77 stl_08 stl_169">t</span><span class="stl_76 stl_08 stl_169">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:26.0583em;"><span class="stl_76 stl_08 stl_15">1,448  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:26.0583em;"><span class="stl_76 stl_08 stl_15">1,4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:26.0583em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:27.4083em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_22">a</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.012em;">r tr</span><span class="stl_76 stl_08 stl_113">avel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:27.4083em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,8</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:27.4083em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,589  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:27.4083em;"><span class="stl_76 stl_08 stl_15">1,8</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.7708em;"><span class="stl_76 stl_08 stl_12">Speci</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">ic cha</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_96">cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:28.7708em;"><span class="stl_76 stl_08 stl_15">4,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:28.7708em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,6</span><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:28.7708em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">23</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:30.1208em;"><span class="stl_76 stl_08 stl_22">U</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">ili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:30.1208em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:30.1208em;"><span class="stl_76 stl_08 stl_15">689  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:30.1208em;"><span class="stl_76 stl_08 stl_15">541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.4708em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_40">ope</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0013em;">ing expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:31.4708em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:31.4708em;"><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:31.4708em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.8308em;"><span class="stl_76 stl_08 stl_09" style="word-spacing:0.005em;">Tonnage </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">ax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:32.8308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:32.8308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:32.8308em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.2408em;"><span class="stl_67 stl_08 stl_246" style="word-spacing:0.0065em;">Total cost of sales  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6517em;top:34.2408em;"><span class="stl_67 stl_08 stl_29">59,858  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:34.2408em;"><span class="stl_67 stl_08 stl_29">49,537  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0942em;top:34.2408em;"><span class="stl_67 stl_08 stl_29">38,879  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0019em;">Commitments and Pledges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_54" style="word-spacing:-0.0082em;">Lease commitments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0041em;">The future lease payables under non-cancellable value and short-term leases contracted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0034em;">for at the balance sheet date but not recognised as liabilities, are as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.6948em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3817em;top:14.5167em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1042em;top:14.5167em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:14.5167em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.8467em;"><span class="stl_76 stl_08 stl_100">No</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_53">la</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r t</span><span class="stl_76 stl_08 stl_70" style="word-spacing:0.0025em;">han one </span><span class="stl_77 stl_08 stl_135">y</span><span class="stl_76 stl_08 stl_20">ea</span><span class="stl_77 stl_08 stl_20">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2417em;top:15.8467em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0342em;top:15.8467em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7542em;top:15.8467em;"><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">Be</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_34" style="word-spacing:0.0027em;">ween one and </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_157" style="word-spacing:0.011em;">ive </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2417em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">4,984  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4842em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3742em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1417em;top:18.4467em;"><span class="stl_67 stl_08 stl_55">6,074  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9942em;top:18.4467em;"><span class="stl_67 stl_08 stl_83">62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7142em;top:18.4467em;"><span class="stl_67 stl_08 stl_83">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.7539em;"><span class="stl_46 stl_08 stl_30" style="word-spacing:-0.0068em;">The Company’s l</span><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.006em;">ease commitments include tenure of the new headquarters, which will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.8339em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0001em;">reflect at the balance sheet in Q1 2024 under IFRS 16. The Company signed the contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.001em;">with Castellum Denmark and will have access to almost 5,000 m2 of office space in cen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0039em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0002em;">tral Copenhagen. The contract, with a six years biding period, amounted to EUR 8 million.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.0839em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0003em;">The Company paid EUR 1 million as a deposit fee for this contract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.3364em;"><span class="stl_39 stl_08 stl_42" style="word-spacing:0.0031em;">Pledge of Fixed Assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.3864em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0001em;">The New Debt Facility detailed in Note 26 is secured by, inter alia, a first priority mort-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.4664em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0057em;">gage over the Wind Orca, Wind Osprey, Wind Scylla and Wind Zaratan Vessels (EUR 511  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.5464em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.002em;">million carrying value, see Note 18), first priority assignment of the earnings of the vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.6364em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0011em;">owning entities, including certain change of control provisions which are similar to those  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.7264em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0029em;">included in the P-Class Facility.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.8881em;"><span class="stl_43 stl_08 stl_23" style="word-spacing:-0.0061em;">The P-Class facility is secured by a first priority mortgage over the P-Class newbuilds,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.9681em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0031em;">first priority assignments of the insurances and earnings of the P-Class newbuilds by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.0481em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0001em;">Cadeler and the two borrowers and contain customary financial and other covenants in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.1381em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0016em;">cluding certain change of control provisions. There will be a change of control under the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.9798em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0004em;">P-Class Facility if any person or group of persons acting in concert (other than Swire Pa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0025em;">cific and the BW Group) hold legally and beneficially more than 25% of each of the is-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0019em;">sued and outstanding share capital and/or the issued and outstanding voting share cap-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">ital of Cadeler A/S. In addition, a number of changes to the ownership structure further  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">down in the Group will trigger a change of control such as, among others, if either Wind  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4023em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0006em;">N1063 Limited or Wind N1064 Limited ceases to be a wholly owned (direct or indirect)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.4923em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">subsidiary of Cadeler. The P-Class Facility will be governed by English law.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7639em;"><span class="stl_39 stl_08 stl_20" style="word-spacing:-0.003em;">Wind Osprey &amp; Wind Orca new crane contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8139em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0044em;">The Company signed a contract with NOV on 18 December 2020 to replace the main  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0013em;">crane of Wind Orca and then executed the option to replace the main crane for Wind Os-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9839em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0004em;">prey on 17 June 2021. The total sum of the contract with NOV for the replacement of both  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0639em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">cranes is EUR 83.4 million, of which EUR 7 million was paid in 2021, EUR 27 million was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1539em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">paid in 2022 and EUR 15.8 million was paid in 2023. The remaining scheduled payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2439em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0041em;">will be due in 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5164em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:-0.0084em;">P-Class vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.5664em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0013em;">Since 30 June 2021 the Company has a contract with COSCO SHIPPING Heavy Industry  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6564em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0013em;">CO. Lt</span><span class="stl_46 stl_08 stl_49" style="word-spacing:0.0002em;">d. (“COSCO”) </span><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0022em;">to build two new P-class WTIVs. The total sum of the contract for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7364em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">new vessels is approximately EUR 572 million, of which EUR 137 million was paid in 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8164em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0001em;">and EUR 14 million was paid in 2023. The remaining scheduled payments will be due be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9064em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0037em;">tween 2024 and 2025. Of the total contract, USD 390 million is paid in USD and EUR 220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.9981em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0023em;">million will is paid in EUR.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0011em;">A-Class vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0025em;">On 9 May 2022 and 22 November 2022 the Company signed additional contracts with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0012em;">COSCO SHIPPING Heavy Industry to build a total of two new A-Class foundation installa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0022em;">tion vessel. The total sum of the contracts for the new vessel is approximately EUR 657  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0009em;">million, of which approximately a total of EUR 167 million was paid in 2022, while the re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0031em;">maining amounts will be due over the years from 2025 to 2026. Of the total contract,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4923em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0042em;">USD 495 million is paid in USD and EUR 205 million is paid in EUR.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7639em;"><span class="stl_39 stl_08 stl_20" style="word-spacing:0em;">M-Class vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0004em;">The Company, due to the business combination with Eneti, is currently under contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0013em;">with Hanwha for the construction of two next generation offshore WTIVs. The total sum  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0022em;">of the contracts is approximately EUR 592 million, of which EUR 118 million has been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">paid. The remaining scheduled payments will be due between 2024 and 2025.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0027em;">Remaining instalments for the newbuilds vessels:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:28.6008em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:30.0389em;"><span class="stl_74 stl_08 stl_102">Millions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7317em;top:29.8508em;"><span class="stl_67 stl_08 stl_294">P-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3117em;top:29.8508em;"><span class="stl_67 stl_08 stl_298">M-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1842em;top:29.8508em;"><span class="stl_67 stl_08 stl_122">A-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:29.8508em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:31.1808em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.001em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:31.1808em;"><span class="stl_77 stl_08 stl_15">220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9342em;top:31.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:31.1808em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3042em;top:31.1808em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:32.4508em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.005em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:32.4508em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:32.4508em;"><span class="stl_76 stl_08 stl_15">655  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:32.4508em;"><span class="stl_76 stl_08 stl_15">495  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:32.4508em;"><span class="stl_76 stl_08 stl_15">1,54</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:33.7908em;"><span class="stl_76 stl_08 stl_78">To</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0065em;">al Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.005em;">t tr</span><span class="stl_76 stl_08 stl_94">ansla</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">59</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">65</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">1,8</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:35.0608em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.013em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5817em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9342em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3042em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:36.3325em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.007em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:36.3325em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:36.3325em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:36.3325em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:36.3325em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:37.6625em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_157" style="word-spacing:0.009em;">t tr</span><span class="stl_76 stl_08 stl_15">ansla</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.004em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">49</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:11.0942em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:12.5348em;"><span class="stl_74 stl_08 stl_102">Millions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3483em;top:12.3467em;"><span class="stl_67 stl_08 stl_294">P-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.0683em;top:12.3467em;"><span class="stl_67 stl_08 stl_122">A-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7083em;top:12.3467em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:13.6767em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.001em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:13.6767em;"><span class="stl_77 stl_08 stl_15">220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:13.6767em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:13.6767em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:14.9467em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.005em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:14.9467em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">495  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">885  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:16.2867em;"><span class="stl_76 stl_08 stl_78">To</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0065em;">al Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0042em;">t </span><span class="stl_76 stl_08 stl_99">amoun</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.005em;">t tr</span><span class="stl_76 stl_08 stl_94">ansla</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">65</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5683em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:17.5567em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.013em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1983em;top:17.5567em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:17.5567em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:17.5567em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:18.8267em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.007em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:18.8267em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:18.8267em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:18.8267em;"><span class="stl_76 stl_08 stl_15">816  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:20.1583em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_157" style="word-spacing:0.009em;">t tr</span><span class="stl_76 stl_08 stl_15">ansla</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.004em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:20.1583em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:20.1583em;"><span class="stl_76 stl_08 stl_15">49</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:20.1583em;"><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:24.6983em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:26.1364em;"><span class="stl_74 stl_08 stl_102">Millions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.7883em;top:25.9483em;"><span class="stl_67 stl_08 stl_294">P-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:27.2883em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.001em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:27.2883em;"><span class="stl_77 stl_08 stl_15">220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:28.5608em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.005em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:28.5608em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:29.8908em;"><span class="stl_76 stl_08 stl_78">To</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0065em;">al Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.005em;">t tr</span><span class="stl_76 stl_08 stl_94">ansla</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:29.8908em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:31.1608em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.013em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.6383em;top:31.1608em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:32.4308em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.007em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:32.4308em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:33.7708em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_157" style="word-spacing:0.009em;">t tr</span><span class="stl_76 stl_08 stl_15">ansla</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.004em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:33.7708em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:10.3423em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.5658em;top:10.1542em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2483em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9683em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:12.0267em;"><span class="stl_67 stl_08 stl_114" style="word-spacing:0.0045em;">Administrative expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.3867em;"><span class="stl_76 stl_08 stl_40">Dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_12" style="word-spacing:-0.0026em;">ion and amo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">isa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.9258em;top:13.3667em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0015em;">, 18, 19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">020  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:13.3867em;"><span class="stl_76 stl_08 stl_15">414  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.7367em;"><span class="stl_76 stl_08 stl_55">Emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_34" style="word-spacing:0.0058em;">ee compensa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80">ion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8958em;top:14.7167em;"><span class="stl_77 stl_08 stl_15">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6583em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">18,889  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:14.7367em;"><span class="stl_76 stl_08 stl_15">9,9</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:14.7367em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,6</span><span class="stl_77 stl_08 stl_15">03  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.0967em;"><span class="stl_76 stl_08 stl_99">Repai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.01em;">r </span><span class="stl_76 stl_08 stl_78" style="word-spacing:0.0159em;">and main</span><span class="stl_77 stl_08 stl_193">t</span><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0035em;">enance expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:16.0967em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:16.0967em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:16.0967em;"><span class="stl_76 stl_08 stl_15">161  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.3667em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0039em;">Legal and p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.004em;">essional </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_138">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:17.3667em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,1</span><span class="stl_77 stl_08 stl_15">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:17.3667em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:17.3667em;"><span class="stl_76 stl_08 stl_15">564  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.7167em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_15">ansac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_115" style="word-spacing:0.0068em;">ion cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8958em;top:18.6967em;"><span class="stl_76 stl_08 stl_15">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:18.7167em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">707  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:18.7167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:18.7167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:20.0783em;"><span class="stl_76 stl_08 stl_113">Ren</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_44" style="word-spacing:0.0002em;">al expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:20.0783em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:20.0783em;"><span class="stl_76 stl_08 stl_15">58</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:20.0783em;"><span class="stl_76 stl_08 stl_15">584  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.4283em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">avel expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:21.4283em;"><span class="stl_76 stl_08 stl_15">985  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:21.4283em;"><span class="stl_76 stl_08 stl_15">61</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:21.4283em;"><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.7883em;"><span class="stl_76 stl_08 stl_55">Managemen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t f</span><span class="stl_76 stl_08 stl_138" style="word-spacing:-0.009em;">ees </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.019em;">o </span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0067em;">ed pa</span><span class="stl_77 stl_08 stl_125">rty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.4458em;top:22.7583em;"><span class="stl_77 stl_08 stl_15">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7983em;top:22.7883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:22.7883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:22.7883em;"><span class="stl_76 stl_08 stl_15">115  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:24.1383em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">ke</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_52" style="word-spacing:0.0007em;">ing and en</span><span class="stl_77 stl_08 stl_72">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_113">ainmen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.01em;">t </span><span class="stl_76 stl_08 stl_44">expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:24.1383em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">02  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:24.1383em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:24.1383em;"><span class="stl_76 stl_08 stl_15">159  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:25.4883em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_44">expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:25.4883em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">45  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:25.4883em;"><span class="stl_76 stl_08 stl_15">946  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:25.4883em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">020  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:26.9083em;"><span class="stl_67 stl_08 stl_73" style="word-spacing:-0.0069em;">Total administrative expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5383em;top:26.9083em;"><span class="stl_67 stl_08 stl_29">34,458  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:26.9083em;"><span class="stl_67 stl_08 stl_29">15,696  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9783em;top:26.9083em;"><span class="stl_67 stl_08 stl_29">10,925  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_311 stl_08 stl_40">Gr</span><span class="stl_168 stl_08 stl_28" style="word-spacing:-0.0064em;">oup’s </span><span class="stl_39 stl_08 stl_41" style="word-spacing:-0.0016em;">Related Party Transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_46 stl_08 stl_52" style="word-spacing:0.0017em;">Members of the Cadeler Board, Cadeler’s executive management and Cadeler’s major  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0094em;">shareholder, BW Altor Pte. Lt</span><span class="stl_46 stl_08 stl_45" style="word-spacing:-0.0043em;">d. (“BW Altor”)</span><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0021em;">, are considered related parties as they are ei-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0018em;">ther members of the Cadeler Board or executive management of Cadeler or exercise  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0033em;">significant influence over Cadeler and the Cadeler Group’s operations. </span><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0068em;">For the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0036em;">years 2022 and 2021, Swire Pacific </span><span class="stl_46 stl_08 stl_44" style="word-spacing:0.0075em;">Limited (“Swire Pacific”) </span><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0014em;">was considered a related  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0012em;">party given its ownership of more than 5% in Cadeler, but for accounting purposes, with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5623em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0004em;">effect from 1 January 2023, Swire Pacific is no longer considered a related party under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6523em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0025em;">IFRS due to its reduced ownership percentage and the fact that it is no longer repre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7339em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0034em;">sented on the Cadeler Board. In addition, Scorpio Holdings Limited </span><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0081em;">(“Scorpio Holdings”)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0028em;">is considered a related party given its current ownership of more than 5% in Cadeler. Re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_46 stl_08 stl_47" style="word-spacing:0.0013em;">lated parties also include such persons’ close family members, undertakings in which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9939em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0014em;">such persons have significant interests as well as other affiliates.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0017em;">As of December 2023, BW Altor owns 19.57% of the Cadeler shares, Scorpio Holdings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2339em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0024em;">Limited owns 12.09% of the Cadeler shares and Swire Pacific owns 8.51% of the Cadeler  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3139em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0004em;">Shares. For the financial years ended 31 December 2023, 2022 and 2021, there were no  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0032em;">material transactions between Cadeler or any company of the Cadeler Group and BW Al-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4864em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0016em;">tor, Scorpio Holdings and/or Swire Pacific (or their respective affiliates) other than the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.5764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0002em;">transactions described below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_39 stl_08 stl_40" style="word-spacing:0.0039em;">Share lending agreement with BW Altor  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">In October 2022, Cadeler entered into a share lending agreement with BW Altor as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.9881em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0037em;">share lender for the purpose of facilitating delivery versus payment settlement of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.0681em;"><span class="stl_43 stl_08 stl_10">Cadeler</span><span class="stl_46 stl_08 stl_60" style="word-spacing:0.0024em;">’s </span><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0026em;">shares to be delivered to investors in connection with a private placement that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1581em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0001em;">took place in October 2022. As compensation for such share lending, BW Altor received  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2381em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0002em;">a customary fee paid by Cadeler until the Cadeler Shares were redelivered and admitted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.9798em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0015em;">to trading on the OSE. The amount paid to BW Altor pursuant to such share lending  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">agreement amounted to EUR 85,000.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.8523em;"><span class="stl_39 stl_08 stl_29" style="word-spacing:-0.0024em;">Guarantees provided by BW Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.8223em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">BW Group has provided COSCO with four guarantees in respect of the sums payable by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.8223em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0016em;">Cadeler in accordance with the contract for the construction of certain newbuilt P-class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.8223em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0019em;">and A-Class WTIVs in 2021, 2022 and 2023. Under this guarantee arrangement, certain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.8223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0006em;">fees are payable by the Group to BW Group until the guarantees are discharged in full.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.4323em;"><span class="stl_39 stl_08 stl_33" style="word-spacing:-0.0064em;">Bunker supply from Hafnia Pools (affiliate of BW Group)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.4039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0006em;">In April 2022, Hafnia Pools Pte Ltd, which is an affiliate of BW Group, and Cadeler en-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.4039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0015em;">tered into a service level agreement pursuant to which Hafnia Pools Pte Ltd agreed to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.4039em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0006em;">supply marine bunker oil and </span><span class="stl_46 stl_08 stl_52" style="word-spacing:-0.0007em;">related products to Cadeler’s vessels in the port of Rotter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.4039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0018em;">dam and other ports in the Rotterdam area at market rates. The agreement includes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.4039em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">standard terms and conditions, including related to late payments, termination, a cap on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.4039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.001em;">the liability of Hafnia Pools Pte Ltd and indemnification for third-party claims raised by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.4039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0011em;">suppliers of the fuel against Hafnia Pools Pte Ltd.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.6064em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:-0.0024em;">Performance guarantees issued by Swire Offshore Holdings Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5764em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0013em;">During the course of 2020, Swire Pacific Offshore Holdings Limited, through its subsidi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.5764em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.001em;">ary Swire Pacific Offshore Operations Pte. Ltd., issued four performance guarantees and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.5764em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0005em;">four bank guarantees in favour </span><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0032em;">of the Cadeler Group’s customers as security for perfor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.5764em;"><span class="stl_46 stl_08 stl_41" style="word-spacing:0.0005em;">mance of the Cadeler Group’s obligations under its customers’ contracts. These guaran-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.5764em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0027em;">tees covered a period up until April 2022. Following the sale of Swire Pacific Offshore  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.5764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0003em;">Holdings Limited by Swire Pacific in April 2022, Swire Pacific Offshore Holdings Limited is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.5764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.002em;">no longer considered to be a related party as it is no longer controlled by a significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.5781em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0005em;">shareholder of Cadeler, and the Cadeler Group put new performance guarantees in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.5781em;"><span class="stl_43 stl_08 stl_40">place.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_09" style="word-spacing:-0.0015em;">Related Party Transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:9.8998em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0013em;">In connection with the guarantees provided by Swire Pacific Offshore Holdings Limited,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.8998em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">Cadeler entered into a deed of recourse with Swire Pacific Offshore Operations Pte Ltd.,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.9023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">which has since terminated, pursuant to which:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.9023em;"><span class="stl_46 stl_08 stl_51" style="word-spacing:-0.0012em;">• Cadeler had an obligation to indemnify Swire Pacific Offshore Operations Pte Ltd. for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.9023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0007em;">any liabilities incurred by Swire Pacific Offshore Operations Pte Ltd. in performing its ob-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.9023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0004em;">ligations under the performance guarantees or in respect of any payments made under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.9023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0046em;">the bank guarantees; and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.9023em;"><span class="stl_46 stl_08 stl_51" style="word-spacing:-0.0015em;">• Cadeler had an obligation to pay Swire Pacific Offshore Operations Pte Ltd. an arm’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.9039em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0002em;">length fee for each guarantee issued and procured respectively by Swire Pacific Off-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.9039em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0008em;">shore Operations Pte Ltd. in favour </span><span class="stl_46 stl_08 stl_51" style="word-spacing:-0.0023em;">of Cadeler’s customers.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1839em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0034em;">Crewing agreement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.2339em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0026em;">In 2014, Cadeler entered into a crewing agreement with Swire Pacific Ship Management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.3139em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0013em;">LTD(Singapore </span><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0004em;">branch) (“SPSM”), which at that time was a related company to Swire Pa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.4039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0042em;">cific Offshore Operations Pte Ltd, </span><span class="stl_46 stl_08 stl_29" style="word-spacing:0.0001em;">Cadeler’s sole shareholder at that time. Pursuant to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4864em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0025em;">this agreement, SPSM agreed to provide a crew for </span><span class="stl_46 stl_08 stl_53" style="word-spacing:-0.0004em;">Cadeler’s two vessels in accordance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5664em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:0em;">with the standard terms set out in a BIMCO crewman agreement. The crew management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6564em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0003em;">fee was 2% of the monthly manning costs, and severance costs amounted to USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.7464em;"><span class="stl_43 stl_08 stl_52">20,000.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.9064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0em;">This agreement was subsequently terminated in November 2021 when Cadeler decided  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9864em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.002em;">to employ its own crew directly. As part of the termination agreement, the parties agreed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0681em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0012em;">that the termination is without prejudice to any claims, liabilities or obligations that may  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1581em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0016em;">have accrued prior to the date of termination. The expenses set out in the table below  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.2381em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0003em;">with respect to this crewing agreement for the financial year ended 31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.3281em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0002em;">related to the period prior to the effective date of such termination.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_168 stl_08 stl_15">T</span><span class="stl_311 stl_08 stl_20">r</span><span class="stl_168 stl_08 stl_100">ansi</span><span class="stl_311 stl_08 stl_104">t</span><span class="stl_168 stl_08 stl_20" style="word-spacing:-0.012em;">ional Se</span><span class="stl_311 stl_08 stl_244">r</span><span class="stl_168 stl_08 stl_101" style="word-spacing:0.015em;">vice Ag</span><span class="stl_311 stl_08 stl_15">r</span><span class="stl_168 stl_08 stl_20">eemen</span><span class="stl_311 stl_08 stl_15" style="word-spacing:-0.016em;">t </span><span class="stl_168 stl_08 stl_79">en</span><span class="stl_311 stl_08 stl_104">t</span><span class="stl_168 stl_08 stl_15">e</span><span class="stl_311 stl_08 stl_22">r</span><span class="stl_168 stl_08 stl_92" style="word-spacing:0.0017em;">ed in</span><span class="stl_311 stl_08 stl_104">t</span><span class="stl_168 stl_08 stl_57" style="word-spacing:-0.0031em;">o in connec</span><span class="stl_311 stl_08 stl_128">t</span><span class="stl_168 stl_08 stl_28" style="word-spacing:-0.0015em;">ion wi</span><span class="stl_311 stl_08 stl_104">t</span><span class="stl_168 stl_08 stl_57" style="word-spacing:-0.0097em;">h Cadele</span><span class="stl_311 stl_08 stl_22">r</span><span class="stl_168 stl_08 stl_125" style="word-spacing:-0.001em;">’s lis</span><span class="stl_311 stl_08 stl_22">t</span><span class="stl_168 stl_08 stl_136" style="word-spacing:0.0063em;">ing on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:-0.0025em;">the OSE  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0023em;">In October 2020, Cadeler entered into a transitional service agreement with Swire Pacific  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.004em;">Offshore Operations Pte Ltd regarding services to be rendered to Cadeler during a tran-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">sitional period following the initial public offering and admission to trading of the Cadeler  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4023em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0025em;">shares on the OSE. Such services included, inter alia, assistance with financial reporting,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.4823em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0034em;">tax, insurance, internal audit, IT, HR, procurement, technical and HSEQ support and ser-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.5623em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0015em;">vices. The term of the agreement was limited to one year and could be terminated by ei-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6523em;"><span class="stl_46 stl_08 stl_44" style="word-spacing:0.0025em;">ther party at any time with three months’ prior written notice. The agreement terminated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7439em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0021em;">in accordance with its terms in October 2021.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_39 stl_08 stl_28" style="word-spacing:-0.0029em;">Training courses provided by BW Maritime  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9839em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0003em;">BW Maritime has provided </span><span class="stl_46 stl_08 stl_42" style="word-spacing:0.0021em;">training courses for Cadeler’s onshore staff and traveling  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0002em;">costs reimbursements for board members  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_39 stl_08 stl_54" style="word-spacing:-0.0019em;">Administrative support provided by Scorpio Services Holding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3139em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0018em;">The Group, due to the business combination with Eneti, holds an agreement with Scorpio  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4064em;"><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0008em;">Services Holding (“SSH”) </span><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0008em;">for the provision of administrative staff, office space and ac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.4864em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0056em;">counting, legal compliance, financial and information technology services for which it is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.5664em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0038em;">due to reimburse to SSH the direct and indirect expenses incurred while providing such  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6664em;"><span class="stl_43 stl_08 stl_40">services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_39 stl_08 stl_40" style="word-spacing:0.0053em;">Ultramax and Kamsarmax pools  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.8264em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0031em;">Through the business combination the Company acquired receivables positions from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.8264em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.003em;">Eneti transactions to Scorpio Group related parties for commercial management ser-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.8281em;"><span class="stl_46 stl_08 stl_42" style="word-spacing:0.0025em;">vices. These services involved securing employment for Eneti’s drybulk vessels in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.8281em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0002em;">spot market or on time charters. Please refer to the table under Scorpio Ultramax Pool  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.8281em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0019em;">and the Scorpio Kamsarmax Pool for details. The pools are owned by Scorpio Holdings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.8281em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0037em;">which is considered a related party.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:9.9798em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0028em;">The following significant transactions took place between the Company and related par-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0015em;">ties within the BW Group and Swire Pacific Offshore Holdings Group at terms agreed be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_116" style="word-spacing:-0.0012em;">tween the parties:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:14.0467em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:14.0467em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:14.0467em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.2548em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.2967em;"><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0035em;">Sales and pu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0023em;">chases o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_129" style="word-spacing:0.01em;">goods and se</span><span class="stl_77 stl_08 stl_81">r</span><span class="stl_76 stl_08 stl_52">vices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.4667em;"><span class="stl_76 stl_08 stl_58">Cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">s </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_58" style="word-spacing:-0.0003em;">o gua</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">an</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_104" style="word-spacing:-0.01em;">ees </span><span class="stl_77 stl_08 stl_135">f</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.008em;">ees </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0035em;">o BW </span><span class="stl_77 stl_08 stl_59">Gr</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.005em;">oup Limi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">ed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8217em;top:16.4667em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_101">,5</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5442em;top:16.4667em;"><span class="stl_76 stl_08 stl_102">(5,</span><span class="stl_77 stl_08 stl_15">307</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2642em;top:16.4667em;"><span class="stl_76 stl_08 stl_64">(1,85</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.6567em;"><span class="stl_76 stl_08 stl_58">Cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">s </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_12" style="word-spacing:-0.0042em;">o bunke</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.01em;">r </span><span class="stl_76 stl_08 stl_96">suppl</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y t</span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.011em;">o Ha</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_94" style="word-spacing:0.0066em;">nia Pools P</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_103" style="word-spacing:0.012em;">e L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.5767em;"><span class="stl_76 stl_08 stl_52">(Membe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">BW </span><span class="stl_77 stl_08 stl_15">Gr</span><span class="stl_76 stl_08 stl_92">oup)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8217em;top:18.5667em;"><span class="stl_76 stl_08 stl_64">(1,59</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5442em;top:18.5667em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_101">,5</span><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:18.5667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.7583em;"><span class="stl_76 stl_08 stl_58">Cos</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o </span><span class="stl_77 stl_08 stl_125">tr</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.004em;">aining cou</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ses </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.0015em;">o BW Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_57" style="word-spacing:0.0013em;">ime P</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">e.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.6783em;"><span class="stl_76 stl_08 stl_81">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8942em;top:20.6783em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:20.6783em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:20.6783em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.8583em;"><span class="stl_76 stl_08 stl_58">Cos</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_38" style="word-spacing:-0.0039em;">o adminis</span><span class="stl_77 stl_08 stl_33">tr</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0047em;">ive expenses </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.006em;">o Sco</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">pio  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.7883em;"><span class="stl_76 stl_08 stl_100">Se</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_99" style="word-spacing:-0.0008em;">vices Holding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8942em;top:22.7783em;"><span class="stl_76 stl_08 stl_15">(1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:22.7783em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:22.7783em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.9683em;"><span class="stl_76 stl_08 stl_58">Cos</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o sha</span><span class="stl_77 stl_08 stl_105">r</span><span class="stl_76 stl_08 stl_09" style="word-spacing:-0.0035em;">e lending </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_125" style="word-spacing:-0.007em;">ees </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_40" style="word-spacing:-0.0055em;">o BW Al</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_15">P</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.001em;">e. L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">d.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:23.9683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6142em;top:23.9683em;"><span class="stl_76 stl_08 stl_15">(85)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:23.9683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:25.1583em;"><span class="stl_76 stl_08 stl_58">Cos</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o </span><span class="stl_77 stl_08 stl_125">tr</span><span class="stl_76 stl_08 stl_64" style="word-spacing:-0.0039em;">avel expenses </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_109">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_15">boa</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_108" style="word-spacing:-0.0147em;">d mee</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">ings </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">o  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:26.0783em;"><span class="stl_76 stl_08 stl_16" style="word-spacing:0.0053em;">BW Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_57" style="word-spacing:0.0013em;">ime P</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.001em;">e. L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:26.0683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0642em;top:26.0683em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:26.0683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:27.2583em;"><span class="stl_76 stl_08 stl_58">Cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">s </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_78" style="word-spacing:-0.002em;">o pe</span><span class="stl_77 stl_08 stl_33">rf</span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_44" style="word-spacing:-0.0127em;">mance gua</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">an</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">ees </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:-0.0003em;">o Swi</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">e Pa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.1808em;"><span class="stl_76 stl_08 stl_101">ci</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_78" style="word-spacing:0em;">ic O</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_96">sho</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0001em;">e Holdings </span><span class="stl_77 stl_08 stl_53">Gr</span><span class="stl_76 stl_08 stl_100">oup  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:28.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1642em;top:28.1808em;"><span class="stl_76 stl_08 stl_15">(15</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8842em;top:28.1808em;"><span class="stl_76 stl_08 stl_15">(684)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:29.3608em;"><span class="stl_76 stl_08 stl_15">C</span><span class="stl_77 stl_08 stl_79">r</span><span class="stl_76 stl_08 stl_57" style="word-spacing:-0.0077em;">ew hi</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_44" style="word-spacing:-0.0061em;">e expenses paid </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o </span><span class="stl_77 stl_08 stl_131">t</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.009em;">he Swi</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.006em;">e Paci</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_78" style="word-spacing:0em;">ic O</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_96">sho</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:30.2908em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">Holdings </span><span class="stl_77 stl_08 stl_53">Gr</span><span class="stl_76 stl_08 stl_100">oup  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:30.2808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1642em;top:30.2808em;"><span class="stl_76 stl_08 stl_15">(115)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8142em;top:30.2808em;"><span class="stl_76 stl_08 stl_38">(11,461)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.4708em;"><span class="stl_76 stl_08 stl_47" style="word-spacing:-0.0028em;">Receivables </span><span class="stl_77 stl_08 stl_81">fr</span><span class="stl_76 stl_08 stl_312" style="word-spacing:0.0125em;">om Sco</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_44" style="word-spacing:-0.0067em;">pio Kamsa</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_97" style="word-spacing:0.0093em;">max Pools a</span><span class="stl_77 stl_08 stl_173" style="word-spacing:-0.014em;">t r</span><span class="stl_76 stl_08 stl_79">e-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.3908em;"><span class="stl_76 stl_08 stl_100">po</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.016em;">ed pe</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:32.3808em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:32.3808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:32.3808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:33.5708em;"><span class="stl_76 stl_08 stl_47" style="word-spacing:-0.0028em;">Receivables </span><span class="stl_77 stl_08 stl_81">fr</span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0033em;">om Ul</span><span class="stl_77 stl_08 stl_96">tr</span><span class="stl_76 stl_08 stl_129" style="word-spacing:-0.0002em;">amax Pools a</span><span class="stl_77 stl_08 stl_173" style="word-spacing:-0.014em;">t r</span><span class="stl_76 stl_08 stl_92">epo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_70" style="word-spacing:-0.0073em;">ed pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:33.5708em;"><span class="stl_76 stl_08 stl_15">456  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:33.5708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:33.5708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.7608em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.011em;">o Ha</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_94" style="word-spacing:0.0066em;">nia Pools P</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_103" style="word-spacing:0.012em;">e L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:0.248em;">d a</span><span class="stl_77 stl_08 stl_128" style="word-spacing:-0.012em;">t r</span><span class="stl_76 stl_08 stl_144">epo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0087em;">ed pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:34.7608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4642em;top:34.7608em;"><span class="stl_76 stl_08 stl_15">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:34.7608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:35.9525em;"><span class="stl_76 stl_08 stl_55">Managemen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t f</span><span class="stl_76 stl_08 stl_27" style="word-spacing:-0.0147em;">ees paid </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.01em;">he Swi</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.006em;">e Paci</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_78" style="word-spacing:0em;">ic O</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_96">sho</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:36.8725em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">Holdings </span><span class="stl_77 stl_08 stl_53">Gr</span><span class="stl_76 stl_08 stl_100">oup  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:36.8625em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:36.8625em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8842em;top:36.8625em;"><span class="stl_76 stl_08 stl_15">(19</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:38.0525em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:-0.0003em;">o Swi</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.006em;">e Paci</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.0092em;">ic O</span><span class="stl_77 stl_08 stl_171">ff</span><span class="stl_76 stl_08 stl_16">sho</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0001em;">e Holdings </span><span class="stl_77 stl_08 stl_53">Gr</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">oup a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.004em;">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:38.9725em;"><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_92">epo</span><span class="stl_77 stl_08 stl_103">rt</span><span class="stl_76 stl_08 stl_136" style="word-spacing:0.0033em;">ed pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:38.9725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:38.9725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:38.9725em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:10.3423em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2483em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9683em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:11.4867em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.003em;">o Sco</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_44" style="word-spacing:-0.0067em;">pio Comme</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_136" style="word-spacing:0.0013em;">cial Managemen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_22">a</span><span class="stl_77 stl_08 stl_104" style="word-spacing:-0.02em;">t r</span><span class="stl_76 stl_08 stl_79">e-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:12.4867em;"><span class="stl_76 stl_08 stl_100">po</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.016em;">ed pe</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.6283em;top:12.4867em;"><span class="stl_76 stl_08 stl_15">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:12.4867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:12.4867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.7567em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.003em;">o Sco</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0065em;">pio Se</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0093em;">vice Managemen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_22">a</span><span class="stl_77 stl_08 stl_104" style="word-spacing:-0.02em;">t r</span><span class="stl_76 stl_08 stl_92">epo</span><span class="stl_77 stl_08 stl_103">rt</span><span class="stl_76 stl_08 stl_79">ed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.7567em;"><span class="stl_76 stl_08 stl_79">pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.6283em;top:14.7667em;"><span class="stl_76 stl_08 stl_15">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:14.7667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:14.7667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.0267em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.003em;">o Sco</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_59" style="word-spacing:0.0019em;">pio Se</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_99" style="word-spacing:-0.0007em;">vices Holding a</span><span class="stl_77 stl_08 stl_104" style="word-spacing:-0.005em;">t r</span><span class="stl_76 stl_08 stl_144">epo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_176" style="word-spacing:-0.0173em;">ed pe-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.0267em;"><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:17.0367em;"><span class="stl_76 stl_08 stl_15">141  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:17.0367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:17.0367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.3067em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.003em;">o Sco</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.009em;">pio UK a</span><span class="stl_77 stl_08 stl_128" style="word-spacing:-0.012em;">t r</span><span class="stl_76 stl_08 stl_144">epo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.016em;">ed pe</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.6283em;top:18.3067em;"><span class="stl_76 stl_08 stl_15">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:18.3067em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:18.3067em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:19.5783em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_40" style="word-spacing:-0.0055em;">o BW Al</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_15">P</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.001em;">e. L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.005em;">d. a</span><span class="stl_77 stl_08 stl_128" style="word-spacing:-0.012em;">t r</span><span class="stl_76 stl_08 stl_144">epo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_70" style="word-spacing:-0.0073em;">ed pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7983em;top:19.5783em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.8983em;top:19.5783em;"><span class="stl_76 stl_08 stl_15">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:19.5783em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:20.8483em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.0005em;">o BW Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_57" style="word-spacing:0.0013em;">ime P</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_143" style="word-spacing:0.013em;">e. L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:0.248em;">d a</span><span class="stl_77 stl_08 stl_128" style="word-spacing:-0.012em;">t r</span><span class="stl_76 stl_08 stl_144">epo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_103" style="word-spacing:0.012em;">ed pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1783em;top:20.8483em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.3483em;top:20.8483em;"><span class="stl_77 stl_08 stl_15">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:20.8483em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.7939em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0006em;">Related party transactions over the reported period are primarily linked to guarantee fees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.8739em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0002em;">issued by the BW Group Limited, bunker supply by Hafnia Pools (member of the BW  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.9639em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0013em;">Group), costs related to training expenses by the BW Maritime and administrative ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.0539em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0034em;">penses to Scorpio Services Holding.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.2164em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0024em;">In addition, Cadeler has not had significant transactions with the members of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.2964em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.003em;">Cadeler Board and the executive management apart from remuneration and expenses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.3764em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0014em;">Cadeler has not provided or granted any loans or guarantees to its directors or executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.4764em;"><span class="stl_43 stl_08 stl_92">management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.6264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0027em;">For information on remuneration paid to members of the Cadeler Board and executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.7264em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0002em;">management, refer to Note 9.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0019em;">Group Information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0026em;">The consolidated financial statements of the Group include the following subsidiaries,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0022em;">which are fully owned by the Parent Company:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.4567em;"><span class="stl_67 stl_08 stl_38">Entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:14.4567em;"><span class="stl_67 stl_08 stl_17">Country  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.7067em;"><span class="stl_111 stl_08 stl_59" style="word-spacing:-0.0024em;">Vessel owning entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:16.9767em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0065em;">Wind O</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_127" style="word-spacing:0.011em;">ca L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:16.9767em;"><span class="stl_76 stl_08 stl_15">C</span><span class="stl_77 stl_08 stl_103">y</span><span class="stl_76 stl_08 stl_79">p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">us  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:18.2467em;"><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0053em;">Wind Osp</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:18.2467em;"><span class="stl_76 stl_08 stl_15">C</span><span class="stl_77 stl_08 stl_103">y</span><span class="stl_76 stl_08 stl_79">p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">us  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:19.5167em;"><span class="stl_76 stl_08 stl_40" style="word-spacing:0.003em;">Wind N1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">3 </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:19.5167em;"><span class="stl_76 stl_08 stl_15">C</span><span class="stl_77 stl_08 stl_103">y</span><span class="stl_76 stl_08 stl_79">p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">us  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:20.7883em;"><span class="stl_76 stl_08 stl_40" style="word-spacing:0.003em;">Wind N1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.004em;">64 L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:20.7883em;"><span class="stl_76 stl_08 stl_15">C</span><span class="stl_77 stl_08 stl_103">y</span><span class="stl_76 stl_08 stl_79">p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">us  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:22.0583em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0em;">acks 1 L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:22.0583em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:23.3283em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0em;">acks 4 L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:23.3283em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:24.5983em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0em;">acks 5 L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:24.5983em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:25.8683em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_102" style="word-spacing:-0.0013em;">acks </span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">3 J</span><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0042em;">apan LLC  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:25.8683em;"><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_51">apan  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:27.1383em;"><span class="stl_111 stl_08 stl_113" style="word-spacing:0.0014em;">Trading and Operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:28.4208em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_64" style="word-spacing:-0.0019em;">acks UK L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:28.4208em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:29.6908em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_64" style="word-spacing:-0.0019em;">acks UK L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_59" style="word-spacing:0.001em;">d Taiwan B</span><span class="stl_77 stl_08 stl_22">r</span><span class="stl_76 stl_08 stl_15">anch  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:29.6908em;"><span class="stl_76 stl_08 stl_25">Taiwan  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:30.9608em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_34" style="word-spacing:-0.0053em;">acks US Inc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:30.9608em;"><span class="stl_76 stl_08 stl_78">USA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:32.2308em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_64" style="word-spacing:-0.0024em;">acks Me</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0045em;">man Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0077em;">ine L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:32.2308em;"><span class="stl_76 stl_08 stl_15">Be</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_113">muda  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:33.5008em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.002em;">acks C</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.001em;">ewing Se</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0004em;">vices L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:33.5008em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:34.7708em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_102" style="word-spacing:-0.0013em;">acks </span><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0046em;">apan LLC  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:34.7708em;"><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_51">apan  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:36.0425em;"><span class="stl_111 stl_08 stl_34" style="word-spacing:0.0039em;">Investment holding entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:37.3125em;"><span class="stl_76 stl_08 stl_18" style="word-spacing:0.0077em;">Wind MI L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:37.3125em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:38.5825em;"><span class="stl_76 stl_08 stl_20">Ene</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0007em;">i (Be</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0024em;">muda) L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:38.5825em;"><span class="stl_76 stl_08 stl_15">Be</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_113">muda  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:39.8525em;"><span class="stl_76 stl_08 stl_79">A</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92">lan</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">is Inves</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_177">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_103" style="word-spacing:0.002em;">co L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:39.8525em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:14.5567em;"><span class="stl_67 stl_08 stl_38">Entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.9683em;top:14.5567em;"><span class="stl_67 stl_08 stl_17">Country  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:15.8067em;"><span class="stl_111 stl_08 stl_09" style="word-spacing:0.0043em;">Investment holding entities (continuation)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:17.0767em;"><span class="stl_76 stl_08 stl_79">A</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92">lan</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0008em;">is Equi</span><span class="stl_77 stl_08 stl_15">ty</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.004em;">co L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:17.0767em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:18.3467em;"><span class="stl_76 stl_08 stl_79">A</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92">lan</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_78" style="word-spacing:0em;">is Midco L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:18.3467em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:19.6183em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0044em;">acks In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">na</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_18" style="word-spacing:0.0052em;">ional L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:19.6183em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:20.8883em;"><span class="stl_111 stl_08 stl_34" style="word-spacing:-0.0002em;">Dormant entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:22.1683em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_102" style="word-spacing:-0.0013em;">acks </span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">2 </span><span class="stl_76 stl_08 stl_15">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:22.1683em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:23.4383em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_102" style="word-spacing:-0.0013em;">acks </span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">3 </span><span class="stl_76 stl_08 stl_15">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:23.4383em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:24.7083em;"><span class="stl_76 stl_08 stl_207">Sco</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.001em;">pio SALT LLC  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:24.7083em;"><span class="stl_76 stl_08 stl_78">USA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:25.9783em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0011em;">Bulk Run-O</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ff </span><span class="stl_76 stl_08 stl_25">Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:25.9783em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:27.2483em;"><span class="stl_76 stl_08 stl_15">C</span><span class="stl_77 stl_08 stl_79">r</span><span class="stl_76 stl_08 stl_78">aw</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">d Pa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_103" style="word-spacing:0.008em;">h LLC  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:27.2483em;"><span class="stl_76 stl_08 stl_25">Delawa</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:28.5208em;"><span class="stl_76 stl_08 stl_136">Windpowe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0066em;">Alpha L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:28.5208em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:29.7908em;"><span class="stl_76 stl_08 stl_136">Windpowe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_15">B</span><span class="stl_77 stl_08 stl_22">r</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0007em;">avo L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:29.7908em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:31.0608em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_102" style="word-spacing:-0.0013em;">acks </span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">7 </span><span class="stl_76 stl_08 stl_15">Limi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171">ed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:31.0608em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:32.3308em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_38" style="word-spacing:-0.0009em;">acks 8 Limi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171">ed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:32.3308em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:33.6008em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0025em;">SBI Achilles Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:33.6008em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:34.8708em;"><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0065em;">SBI An</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0026em;">es Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:34.8708em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:36.1425em;"><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0001em;">SBI Apollo Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:36.1425em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:37.4225em;"><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0073em;">SBI A</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0008em;">ies Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:37.4225em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:38.6925em;"><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0073em;">SBI A</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_70" style="word-spacing:0.0062em;">hena Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:38.6925em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:39.9625em;"><span class="stl_76 stl_08 stl_58" style="word-spacing:0.0087em;">SBI Bole</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0035em;">o Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:39.9625em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.4767em;"><span class="stl_67 stl_08 stl_38">Entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:14.4767em;"><span class="stl_67 stl_08 stl_17">Country  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.7267em;"><span class="stl_111 stl_08 stl_113" style="word-spacing:0.0049em;">Dormant entities (continuation)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:16.9967em;"><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0107em;">SBI B</span><span class="stl_77 stl_08 stl_22">r</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0043em;">avo Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.012em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:16.9967em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:18.2667em;"><span class="stl_76 stl_08 stl_62" style="word-spacing:0.0078em;">SBI Capoei</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0025em;">a Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:18.2667em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:19.5383em;"><span class="stl_76 stl_08 stl_80" style="word-spacing:0.009em;">SBI Ca</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0019em;">ioca Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:19.5383em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:20.8083em;"><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">SBI Cha</span><span class="stl_77 stl_08 stl_79">rt</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_18" style="word-spacing:0.0052em;">ing and T</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0004em;">ading L</span><span class="stl_77 stl_08 stl_72">t</span><span class="stl_76 stl_08 stl_72">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:20.8083em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:22.0883em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0027em;">SBI Conga Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:22.0883em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:23.3583em;"><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0074em;">SBI Couga</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0012em;">Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:23.3583em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:24.6283em;"><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0127em;">SBI C</span><span class="stl_77 stl_08 stl_79">r</span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0014em;">onos Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:24.6283em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:25.8983em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0002em;">SBI Echo Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:25.8983em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:27.1683em;"><span class="stl_76 stl_08 stl_81" style="word-spacing:0.014em;">SBI </span><span class="stl_77 stl_08 stl_15">G</span><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0015em;">emini Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:27.1683em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:28.4408em;"><span class="stl_76 stl_08 stl_100" style="word-spacing:0.006em;">SBI He</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0025em;">a Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:28.4408em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:29.7108em;"><span class="stl_76 stl_08 stl_100" style="word-spacing:0.006em;">SBI He</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0008em;">cules Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:29.7108em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:30.9808em;"><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0085em;">SBI He</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_129" style="word-spacing:0.0021em;">mes Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:30.9808em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:32.2508em;"><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0107em;">SBI H</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_79">d</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_10" style="word-spacing:0.0007em;">a Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.012em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:32.2508em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:33.5208em;"><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0107em;">SBI H</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_79">pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_62" style="word-spacing:0.0019em;">ion Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:33.5208em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:34.7908em;"><span class="stl_76 stl_08 stl_81" style="word-spacing:0.014em;">SBI </span><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_40">agua</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.009em;">r </span><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0012em;">Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:34.7908em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:36.0625em;"><span class="stl_76 stl_08 stl_81" style="word-spacing:0.014em;">SBI </span><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_59" style="word-spacing:0.0009em;">ive Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_197">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:36.0625em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:37.3425em;"><span class="stl_76 stl_08 stl_09" style="word-spacing:0.0037em;">SBI Lambada Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:37.3425em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:38.6125em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0002em;">SBI Leo Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_173">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:38.6125em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:39.8825em;"><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0076em;">SBI Lib</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_10" style="word-spacing:0.0007em;">a Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.01em;">y </span><span class="stl_76 stl_08 stl_81">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:39.8825em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.4367em;"><span class="stl_67 stl_08 stl_38">Entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0083em;top:14.4367em;"><span class="stl_67 stl_08 stl_17">Country  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:15.6867em;"><span class="stl_111 stl_08 stl_113" style="word-spacing:0.0049em;">Dormant entities (continuation)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:16.9567em;"><span class="stl_76 stl_08 stl_156" style="word-spacing:0.0133em;">SBI L</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_10" style="word-spacing:0.0011em;">nx Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:16.9567em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:18.2267em;"><span class="stl_76 stl_08 stl_81" style="word-spacing:0.016em;">SBI L</span><span class="stl_77 stl_08 stl_53">yr</span><span class="stl_76 stl_08 stl_10" style="word-spacing:0.0007em;">a Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:18.2267em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:19.4967em;"><span class="stl_76 stl_08 stl_58" style="word-spacing:0.0087em;">SBI Maca</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_99" style="word-spacing:0.0007em;">ena Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:19.4967em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:20.7683em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0039em;">SBI Maia Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:20.7683em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:22.0383em;"><span class="stl_76 stl_08 stl_100" style="word-spacing:0.006em;">SBI Mazu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0011em;">ka Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:22.0383em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:23.3083em;"><span class="stl_76 stl_08 stl_158" style="word-spacing:0.0127em;">SBI O</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0003em;">ion Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:23.3083em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:24.5883em;"><span class="stl_76 stl_08 stl_80" style="word-spacing:0.009em;">SBI Pa</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_20">apa</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0041em;">a Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:24.5883em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:25.8583em;"><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0017em;">SBI Pegasus Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:25.8583em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:27.1283em;"><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">SBI Pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0004em;">seus Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:27.1283em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:28.4008em;"><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0044em;">SBI Phoebe Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:28.4008em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:29.6708em;"><span class="stl_76 stl_08 stl_100" style="word-spacing:0.0057em;">SBI Phoenix Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:29.6708em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:30.9408em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0033em;">SBI Pisces Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:30.9408em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:32.2108em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0025em;">SBI Poseidon Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:32.2108em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:33.4808em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0045em;">SBI Reggae Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:33.4808em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:34.7508em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0027em;">SBI Rock Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:34.7508em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:36.0225em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0035em;">SBI Rumba Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:36.0225em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:37.2925em;"><span class="stl_76 stl_08 stl_62" style="word-spacing:0.0045em;">SBI Samba Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:37.2925em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:38.5625em;"><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0029em;">SBI Samson Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:38.5625em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:39.8425em;"><span class="stl_76 stl_08 stl_86" style="word-spacing:0.0097em;">SBI Sous</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0005em;">a Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:39.8425em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.9067em;"><span class="stl_67 stl_08 stl_38">Entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:14.9067em;"><span class="stl_67 stl_08 stl_17">Country  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:16.1567em;"><span class="stl_111 stl_08 stl_113" style="word-spacing:0.0078em;">Dormant entities (continuation)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:17.4267em;"><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0063em;">SBI Suba</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_78" style="word-spacing:0.0051em;">u Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:17.4267em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:18.6967em;"><span class="stl_76 stl_08 stl_62" style="word-spacing:0.0076em;">SBI Swing Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:18.6967em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:19.9683em;"><span class="stl_76 stl_08 stl_25" style="word-spacing:-0.0002em;">SBI Tango Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:19.9683em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:21.2383em;"><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0044em;">SBI Tau</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0026em;">us Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:21.2383em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:22.5083em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0055em;">SBI Te</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">h</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_38" style="word-spacing:-0.0013em;">s Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:22.5083em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:23.7783em;"><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0026em;">SBI Thalia Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.012em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:23.7783em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:25.0483em;"><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">SBI U</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0004em;">sa Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.01em;">y </span><span class="stl_76 stl_08 stl_81">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:25.0483em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:26.3183em;"><span class="stl_76 stl_08 stl_164" style="word-spacing:0.0115em;">SBI Vi</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0044em;">go Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:26.3183em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:27.5883em;"><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0016em;">SBI Zeus Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.01em;">y </span><span class="stl_76 stl_08 stl_81">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:27.5883em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:28.8708em;"><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0043em;">SBI Zumba Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:28.8708em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_29" style="word-spacing:-0.0036em;">Auditor remuneration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0009em;">Administrative expenses include fees to the auditors appointed by the shareholder at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0028em;">the Annual General Meeting:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.6748em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:14.4867em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:14.4867em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:14.4867em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.8267em;"><span class="stl_76 stl_08 stl_105">S</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171">u</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_104" style="word-spacing:-0.008em;">ry </span><span class="stl_76 stl_08 stl_28">audi</span><span class="stl_77 stl_08 stl_28">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:15.8267em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:15.8267em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:15.8267em;"><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.0967em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_10">assu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_116" style="word-spacing:-0.0122em;">ance se</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_52">vices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:17.0967em;"><span class="stl_76 stl_08 stl_15">1,6</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:17.0967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1842em;top:17.0967em;"><span class="stl_76 stl_08 stl_15">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.3667em;"><span class="stl_76 stl_08 stl_78" style="word-spacing:0.009em;">Tax se</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">vices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7442em;top:18.3667em;"><span class="stl_77 stl_08 stl_15">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:18.3667em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.6383em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.011em;">r </span><span class="stl_76 stl_08 stl_15">se</span><span class="stl_77 stl_08 stl_81">r</span><span class="stl_76 stl_08 stl_57">vices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:19.6383em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0142em;top:19.6383em;"><span class="stl_76 stl_08 stl_15">51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:19.6383em;"><span class="stl_76 stl_08 stl_15">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.9683em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1217em;top:20.9683em;"><span class="stl_67 stl_08 stl_55">2,690  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5042em;top:20.9683em;"><span class="stl_67 stl_08 stl_83">281  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2242em;top:20.9683em;"><span class="stl_67 stl_08 stl_83">164  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.3339em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0012em;">Statutory audit services consist of fees for professional services rendered by EY for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.4239em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0005em;">audit of our annual consolidated financial statements and services that are provided by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.5039em;"><span class="stl_43 stl_08 stl_116" style="word-spacing:0.0038em;">the auditor in connection with statutory audit.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.6764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0017em;">Other assurance services including PCAOB re-audits and assurance reports in respect of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.7564em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.001em;">pro-forma financial information in in connection with regulatory filings, and review of in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.8364em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0013em;">terim financial information.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.0064em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0012em;">Tax services consists of Tax compliance services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.1764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0002em;">Other services consists of services provided for other permitted services, including fees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.2581em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0001em;">for work performed in connection with the U.S. listing in December 2023.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_113" style="word-spacing:0.0013em;">Note 7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_64" style="word-spacing:-0.0044em;">Employee Compensation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_168 stl_08 stl_29" style="word-spacing:-0.0046em;">Onshore - presented within administra-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_168 stl_08 stl_92" style="word-spacing:0.0066em;">tive expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:13.0048em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6917em;top:12.8267em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:12.8267em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:12.8267em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:12.8267em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.2367em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0042em;">Wages and sala</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7717em;top:14.2367em;"><span class="stl_76 stl_08 stl_15">16,95</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:14.2367em;"><span class="stl_76 stl_08 stl_15">8,8</span><span class="stl_77 stl_08 stl_15">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:14.2367em;"><span class="stl_76 stl_08 stl_15">6,6</span><span class="stl_77 stl_08 stl_15">37  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.5067em;"><span class="stl_76 stl_08 stl_55">Emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">e</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_58" style="word-spacing:-0.0005em;">'s con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_22">ibu</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.005em;">ion </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_78" style="word-spacing:-0.001em;">o de</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ined con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_22">ibu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.5067em;"><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0003em;">ion plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:16.5167em;"><span class="stl_76 stl_08 stl_15">84</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:16.5167em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">02  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:16.5167em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.8667em;"><span class="stl_76 stl_08 stl_101">Sha</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_59" style="word-spacing:0.003em;">e based pa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_58">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100">expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0217em;top:17.8467em;"><span class="stl_76 stl_08 stl_15">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:17.8667em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:17.8667em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:17.8667em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.2167em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_58">sho</span><span class="stl_77 stl_08 stl_71">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_70" style="word-spacing:-0.0095em;">m bene</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:19.2167em;"><span class="stl_76 stl_08 stl_15">611  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:19.2167em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:19.2167em;"><span class="stl_76 stl_08 stl_15">145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6517em;top:20.6383em;"><span class="stl_67 stl_08 stl_29">19,549  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8342em;top:20.6383em;"><span class="stl_67 stl_08 stl_79">9,905  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5542em;top:20.6383em;"><span class="stl_67 stl_08 stl_79">7,492  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">Ave</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0066em;">age numbe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ull </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">ime emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_22">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">11</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0142em;top:21.9883em;"><span class="stl_77 stl_08 stl_15">70  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:21.9883em;"><span class="stl_76 stl_08 stl_15">58  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.2939em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0006em;">Employee compensation includes EUR 660 thousands related to bonus paid, included in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.3839em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0062em;">transaction cost. For more information relate administrative expense</span><span class="stl_43 stl_08 stl_212" style="word-spacing:-0.011em;">s (Note 4)</span><span class="stl_43 stl_08 stl_212" style="word-spacing:-0.011em;">.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.04em;top:29.1564em;"><span class="stl_168 stl_08 stl_41" style="word-spacing:-0.0005em;">Offshore - presented within cost of sales  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:31.0589em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7117em;top:30.8708em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3817em;top:30.8708em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1042em;top:30.8708em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:30.8708em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:32.2908em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0042em;">Wages and sala</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7917em;top:32.2908em;"><span class="stl_76 stl_08 stl_15">14,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5142em;top:32.2908em;"><span class="stl_76 stl_08 stl_15">11,69</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:32.2908em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:33.5508em;"><span class="stl_76 stl_08 stl_55">Emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">e</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_58" style="word-spacing:-0.0005em;">'s con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_22">ibu</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.005em;">ion </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_78" style="word-spacing:-0.001em;">o de</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ined con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_22">ibu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:34.5508em;"><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0003em;">ion plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2417em;top:34.5608em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9642em;top:34.5608em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7542em;top:34.5608em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:35.9125em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_58">sho</span><span class="stl_77 stl_08 stl_71">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_70" style="word-spacing:-0.0095em;">m bene</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:35.9125em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:35.9125em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2042em;top:35.9125em;"><span class="stl_77 stl_08 stl_15">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:37.3325em;"><span class="stl_67 stl_08 stl_258" style="word-spacing:0.0016em;">Total offshore employee compensation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6717em;top:37.3325em;"><span class="stl_67 stl_08 stl_29">15,921  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3942em;top:37.3325em;"><span class="stl_67 stl_08 stl_29">13,089  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5742em;top:37.3325em;"><span class="stl_67 stl_08 stl_79">1,159  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:38.7425em;"><span class="stl_76 stl_08 stl_15">Ave</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0066em;">age numbe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ull </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">ime emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_22">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:38.7425em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:38.7425em;"><span class="stl_76 stl_08 stl_15">16</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7542em;top:38.7425em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9242em;top:10.6298em;"><span class="stl_168 stl_08 stl_40">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:12.5348em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.5958em;top:12.3467em;"><span class="stl_67 stl_08 stl_172">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2683em;top:12.3467em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9883em;top:12.3467em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7083em;top:12.3467em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:13.7667em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0042em;">Wages and sala</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6783em;top:13.7667em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3983em;top:13.7667em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">,566  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5683em;top:13.7667em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:15.0267em;"><span class="stl_76 stl_08 stl_55">Emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">e</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.0066em;">'s con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_22">ibu</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.005em;">ion </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_78" style="word-spacing:-0.001em;">o de</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ined con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_22">ibu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:16.0267em;"><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0003em;">ion plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1283em;top:16.0367em;"><span class="stl_76 stl_08 stl_15">1,9</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8483em;top:16.0367em;"><span class="stl_76 stl_08 stl_15">1,584  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:16.0367em;"><span class="stl_76 stl_08 stl_15">41</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:17.3867em;"><span class="stl_76 stl_08 stl_101">Sha</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_59" style="word-spacing:0.003em;">e based pa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_58">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100">expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.9258em;top:17.3667em;"><span class="stl_76 stl_08 stl_15">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1283em;top:17.3867em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:17.3867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:17.3867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:18.7367em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_58">sho</span><span class="stl_77 stl_08 stl_71">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_25" style="word-spacing:-0.0095em;">m bene</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1283em;top:18.7367em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:18.7367em;"><span class="stl_76 stl_08 stl_15">49</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:18.7367em;"><span class="stl_76 stl_08 stl_15">14</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:20.1583em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:0.001em;">Total employee compensation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5583em;top:20.1583em;"><span class="stl_67 stl_08 stl_29">35,470  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2783em;top:20.1583em;"><span class="stl_67 stl_08 stl_29">22,994  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4583em;top:20.1583em;"><span class="stl_67 stl_08 stl_79">8,651  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:21.5783em;"><span class="stl_76 stl_08 stl_15">Ave</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0066em;">age numbe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ull </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_58" style="word-spacing:0.0235em;">ime emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_22">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:21.5783em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">95  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:21.5783em;"><span class="stl_77 stl_08 stl_15">232  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.6383em;top:21.5783em;"><span class="stl_77 stl_08 stl_15">70  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:22.8383em;"><span class="stl_76 stl_08 stl_52">Numbe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_95">emplo</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.004em;">ees a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t t</span><span class="stl_76 stl_08 stl_96" style="word-spacing:0.0045em;">he end o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.005em;">he </span><span class="stl_77 stl_08 stl_105">r</span><span class="stl_76 stl_08 stl_79">e-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:23.8383em;"><span class="stl_76 stl_08 stl_100">po</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">ing pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:23.8483em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">70  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:23.8483em;"><span class="stl_77 stl_08 stl_15">232  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:23.8483em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.0839em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0036em;">Eneti employees, both onshore and offshore, joined the Group by the end of December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.1739em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.002em;">2023. Thus, average number of full-time employees as of 2023 reflect the number of em-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.2564em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0028em;">ployees divided by 12 months. Eneti had 99 onshore full time employees and 176 seafar-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.3364em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">ers by the end of 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.5064em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.002em;">Offshore crew was hired directly by the Company by the end of November 2021. Average  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.5864em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0027em;">number of full-time employees as of 2021 reflect the number of seafarers. The Company  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.6764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0003em;">had 148 seafarers by the end of 2021.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.8381em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0017em;">Labor costs related to certain employees who are working on the management of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.9281em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0012em;">newbuilding process have been capitalised. These capitalised costs amount to EUR 1.1 in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.0081em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0019em;">2023 and EUR 900 thousands in 2022.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_113" style="word-spacing:0.0013em;">Note 8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_09" style="word-spacing:-0.0006em;">Long Term Incentive Programs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0038em;">In December 2021, a new remuneration scheme was agreed starting in January 2022 and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0006em;">replacing the existing share-based incentive schemes for the majority of eligible employ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0046em;">ees. The terms of the programme initiated in December 2021 are:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0042em;">(i) with effect from 2021, an annual cash bonus up to 12 months of salary for the CEO, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">up to 6 months for selected employees. This bonus is at the discretion of the board and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">paid in cash the following January. Bonuses regarding selected employees is expensed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0036em;">in 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0057em;">(ii) with effect from 2021, an annual cash bonus up to 3 months of salary for other em-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0042em;">ployees. This bonus paid based on Company, team and individual performance. The bo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0012em;">nus is paid in cash at the end of the calendar year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0022em;">(iii) in January 2022, the executive management and selected employees were granted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0001em;">from 10,393 to 55,430 Restricted Share Units (RSU) which will vest July 2024 and are con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0039em;">ditional upon continued employment within Cadeler. The total value of the RSU alloca-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0006em;">tion is calculated based on the Company's closing share price on Nasdaq Copenhagen  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0008em;">A/S on the day of the grant and the value is EUR 394 thousand (EUR 3.3 per RSU). The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0002em;">expense recognised in profit and loss for the year amounts to EUR 143 thousand (EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0007em;">157 thousand in 2022). The average remaining contractual life as of 31 December 2023 is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_62" style="word-spacing:0.0098em;">0.5 years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0033em;">(iv) in January 2022, the executive management and selected employees were granted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0017em;">from 10,393 to 55,430 Options in Cadeler shares which will vest May 2024 and expire in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0281em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0039em;">April 2027. The strike price will range from NOK 36.02 to NOK 38.42 depending on the ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0044em;">ercise period and are conditional upon continued employment within Cadeler. The fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.003em;">value of these granted options was determined using the Black-Scholes model and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0011em;">value is EUR 160 thousand (EUR 1.3 per RSU). The expense recognised in profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0028em;">for the year amounts to EUR 62 thousand (EUR 69 thousand in 2022). The average re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0006em;">maining contractual life for the options as of 31 December 2023 is 3.3 years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.003em;">For the programmes described in (iii) and (iv) the annualised volatility of the shares 48.1%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0006em;">is based on the historical volatility of the price of shares, annual risk free interest rate of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0054em;">1%, dividend yield of zero, expected life until expiration date and average share price of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.5223em;"><span class="stl_43 stl_08 stl_116" style="word-spacing:-0.0012em;">EUR 3.7.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0053em;">(v) in May 2022, the executive management and selected employees were granted from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0027em;">43,420 to 221,719 Options in Cadeler shares which will vest in May 2025 and expire in May  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0021em;">2028. The strike price will be NOK 40.24 and is conditional upon continued employment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0022em;">within Cadeler. The fair value of these granted options was determined using the Black-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.004em;">Scholes model and the value is EUR 761 thousand (EUR 1.3 per RSU). The expense recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1039em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0021em;">nised in profit and loss for the year amounts to EUR 237 thousand. The average remain-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.0048em;">ing contractual life for the options as per 31 December 2023 is 4.3 years. The annualised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0009em;">volatility of the shares 42.5% is based on the historical volatility of the price of shares,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0033em;">annual risk free interest rate of 2.8%, dividend yield of zero, expected life until expiration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">date and average share price of EUR 3.7.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.6064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0016em;">(vi) in January 2023, the executive management and selected employees were granted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6964em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">from 19,760 to 130,416 Restricted Share Units which will vest in July 2025 and are condi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">tional upon continued employment within Cadeler. The total value of the RSU allocation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">is calculated based on the Black-Scholes model and the value is EUR 1.2 million (EUR 3.0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9464em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0043em;">per RSU). The expense recognised in profit and loss for the year amounts to EUR 498  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.0281em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0002em;">thousand. The average remaining contractual life is 1.5 years. The average share price is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.1081em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0039em;">NOK 36.56.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0023em;">(vii) In August 2023, the executive management and selected employees were granted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0002em;">from 88,920 to 385,320 Options in Cadeler shares which will vest in August 2026 and ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0004em;">pire in August 2029. The strike price will be NOK 45.49 and is conditional upon continued  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0002em;">employment within Cadeler. The fair value of these granted options was determined us-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0002em;">ing the Black-Scholes model and the value is EUR 2.2 million (EUR 1.8 per RSU). The ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0036em;">pense recognised in profit and loss for the year amounts to EUR 250 thousand. The aver-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">age remaining contractual life for the options as of 31 December 2023 is 5.5 years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">The annualised volatility of the shares 61.0% is based on the historical volatility of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0014em;">price of shares, annual risk free interest rate of 2.68%, dividend yield of zero, expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0019em;">life until expiration date and average share price of EUR 3.7.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">The Group previously had a share-based incentive scheme for its key employees in con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0002em;">nection with the IPO, with the following key terms:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0012em;">(viii) an incentive varying from 1 to 8 months of salary of the key employee paid in shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0032em;">in the event the Offering is successful. The gross monthly salary and share price for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4464em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0025em;">basis of calculation of the shares to be issued is based on the gross monthly salary of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5264em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0044em;">the employee and share price on the first day of trading of the shares. The initial share  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">price was set at observable input 27 November 2020 (146,626 shares) and was paid out in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.002em;">cash at the share price after the vesting period 27 November 2021.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0004em;">The initial cost was calculated to EUR 504 thousand but was paid out at EUR 734 thou-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9464em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0022em;">sand. The charge to equity amounts to EUR 230 thousand.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1081em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0015em;">(ix) an incentive varying from 2 to 4 months of salary of the key employee paid in shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1981em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">for the continuous employment of the employee for each full calendar year of 2020 and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2781em;"><span class="stl_46 stl_08 stl_40">202</span><span class="stl_140 stl_08 stl_96">1</span><span class="stl_46 stl_08 stl_51" style="word-spacing:0.0008em;">. The incentive will be paid with the employee’s salary in June in the following </span><span class="stl_43 stl_08 stl_136">year,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0em;">i.e., in June 2021 and June 2022. The gross monthly salary and share price for the basis of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0014em;">calculation of the shares to be issued is based on the gross monthly salary of the em-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1923em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0028em;">ployee and share price on the date the incentive will be paid in June 2021 and June 2022.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2723em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0016em;">As stated above this programme was terminated for most of employees and this part is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">reversed in equity and in profit and loss as well. The amount reversed regarding 2020 is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4423em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0026em;">EUR 3 thousand and 2021 EUR 167 thousand.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.6023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0016em;">(x) with effect from 2021, a tiered annual bonus scheme for the CEO of the Company  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">linked to KPIs and business profitability, which is capped at 8 months of gross monthly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.001em;">salary of the CEO paid in shares. The gross monthly salary and share price for the basis  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8539em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0032em;">of calculation of the shares to be issued is based on the gross monthly salary of the CEO  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0042em;">and shares price on the date falling 30 days from the date of filing of the audited ac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.0239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0024em;">counts of the Company for the financial year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1939em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0001em;">As stated above this programme is terminated and was replaced with a cash bonus. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0007em;">programme was accounted for as a cash-based incentive programme for 2021 and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3539em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0028em;">full cash bonus was expensed for in 2021.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5264em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0068em;">None of these instruments are exercisable at the reporting period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.3858em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6983em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5542em;top:11.4667em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1458em;top:11.4667em;"><span class="stl_67 stl_08 stl_246">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.8558em;top:11.4667em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4483em;top:11.4667em;"><span class="stl_67 stl_08 stl_246">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2442em;top:12.4667em;"><span class="stl_67 stl_08 stl_293">management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3058em;top:12.4667em;"><span class="stl_67 stl_08 stl_254">employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.5458em;top:12.4667em;"><span class="stl_67 stl_08 stl_293">management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6083em;top:12.4667em;"><span class="stl_67 stl_08 stl_254">employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.04em;top:13.5823em;"><span class="stl_168 stl_08 stl_29" style="word-spacing:0.0004em;">Outstanding instruments - Options  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8742em;top:14.2348em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2742em;top:14.2348em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.0258em;top:14.2348em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.4358em;top:14.2348em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1758em;top:14.2348em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5883em;top:14.2348em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.3283em;top:14.2348em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7483em;top:14.2348em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.3867em;"><span class="stl_67 stl_08 stl_247" style="word-spacing:0.0045em;">Outstanding at 1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1242em;top:15.3867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">44,589  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5342em;top:15.3867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2758em;top:15.3867em;"><span class="stl_77 stl_08 stl_15">330</span><span class="stl_76 stl_08 stl_15">,96</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6958em;top:15.3867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:15.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:15.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:15.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:15.3867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:16.6567em;"><span class="stl_77 stl_08 stl_40">Gr</span><span class="stl_76 stl_08 stl_15">an</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0093em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_127">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1242em;top:16.6567em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">,44</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5342em;top:16.6567em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2758em;top:16.6567em;"><span class="stl_76 stl_08 stl_15">56</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,16</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6958em;top:16.6567em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4258em;top:16.6567em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">44,589  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.8483em;top:16.6567em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.5783em;top:16.6567em;"><span class="stl_77 stl_08 stl_15">330</span><span class="stl_76 stl_08 stl_15">,96</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.0083em;top:16.6567em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.9267em;"><span class="stl_76 stl_08 stl_157">Fo</span><span class="stl_77 stl_08 stl_33">rf</span><span class="stl_76 stl_08 stl_53">ei</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.016em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_72" style="word-spacing:0.03em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_127">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7142em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8658em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:17.9267em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:19.1967em;"><span class="stl_76 stl_08 stl_70">Exe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0093em;">cised du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_72" style="word-spacing:0.03em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7142em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8658em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:19.1967em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:20.4683em;"><span class="stl_76 stl_08 stl_25">Expi</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.008em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_81">ea</span><span class="stl_77 stl_08 stl_81">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7142em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8658em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:20.4683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.8083em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0036em;">Outstanding at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9842em;top:21.8083em;"><span class="stl_67 stl_08 stl_49">967,029  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5342em;top:21.8083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.4</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.1358em;top:21.8083em;"><span class="stl_67 stl_08 stl_49">894,123  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6958em;top:21.8083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.46  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.2858em;top:21.8083em;"><span class="stl_67 stl_08 stl_49">344,589  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.8483em;top:21.8083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4383em;top:21.8083em;"><span class="stl_67 stl_08 stl_49">330,963  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.0083em;top:21.8083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.3858em;top:27.2483em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6983em;top:27.2483em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5542em;top:28.5408em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1458em;top:28.5408em;"><span class="stl_67 stl_08 stl_246">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.8558em;top:28.5408em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4483em;top:28.5408em;"><span class="stl_67 stl_08 stl_246">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2442em;top:29.5408em;"><span class="stl_67 stl_08 stl_293">management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3058em;top:29.5408em;"><span class="stl_67 stl_08 stl_254">employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.5458em;top:29.5408em;"><span class="stl_67 stl_08 stl_293">management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6083em;top:29.5408em;"><span class="stl_67 stl_08 stl_254">employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.04em;top:30.6564em;"><span class="stl_168 stl_08 stl_47" style="word-spacing:0.0011em;">Outstanding instruments - RSU  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8742em;top:31.3089em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2742em;top:31.3089em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.0258em;top:31.3089em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.4358em;top:31.3089em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1758em;top:31.3089em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5883em;top:31.3089em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.3283em;top:31.3089em;"><span class="stl_74 stl_08 stl_291">Numbe</span><span class="stl_98 stl_08 stl_291">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7483em;top:31.3089em;"><span class="stl_74 stl_08 stl_294">WAEP¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:32.4608em;"><span class="stl_67 stl_08 stl_247" style="word-spacing:0.0045em;">Outstanding at 1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5742em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">55,4</span><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.7258em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">65,8</span><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:32.4608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:33.7308em;"><span class="stl_77 stl_08 stl_40">Gr</span><span class="stl_76 stl_08 stl_15">an</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0093em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_127">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1242em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">189,696  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.2758em;top:33.7308em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">5,5</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8758em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">55,4</span><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.0283em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">65,8</span><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:33.7308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:35.0008em;"><span class="stl_76 stl_08 stl_157">Fo</span><span class="stl_77 stl_08 stl_33">rf</span><span class="stl_76 stl_08 stl_53">ei</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.016em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_72" style="word-spacing:0.03em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_127">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7142em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8658em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:35.0008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:36.2725em;"><span class="stl_76 stl_08 stl_70">Exe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0093em;">cised du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_72" style="word-spacing:0.03em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7142em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8658em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:36.2725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:37.5425em;"><span class="stl_76 stl_08 stl_25">Expi</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.008em;">ed du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">he </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_81">ea</span><span class="stl_77 stl_08 stl_81">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7142em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8658em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0158em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1683em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:37.5425em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:38.8725em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0036em;">Outstanding at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9842em;top:38.8725em;"><span class="stl_67 stl_08 stl_49">245,126  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.7758em;top:38.8725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.1458em;top:38.8725em;"><span class="stl_67 stl_08 stl_136">271,327  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9358em;top:38.8725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.7558em;top:38.8725em;"><span class="stl_67 stl_08 stl_20">55,430  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0883em;top:38.8725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.9083em;top:38.8725em;"><span class="stl_67 stl_08 stl_29">65,823  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2483em;top:38.8725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:41.2369em;"><sup style="top: -0.21em;"><span class="stl_84 stl_08 stl_198">1</span></sup><span class="stl_85 stl_08 stl_89" style="word-spacing:-0.0011em;">EUR Weighted average exercise price (WAEP).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_113" style="word-spacing:0.0013em;">Note 9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_113" style="word-spacing:-0.0004em;">Board of Directors and Management Compensation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1542em;top:12.6667em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.8858em;top:12.6667em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.1983em;top:12.6667em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0917em;top:13.9567em;"><span class="stl_67 stl_08 stl_246" style="word-spacing:0.0006em;">Board of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5742em;top:13.9567em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8142em;top:13.9567em;"><span class="stl_67 stl_08 stl_246" style="word-spacing:0.0006em;">Board of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2858em;top:13.9567em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.5258em;top:13.9567em;"><span class="stl_67 stl_08 stl_246" style="word-spacing:0.0006em;">Board of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0183em;top:13.9567em;"><span class="stl_67 stl_08 stl_291">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.1448em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9417em;top:14.9567em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:1.254em;">directors management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1542em;top:14.9567em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6642em;top:14.9567em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:1.2396em;">directors management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.8858em;top:14.9567em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.3758em;top:14.9567em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:1.2674em;">directors management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.1983em;top:14.9567em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.2867em;"><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0066em;">Wages, sala</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_129" style="word-spacing:0.0043em;">ies and boa</span><span class="stl_77 stl_08 stl_81">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">d </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_101">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8217em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7342em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">85</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0142em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5442em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4458em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">68</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.3658em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">86</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.2558em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.1783em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">65</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.5667em;"><span class="stl_76 stl_08 stl_101">Sha</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_59" style="word-spacing:0.003em;">e based pa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_58">men</span><span class="stl_77 stl_08 stl_58">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8942em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7342em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">588  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6342em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">588  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6158em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4458em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.3658em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3283em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.1783em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">164  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:17.5667em;"><span class="stl_76 stl_08 stl_15">164  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.8367em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_58">sho</span><span class="stl_77 stl_08 stl_71">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_70" style="word-spacing:-0.0095em;">m bene</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8942em;top:18.8367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1842em;top:18.8367em;"><span class="stl_76 stl_08 stl_15">55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0842em;top:18.8367em;"><span class="stl_76 stl_08 stl_15">55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6158em;top:18.8367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8958em;top:18.8367em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.8158em;top:18.8367em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3283em;top:18.8367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6283em;top:18.8367em;"><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1283em;top:18.8367em;"><span class="stl_77 stl_08 stl_15">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.1083em;"><span class="stl_76 stl_08 stl_99" style="word-spacing:-0.0009em;">Cash bonus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8942em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1142em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">1,155  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0142em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">1,155  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6158em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4458em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">48</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.3658em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">48</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3283em;top:20.1083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.1783em;top:20.1083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:20.1083em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.4383em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0028em;">Total management compensation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7617em;top:21.4383em;"><span class="stl_67 stl_08 stl_83">183  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0142em;top:21.4383em;"><span class="stl_67 stl_08 stl_55">2,648  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9142em;top:21.4383em;"><span class="stl_67 stl_08 stl_55">2,831  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4842em;top:21.4383em;"><span class="stl_67 stl_08 stl_83">180  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7258em;top:21.4383em;"><span class="stl_67 stl_08 stl_92">1,374  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.6458em;top:21.4383em;"><span class="stl_67 stl_08 stl_92">1,554  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.1958em;top:21.4383em;"><span class="stl_67 stl_08 stl_83">180  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.4583em;top:21.4383em;"><span class="stl_67 stl_08 stl_92">1,151  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9583em;top:21.4383em;"><span class="stl_67 stl_08 stl_92">1,331  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.9739em;"><span class="stl_118 stl_08 stl_45" style="word-spacing:0.0054em;">Executive management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.0564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0008em;">Executive management means the members of the executive management which were  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.1364em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0043em;">registered with the Danish business authority and who have the authority and responsi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.2264em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">bility for the planning, directing and controlling activities of the Company as defined by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.3064em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0029em;">IAS 24. In 2021, Key management also included personnel who supported executive man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.3864em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0031em;">agement, for the planning, directing and controlling activities of the Company.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.5564em;"><span class="stl_118 stl_08 stl_52" style="word-spacing:-0.0015em;">Board of directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.6364em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">Andreas Sohmen-Pao and Andreas Beroutsos are employed by the BW Group. These  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.7281em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:0.0007em;">board members have not received remuneration from Cadeler in 2021, 2022 and 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.8081em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0038em;">Andreas Beroutsos stepped down from the Board with effect from 25 April 2023. On the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.8881em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0033em;">same date, Andrea Abt joined the Board.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.9739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0003em;">David Peter Cogman is employed by the Swire Group and has not received remuneration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.0564em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0017em;">from Cadeler in 2021, 2022 and 2023. David Peter Cogman stepped down from the Board  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.1364em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.003em;">with effect from 16 June 2023 along with Connie Hedegaard.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.3064em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0009em;">On 20 February 2024, Emanuele Lauro and James Nish joined the Board. Emanuele  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.3864em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0004em;">Lauro is the Director and Chief Executive Officer of Scorpio Holdings Limited considered  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.4764em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0007em;">a related party (See Note 27).  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:10.3423em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:11.4867em;"><span class="stl_76 stl_08 stl_157">Fo</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_100">rr</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_100">gain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:11.4867em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:11.4867em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:11.4867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">95  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:12.7667em;"><span class="stl_76 stl_08 stl_15">Fai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.009em;">r </span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0049em;">value change o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_78">de</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_16">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">ive (ine</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_09">ec</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_38">iveness)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:12.7667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:12.7667em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:12.7667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.0367em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_55">gained  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">1,4</span><span class="stl_77 stl_08 stl_15">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:14.0367em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">44  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.3667em;"><span class="stl_67 stl_08 stl_291" style="word-spacing:0.0063em;">Finance income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1117em;top:15.3667em;"><span class="stl_67 stl_08 stl_79">1,541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8342em;top:15.3667em;"><span class="stl_67 stl_08 stl_79">4,031  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:15.3667em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">95  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:10.3623em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0117em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9142em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:11.5067em;"><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0017em;">Lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_58" style="word-spacing:0.0047em;">ies a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.0109em;">1 </span><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_78">anua</span><span class="stl_77 stl_08 stl_104" style="word-spacing:-0.008em;">ry </span><span class="stl_76 stl_08 stl_207">(cu</span><span class="stl_77 stl_08 stl_104">rr</span><span class="stl_76 stl_08 stl_20">en</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.01em;">t </span><span class="stl_76 stl_08 stl_15">and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:12.5067em;"><span class="stl_76 stl_08 stl_102">non-cu</span><span class="stl_77 stl_08 stl_104">rr</span><span class="stl_76 stl_08 stl_20">en</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_64">lease)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4917em;top:12.5167em;"><span class="stl_77 stl_08 stl_15">27</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3942em;top:12.5167em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">07  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3042em;top:12.5167em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:13.7867em;"><span class="stl_76 stl_08 stl_42">Acquisi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0067em;">ion o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_56">subsidia</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8717em;top:13.7867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">99  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4642em;top:13.7867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3742em;top:13.7867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.0567em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5417em;top:15.0567em;"><span class="stl_76 stl_08 stl_15">(16)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4642em;top:15.0567em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3742em;top:15.0567em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:16.3267em;"><span class="stl_76 stl_08 stl_92" style="word-spacing:0.0022em;">Cash paid </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0046em;">lease obliga</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_249">ions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0917em;top:16.3267em;"><span class="stl_76 stl_08 stl_15">(569)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9942em;top:16.3267em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">8)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9042em;top:16.3267em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">85)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.6567em;"><span class="stl_67 stl_08 stl_253" style="word-spacing:-0.0003em;">Lease liabilities at 31 December (current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:18.6567em;"><span class="stl_67 stl_08 stl_256" style="word-spacing:0.0031em;">and non-current lease)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4317em;top:18.6567em;"><span class="stl_67 stl_08 stl_83">993  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3342em;top:18.6567em;"><span class="stl_67 stl_08 stl_83">279  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2442em;top:18.6567em;"><span class="stl_67 stl_08 stl_83">507  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:19.9883em;"><span class="stl_67 stl_08 stl_172">Current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4317em;top:19.9883em;"><span class="stl_67 stl_08 stl_83">392  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4242em;top:19.9883em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2442em;top:19.9883em;"><span class="stl_67 stl_08 stl_83">209  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.2383em;"><span class="stl_67 stl_08 stl_254">Non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4317em;top:21.2383em;"><span class="stl_67 stl_08 stl_83">601  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3342em;top:21.2383em;"><span class="stl_67 stl_08 stl_83">279  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2442em;top:21.2383em;"><span class="stl_67 stl_08 stl_83">298  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.8848em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:18.6967em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:18.6967em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:18.6967em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.5783em;"><span class="stl_67 stl_08 stl_294" style="word-spacing:0.0104em;">Interest expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.8483em;"><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.0053em;">- In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_89" style="word-spacing:0.0084em;">linked </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0057em;">o deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_58">liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2217em;top:21.8483em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,851  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:21.8483em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:21.8483em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">727  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.1183em;"><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.0053em;">- In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_96">wi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.011em;">h </span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_158" style="word-spacing:0.0127em;">ed pa</span><span class="stl_77 stl_08 stl_125">rt</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:23.1183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:23.1183em;"><span class="stl_76 stl_08 stl_15">15</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:23.1183em;"><span class="stl_76 stl_08 stl_15">684  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:24.3883em;"><span class="stl_76 stl_08 stl_15">Fai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.009em;">r </span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0049em;">value change o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_78">de</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_16">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">ive (ine</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_09">ec</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_38">iveness)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:24.3883em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:24.3883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:24.3883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:25.6583em;"><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0017em;">Lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_157">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2942em;top:25.6583em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0142em;top:25.6583em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:25.6583em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:26.9283em;"><span class="stl_76 stl_08 stl_157">Fo</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_100">rr</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_58">loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:26.9283em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:26.9283em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,8</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:26.9283em;"><span class="stl_76 stl_08 stl_15">1,69</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.2008em;"><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0027em;">Bank </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_138">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:28.2008em;"><span class="stl_76 stl_08 stl_15">456  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5642em;top:28.2008em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:28.2008em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">58  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:29.5408em;"><span class="stl_67 stl_08 stl_253" style="word-spacing:-0.0101em;">Finance expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1217em;top:29.5408em;"><span class="stl_67 stl_08 stl_55">4,486  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8342em;top:29.5408em;"><span class="stl_67 stl_08 stl_79">9,681  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5542em;top:29.5408em;"><span class="stl_67 stl_08 stl_79">5,491  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.9064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0012em;">Total interest paid in 2023 as per Consolidated Statement of Cash Flows amounts to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.9864em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0022em;">EUR 7.1 million (2022: EUR 4.2 million) which have been capitalised to Property, Plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.0664em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0018em;">Equipment. For more information refer to Note 18. Total interest linked to debt liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.1581em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0019em;">include EUR 1.9 million (2022: EUR 0.9) due to write off of loan fees relate to the previous  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.2381em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0014em;">debt facility and an additional EUR 1.0 million from the amendment to that prior facility in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.3181em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0077em;">June 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0026em;">Lease interest expenses recognised in profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.012em;">a. Interest expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.7548em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5242em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2442em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.9067em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0034em;">expense on lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.003em;">ies (vessels and o</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_15">ice)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4542em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1742em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.1023em;"><span class="stl_118 stl_08 stl_45" style="word-spacing:0.0045em;">b. Lease expense not capitalised in lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.5964em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.7383em;"><span class="stl_76 stl_08 stl_103">Sho</span><span class="stl_77 stl_08 stl_145">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0057em;">m lease expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8242em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:22.7383em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.9439em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:0.0012em;">c. Total cash outflow for all leases in 2023, 2022 and 2021 were EUR 283 thousand, EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.0239em;"><span class="stl_118 stl_08 stl_57" style="word-spacing:-0.0005em;">728 thousand and EUR 315 thousand respectively, excluding variable lease fee (refer to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.1039em;"><span class="stl_118 stl_08 stl_136" style="word-spacing:0.0044em;">Note 24).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.7589em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:31.5808em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:31.5808em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:31.5808em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.9108em;"><span class="stl_76 stl_08 stl_59">Repa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_103">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.003em;">lease liabili</span><span class="stl_77 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:32.9108em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:32.9108em;"><span class="stl_77 stl_08 stl_15">72</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:32.9108em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.1808em;"><span class="stl_76 stl_08 stl_113">Ren</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_55" style="word-spacing:0.0013em;">al above s</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100">andb</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">y r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_121">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:34.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4442em;top:34.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:34.1808em;"><span class="stl_76 stl_08 stl_15">196  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:35.4508em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0008em;">Cash ou</span><span class="stl_77 stl_08 stl_15">tf</span><span class="stl_76 stl_08 stl_96" style="word-spacing:0.001em;">low </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_29" style="word-spacing:-0.0036em;">leases </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">ha</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_79">a</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">e no</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0126em;">t </span><span class="stl_76 stl_08 stl_59">capi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_40">al-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:36.4525em;"><span class="stl_76 stl_08 stl_15">ised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:36.4525em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8242em;top:36.4525em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:36.4525em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4117em;top:37.7925em;"><span class="stl_67 stl_08 stl_83">463  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3142em;top:37.7925em;"><span class="stl_67 stl_08 stl_83">781  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2242em;top:37.7925em;"><span class="stl_67 stl_08 stl_83">545  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0019em;">Commitments and Pledges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_54" style="word-spacing:-0.0082em;">Lease commitments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0041em;">The future lease payables under non-cancellable value and short-term leases contracted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0034em;">for at the balance sheet date but not recognised as liabilities, are as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.6948em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3817em;top:14.5167em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1042em;top:14.5167em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:14.5167em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.8467em;"><span class="stl_76 stl_08 stl_100">No</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_53">la</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r t</span><span class="stl_76 stl_08 stl_70" style="word-spacing:0.0025em;">han one </span><span class="stl_77 stl_08 stl_135">y</span><span class="stl_76 stl_08 stl_20">ea</span><span class="stl_77 stl_08 stl_20">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2417em;top:15.8467em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0342em;top:15.8467em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7542em;top:15.8467em;"><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">Be</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_34" style="word-spacing:0.0027em;">ween one and </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_157" style="word-spacing:0.011em;">ive </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2417em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">4,984  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4842em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3742em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1417em;top:18.4467em;"><span class="stl_67 stl_08 stl_55">6,074  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9942em;top:18.4467em;"><span class="stl_67 stl_08 stl_83">62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7142em;top:18.4467em;"><span class="stl_67 stl_08 stl_83">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.7539em;"><span class="stl_46 stl_08 stl_30" style="word-spacing:-0.0068em;">The Company’s l</span><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.006em;">ease commitments include tenure of the new headquarters, which will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.8339em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0001em;">reflect at the balance sheet in Q1 2024 under IFRS 16. The Company signed the contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.001em;">with Castellum Denmark and will have access to almost 5,000 m2 of office space in cen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0039em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0002em;">tral Copenhagen. The contract, with a six years biding period, amounted to EUR 8 million.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.0839em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0003em;">The Company paid EUR 1 million as a deposit fee for this contract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.3364em;"><span class="stl_39 stl_08 stl_42" style="word-spacing:0.0031em;">Pledge of Fixed Assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.3864em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0001em;">The New Debt Facility detailed in Note 26 is secured by, inter alia, a first priority mort-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.4664em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0057em;">gage over the Wind Orca, Wind Osprey, Wind Scylla and Wind Zaratan Vessels (EUR 511  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.5464em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.002em;">million carrying value, see Note 18), first priority assignment of the earnings of the vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.6364em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0011em;">owning entities, including certain change of control provisions which are similar to those  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.7264em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0029em;">included in the P-Class Facility.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.8881em;"><span class="stl_43 stl_08 stl_23" style="word-spacing:-0.0061em;">The P-Class facility is secured by a first priority mortgage over the P-Class newbuilds,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.9681em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0031em;">first priority assignments of the insurances and earnings of the P-Class newbuilds by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.0481em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0001em;">Cadeler and the two borrowers and contain customary financial and other covenants in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.1381em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0016em;">cluding certain change of control provisions. There will be a change of control under the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.9798em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0004em;">P-Class Facility if any person or group of persons acting in concert (other than Swire Pa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0025em;">cific and the BW Group) hold legally and beneficially more than 25% of each of the is-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0019em;">sued and outstanding share capital and/or the issued and outstanding voting share cap-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">ital of Cadeler A/S. In addition, a number of changes to the ownership structure further  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">down in the Group will trigger a change of control such as, among others, if either Wind  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4023em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0006em;">N1063 Limited or Wind N1064 Limited ceases to be a wholly owned (direct or indirect)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.4923em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">subsidiary of Cadeler. The P-Class Facility will be governed by English law.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7639em;"><span class="stl_39 stl_08 stl_20" style="word-spacing:-0.003em;">Wind Osprey &amp; Wind Orca new crane contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8139em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0044em;">The Company signed a contract with NOV on 18 December 2020 to replace the main  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0013em;">crane of Wind Orca and then executed the option to replace the main crane for Wind Os-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9839em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0004em;">prey on 17 June 2021. The total sum of the contract with NOV for the replacement of both  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0639em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">cranes is EUR 83.4 million, of which EUR 7 million was paid in 2021, EUR 27 million was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1539em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">paid in 2022 and EUR 15.8 million was paid in 2023. The remaining scheduled payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2439em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0041em;">will be due in 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5164em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:-0.0084em;">P-Class vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.5664em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0013em;">Since 30 June 2021 the Company has a contract with COSCO SHIPPING Heavy Industry  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6564em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0013em;">CO. Lt</span><span class="stl_46 stl_08 stl_49" style="word-spacing:0.0002em;">d. (“COSCO”) </span><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0022em;">to build two new P-class WTIVs. The total sum of the contract for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7364em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">new vessels is approximately EUR 572 million, of which EUR 137 million was paid in 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8164em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0001em;">and EUR 14 million was paid in 2023. The remaining scheduled payments will be due be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9064em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0037em;">tween 2024 and 2025. Of the total contract, USD 390 million is paid in USD and EUR 220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.9981em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0023em;">million will is paid in EUR.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0011em;">A-Class vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0025em;">On 9 May 2022 and 22 November 2022 the Company signed additional contracts with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0012em;">COSCO SHIPPING Heavy Industry to build a total of two new A-Class foundation installa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0022em;">tion vessel. The total sum of the contracts for the new vessel is approximately EUR 657  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0009em;">million, of which approximately a total of EUR 167 million was paid in 2022, while the re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0031em;">maining amounts will be due over the years from 2025 to 2026. Of the total contract,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4923em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0042em;">USD 495 million is paid in USD and EUR 205 million is paid in EUR.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7639em;"><span class="stl_39 stl_08 stl_20" style="word-spacing:0em;">M-Class vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0004em;">The Company, due to the business combination with Eneti, is currently under contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0013em;">with Hanwha for the construction of two next generation offshore WTIVs. The total sum  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0022em;">of the contracts is approximately EUR 592 million, of which EUR 118 million has been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">paid. The remaining scheduled payments will be due between 2024 and 2025.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0027em;">Remaining instalments for the newbuilds vessels:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:28.6008em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:30.0389em;"><span class="stl_74 stl_08 stl_102">Millions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7317em;top:29.8508em;"><span class="stl_67 stl_08 stl_294">P-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3117em;top:29.8508em;"><span class="stl_67 stl_08 stl_298">M-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1842em;top:29.8508em;"><span class="stl_67 stl_08 stl_122">A-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:29.8508em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:31.1808em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.001em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:31.1808em;"><span class="stl_77 stl_08 stl_15">220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9342em;top:31.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:31.1808em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3042em;top:31.1808em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:32.4508em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.005em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:32.4508em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:32.4508em;"><span class="stl_76 stl_08 stl_15">655  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:32.4508em;"><span class="stl_76 stl_08 stl_15">495  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:32.4508em;"><span class="stl_76 stl_08 stl_15">1,54</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:33.7908em;"><span class="stl_76 stl_08 stl_78">To</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0065em;">al Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.005em;">t tr</span><span class="stl_76 stl_08 stl_94">ansla</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">59</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">65</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">1,8</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:35.0608em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.013em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5817em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9342em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3042em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:36.3325em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.007em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:36.3325em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:36.3325em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:36.3325em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:36.3325em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:37.6625em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_157" style="word-spacing:0.009em;">t tr</span><span class="stl_76 stl_08 stl_15">ansla</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.004em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">49</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:11.0942em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:12.5348em;"><span class="stl_74 stl_08 stl_102">Millions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3483em;top:12.3467em;"><span class="stl_67 stl_08 stl_294">P-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.0683em;top:12.3467em;"><span class="stl_67 stl_08 stl_122">A-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7083em;top:12.3467em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:13.6767em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.001em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:13.6767em;"><span class="stl_77 stl_08 stl_15">220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:13.6767em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:13.6767em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:14.9467em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.005em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:14.9467em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">495  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">885  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:16.2867em;"><span class="stl_76 stl_08 stl_78">To</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0065em;">al Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0042em;">t </span><span class="stl_76 stl_08 stl_99">amoun</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.005em;">t tr</span><span class="stl_76 stl_08 stl_94">ansla</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">65</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5683em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:17.5567em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.013em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1983em;top:17.5567em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:17.5567em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:17.5567em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:18.8267em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.007em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:18.8267em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:18.8267em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:18.8267em;"><span class="stl_76 stl_08 stl_15">816  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:20.1583em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_157" style="word-spacing:0.009em;">t tr</span><span class="stl_76 stl_08 stl_15">ansla</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.004em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:20.1583em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:20.1583em;"><span class="stl_76 stl_08 stl_15">49</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:20.1583em;"><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:24.6983em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:26.1364em;"><span class="stl_74 stl_08 stl_102">Millions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.7883em;top:25.9483em;"><span class="stl_67 stl_08 stl_294">P-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:27.2883em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.001em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:27.2883em;"><span class="stl_77 stl_08 stl_15">220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:28.5608em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.005em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:28.5608em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:29.8908em;"><span class="stl_76 stl_08 stl_78">To</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0065em;">al Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.005em;">t tr</span><span class="stl_76 stl_08 stl_94">ansla</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:29.8908em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:31.1608em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.013em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.6383em;top:31.1608em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:32.4308em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.007em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:32.4308em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:33.7708em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_157" style="word-spacing:0.009em;">t tr</span><span class="stl_76 stl_08 stl_15">ansla</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.004em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:33.7708em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.4639em;"><span class="stl_168 stl_08 stl_57" style="word-spacing:-0.0015em;">Change in the debts to credit institu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.5439em;"><span class="stl_168 stl_08 stl_99" style="word-spacing:0.0026em;">tions during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:27.7864em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:27.5983em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:27.5983em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:27.5983em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.9308em;"><span class="stl_76 stl_08 stl_40">Deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o c</span><span class="stl_77 stl_08 stl_20">r</span><span class="stl_76 stl_08 stl_49">edi</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_92">ins</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">u</span><span class="stl_77 stl_08 stl_72">t</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0025em;">ions a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.003em;">1 </span><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_52">anua</span><span class="stl_77 stl_08 stl_128">ry  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5517em;top:28.9308em;"><span class="stl_76 stl_08 stl_64">(115,</span><span class="stl_77 stl_08 stl_15">002</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9042em;top:28.9308em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_103">,</span><span class="stl_77 stl_08 stl_15">07</span><span class="stl_76 stl_08 stl_15">5)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8142em;top:28.9308em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_101">,5</span><span class="stl_77 stl_08 stl_15">00</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:30.2008em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_177">d</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ft f</span><span class="stl_76 stl_08 stl_15">acili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ty </span><span class="stl_76 stl_08 stl_109">d</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_78">awn  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:30.2008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9042em;top:30.2008em;"><span class="stl_76 stl_08 stl_100">(16,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2642em;top:30.2008em;"><span class="stl_76 stl_08 stl_113">(8,998)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.4708em;"><span class="stl_76 stl_08 stl_16" style="word-spacing:0.0055em;">Loans </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_49">epa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_20">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.9517em;top:31.4708em;"><span class="stl_76 stl_08 stl_15">115,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3042em;top:31.4708em;"><span class="stl_76 stl_08 stl_15">65,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2142em;top:31.4708em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.7408em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_177">d</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_101" style="word-spacing:0.006em;">ft r</span><span class="stl_76 stl_08 stl_49">epa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_58">men</span><span class="stl_77 stl_08 stl_58">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:32.7408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3042em;top:32.7408em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:32.7408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.0208em;"><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0066em;">New loan  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5517em;top:34.0208em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_100">11,9</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4542em;top:34.0208em;"><span class="stl_76 stl_08 stl_64">(115,</span><span class="stl_77 stl_08 stl_15">000</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:34.0208em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:35.2908em;"><span class="stl_76 stl_08 stl_116" style="word-spacing:-0.0021em;">New loan in</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_104">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8517em;top:35.2908em;"><span class="stl_76 stl_08 stl_15">8,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7542em;top:35.2908em;"><span class="stl_76 stl_08 stl_15">1,541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:35.2908em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:36.5625em;"><span class="stl_76 stl_08 stl_15">W</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.014em;">e o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ff </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0057em;">loan </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_125">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4517em;top:36.5625em;"><span class="stl_76 stl_08 stl_113">(1,898)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9742em;top:36.5625em;"><span class="stl_76 stl_08 stl_15">(9</span><span class="stl_77 stl_08 stl_15">23</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:36.5625em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:37.8325em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3542em;top:37.8325em;"><span class="stl_76 stl_08 stl_64">(1,54</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8842em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">(5</span><span class="stl_77 stl_08 stl_15">77</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:39.1625em;"><span class="stl_67 stl_08 stl_257" style="word-spacing:-0.0001em;">Debt to credit institutions at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3517em;top:39.1625em;"><span class="stl_67 stl_08 stl_41">(205,572)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2642em;top:39.1625em;"><span class="stl_67 stl_08 stl_34">(115,002)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6242em;top:39.1625em;"><span class="stl_67 stl_08 stl_22">(73,075)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_42" style="word-spacing:0.0007em;">Capital management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0014em;">The Company’s objectives when managing capital are to ensure the Company’s ability to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1623em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">continue as a going concern and to maintain an optimal capital structure.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0003em;">In order to achieve this overall objective, the Company’s capital management, among  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0008em;">other things, aims to ensure that it meets financial covenants attached to the interest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0029em;">bearing loans and borrowings that define capital structure requirements. Breaches in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5623em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0041em;">meeting the financial covenants would permit the bank to immediately call loans and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6523em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0037em;">borrowings. There have been no breaches of the financial covenants of any interest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0027em;">bearing loans and borrowing in the current period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.001em;">In order to maintain or adjust the capital structure in the future, the Group may adjust the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">amount of dividends paid to shareholders, issue new shares and/or sell assets to reduce  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0639em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0027em;">debt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1639em;"><span class="stl_46 stl_08 stl_52" style="word-spacing:0.0037em;">distributions without DNB Bank ASA’s written consent.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0018em;">Financial Liabilities: Interest-bearing Loans and Borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_55" style="word-spacing:0.003em;">New Debt Facility </span><span class="stl_168 stl_08 stl_15" style="word-spacing:0.0095em;">– </span><span class="stl_39 stl_08 stl_56" style="word-spacing:0.0115em;">replacing the RCF  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0017em;">On 29 June 2022 the Company entered into a Senior Secured Green Revolving Credit Fa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1623em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:-0.0004em;">cility (“RCF”) of a 3</span><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0029em;">-year term loan of EUR 185 million with DNB Bank ASA.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0045em;">The RCF consists of (i) a three-year non-amortizing term loan of EUR 150 million, in addi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">tion to voluntary prepayments in whole or any part of the loan, at any time, the loan will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0021em;">be repayable in a balloon payment of EUR 150 million, and (ii) a guarantee facility of up to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5723em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0009em;">EUR 35 million.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7339em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">On 4 July 2022 the Company utilised EUR 115 million from the total EUR 150 million availa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0004em;">ble from the RCF. With these funds the Group repaid in full the outstanding amounts, re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.001em;">lated to the term loan EUR 55 million and overdraft facility EUR 25 million from DNB Bank  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0015em;">ASA and SpareBank 1 SR-Bank signed on 4 November 2020. At that time, the new RCF  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0739em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0013em;">added about EUR 70 million in liquidity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2339em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0038em;">The RCF bears interest at 3-month or 6-month EURIBOR + the Applicable Margin, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3139em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0016em;">subject to a green loan margin discount as long as the Company is in compliance with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">certain green asset criteria such as earmarked investments in green assets. The Group is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4864em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0em;">currently in compliance with this green criteria and are expected to remain compliant for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.5664em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0012em;">the duration of the facility. The full repayment of a senior debt facility generated a fi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6564em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0013em;">nance cost for the write-off of borrowing costs of approximately EUR 810,000 in July  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7464em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0008em;">2022. Due to a confidentiality agreement, the applicable margin cannot be disclosed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9064em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0043em;">In June 2023, the Debt Facility was amended to increase the guarantee facility to EUR 60  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.9881em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">million and to increase the committed revolving credit facility to EUR 250 million, result-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.0681em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.003em;">ing in an increase of the aggregate Debt Facility to EUR 310 million. The above was re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1681em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0017em;">financed and the Group entered into the new RCF, as explained below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.8998em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0006em;">In connection with the Business Combination, the Company on 7 December 2023 en-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.8998em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0022em;">tered into a new senior secured credit and guarantee facilities of up to EUR 550 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.9023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">providing for (i) a revolving credit facility of up to EUR 250 million (5 year tenor), (ii) a re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.9023em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.001em;">volving credit facility of up to EUR 100 million (18 months tenor), (iii) a term loan of up to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.9023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.002em;">EUR 100 million (8.5 year tenor) guaranteed by The Danish Export and Investment Fund  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.9023em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0042em;">of Denmark (EIFO) and (iv) an uncommitted guarantee facility of up to EUR 100 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.9023em;"><span class="stl_46 stl_08 stl_45" style="word-spacing:-0.0025em;">(the “New Debt Facility”). The New Debt Facility has similar terms and conditions as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.9023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0026em;">existing Debt Facility. The change of control provisions are similar to those included in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.9023em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">the P-Class Facility (as described below).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.9039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0012em;">The Company has utilised EUR 162 million from the total EUR 450 million available from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.9039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">the RCF. With these funds the Group repaid </span><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0017em;">the outstanding amounts of Eneti’s previous  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9039em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0035em;">Credit Facility, which amounted to USD 59.4 million (of which Eneti repaid USD 12.6 mil-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9039em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">lion in October 2023 from the proceeds from the sale of Seajacks Hydra, Seajacks Levia-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.9039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0003em;">than and the Seajacks Kraken). In addition, the Group has repaid the amounts under its  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.9039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0017em;">own Debt Facility amounting to EUR 115 million.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.9039em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0016em;">The full repayment of the senior debt facility generated a finance cost for the write off of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.9064em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0053em;">borrowing costs of approximately EUR 1.8 million thousand in 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.9064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0004em;">By the end of the reporting period, EUR 288 million remains unutilised from the RCF.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_92" style="word-spacing:0.0095em;">Holdco Facility</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.385em;top:10.0098em;"><span class="stl_39 stl_08 stl_139" style="word-spacing:-0.0054em;">(EUR 5O million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.9798em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.004em;">On 15 November 2023, the Group entered into an unsecured Holdco Facility in an aggre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.9823em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0007em;">gate amount of EUR 50 million (tenor of five years) with HSBC. The financing includes a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.9823em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0017em;">non-committed accordion option of up to EUR 50 million. The purpose of the Holdco Fa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.9823em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0005em;">cility is, among others, partial funding of the wind installation activities of the Group and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.9823em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0017em;">general corporate purposes. The facility includes customary financial and other cove-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.9823em;"><span class="stl_43 stl_08 stl_59">nants.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.5923em;"><span class="stl_39 stl_08 stl_92" style="word-spacing:0.0026em;">M-Class Facility</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.802em;top:18.5923em;"><span class="stl_39 stl_08 stl_27" style="word-spacing:-0.0046em;">(USD 436 million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.6539em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">In connection with the Business Combination, the Group acquired a senior secured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.7339em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0017em;">green term loan facility, which Eneti entered in November 2023, of up to USD 436 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.8139em;"><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0018em;">(the “New Credit Facility”) with a group of international banks and export credit agencie</span><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0033em;">co-arranged and co-underwritten by Crédit Agricole Corporate and Investment Bank and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.9839em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0026em;">Société Générale, and with Société Générale as Green Loan Coordinator. The New Credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.0639em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0034em;">Facility finances approximately 65% of the purchase cost of the M-Class newbuilding,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.1539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">with the remaining 35% to be funded either by obtaining additional bank financing or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.2339em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0052em;">through available operational cash reserves. The maturity date of the New Credit Facility  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.3164em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0019em;">in relation to each vessel is 12 years from the delivery date of each vessel. The New  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4064em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.001em;">Credit Facility bears interest at a blended margin of SOFR plus 2.36% per annum (exclu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.4864em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0047em;">sive of premiums payable to K-SURE and Eksfin). However, the terms of the New Credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.5664em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0015em;">Facility provided that completion of the Business Combination would not trigger a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.6564em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0004em;">change of control provision with regard to cancellation and prepayment of the New  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.7464em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0025em;">Credit Facility.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0098em;"><span class="stl_39 stl_08 stl_40" style="word-spacing:0.0041em;">P-Class Facility</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.498em;top:10.0098em;"><span class="stl_39 stl_08 stl_31" style="word-spacing:0.0022em;">(USD 425 million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0014em;">Further, Cadeler A/S and two of its subsidiaries, WIND N1064 Limited and WIND N1063  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0001em;">Limited, entered into a Sinosure-backed green term loan facility of up to EUR 425 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0015em;">(12 year tenor) (the "P-Class Facility") in December 2023 to finance the purchase of P-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0014em;">Class newbuilds. The funds under the P-Class Facility have been borrowed by WIND  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0019em;">N1064 Limited and WIND N1063 Limited (the future owners of the P-Class newbuilds) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.4823em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0031em;">may not be reborrowed once repaid. Further financing will be required from 2025 in con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.5623em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0031em;">nection with milestone payments for the A-</span><span class="stl_46 stl_08 stl_49" style="word-spacing:-0.0079em;">Class New Builds. The Cadeler Group’s man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0035em;">agement expects to require approximately EUR 450 million of additional funding for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7339em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0012em;">A-Class New Builds. Cadeler currently has a letter of intent in place for the order of one  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8139em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0044em;">additional A-Class New Build. There can be no guarantee that the financing of such new  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9139em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.002em;">builds and any future upgrades can be obtained on attractive terms or at all.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0939em;"><span class="stl_39 stl_08 stl_41">Covenants  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0025em;">The Group is in compliance with all covenants in the New Debt Facility (RCF):  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:26.9839em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:26.9839em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0027em;">Minimum Free Liquidity: Freely available cash and cash equivalents at of i) the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:28.0664em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0028em;">higher of EUR 35.000.000 or 5% of gross interest bearing debt, if the ratio of for-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:29.1564em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0051em;">ward-looking contract cash flow to net interest bearing debt</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.298em;top:29.1564em;"><span class="stl_43 stl_08 stl_99" style="word-spacing:0.0156em;">are above 50% or ii)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:30.2364em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.001em;">EUR 50,000,000 or an amount equal to 7.5% of the gross interest bearing debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:31.3164em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:-0.0003em;">at all other times.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:32.4064em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:32.4064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0005em;">Equity Ratio: The ratio of book equity to total assets at all times to be minimum  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:33.4864em;"><span class="stl_43 stl_08 stl_54">35%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4042em;top:34.5664em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9058em;top:34.5664em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0006em;">Working capital: the working capital shall be higher than zero (0).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:9.9798em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:9.9798em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">Fair market value of vessels: The fair market value of the vessels shall at all times  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0037em;">cover at least 150% of the gross interest bearing debt following the redelivery of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0058em;">the O-Class vessels.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:13.2323em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">Contracted cash flows: If at any reported quarter the aggregated loans exceed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0034em;">80% the forward-looking expected cash revenues from legally binding contracts,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0023em;">the Contracted Cash Flows, the Borrower shall prepay the exceeding part of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">Loans within five (5) Business Days.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:17.5623em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:17.5623em;"><span class="stl_43 stl_08 stl_10">Utilis</span><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0009em;">ation of RCF’s Facility under New Debt Facility must be above the outstand-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:18.6523em;"><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0038em;">ing on ECA Term Loan tranche.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.4839em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0011em;">Further, the Group is in compliance with some additional covenants specified in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.5639em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:-0.0029em;">Holdco Facility:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:23.4039em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:23.4039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">Fair market value of vessels: The fair market value of the vessels shall at all times  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:24.4839em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">cover at least 140% of the gross interest bearing debt.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.52em;top:25.6039em;"><span class="stl_43 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:25.6039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0022em;">Debt service coverage ratio: Cash flow available for debt service (including avail-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:26.6939em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0007em;">able liquidity covering cash, cash equivalent and undrawn New Debt Facility) at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:27.7764em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0025em;">the Parent Company must be above Debt service cash flow related to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.02em;top:28.8564em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0027em;">Holdco Facility (2:1).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.9798em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0024em;">As of the reported date, the P-Class and M-Class facilities remain unutilised. Given their  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0033em;">non-utilisation, no assessment of compliance with associated covenants has been nec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.002em;">essary up to this point. These covenants, if applicable, will require assessment upon utili-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0006em;">sation of the facilities and contain customary financial and other covenants, including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0032em;">certain change of control provisions, similar to those disclosed for the utilised facilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.1523em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0024em;">Additionally, the Group is in compliance with below requirements:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.9823em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0012em;">Restriction on dividends: the Company is not permitted to pay any dividends or other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.0623em;"><span class="stl_46 stl_08 stl_52" style="word-spacing:0.0067em;">distributions without DNB Bank ASA’s written consent. </span><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0039em;">For the New Debt Facility, divi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.1539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0011em;">dends and distributions should not exceed 50% of the consolidated net profit for the re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.2339em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">spective year. Further, in the Holdco Facility, the Company is not allowed to any distribu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.3139em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0036em;">tions before the delivery of the P-Class, A-Class and M-Class.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.1539em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0006em;">Change of control: If any person or group of persons (other than Swire Pacific or the BW  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.2339em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">Group) acting in concert directly or indirectly gains control of 25% or more of the voting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.3139em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0003em;">and/or ordinary shares of the Borrower, the Agent (acting on instructions from the major-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.4039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0023em;">ity lenders) may by written notice of sixty (60) days cancel the total commitments and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4864em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0009em;">demand prepayment of all amounts outstanding under the facilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0018em;">Financial Liabilities: Interest-bearing Loans and Borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:7.2998em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.002em;">Continued from previous page  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:10.1742em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.6858em;top:10.1742em;"><span class="stl_67 stl_08 stl_12" style="word-spacing:-0.0048em;">Committed (EUR millions)¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0283em;top:10.3623em;"><span class="stl_74 stl_08 stl_106">Rela</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_40" style="word-spacing:0.016em;">ed de</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_102">iva</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_33" style="word-spacing:0.008em;">ives con</span><span class="stl_98 stl_08 stl_15">tr</span><span class="stl_74 stl_08 stl_101">ac</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6183em;top:11.4423em;"><span class="stl_74 stl_08 stl_197">Ave</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_308" style="word-spacing:0.032em;">age IRS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4383em;top:11.4423em;"><span class="stl_74 stl_08 stl_72" style="word-spacing:0.003em;">IRS nominal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:12.2848em;"><span class="stl_74 stl_08 stl_157">In</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_104">e</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_310">es</span><span class="stl_98 stl_08 stl_15" style="word-spacing:0.01em;">t r</span><span class="stl_74 stl_08 stl_105">a</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_15">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:12.2848em;"><span class="stl_74 stl_08 stl_15">Ma</span><span class="stl_98 stl_08 stl_15">t</span><span class="stl_74 stl_08 stl_20">u</span><span class="stl_98 stl_08 stl_15">r</span><span class="stl_74 stl_08 stl_15">i</span><span class="stl_98 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2958em;top:12.0967em;"><span class="stl_67 stl_08 stl_294">Utilised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3283em;top:12.0967em;"><span class="stl_67 stl_08 stl_121">Unused  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.7783em;top:12.2848em;"><span class="stl_98 stl_08 stl_197">r</span><span class="stl_74 stl_08 stl_309">a</span><span class="stl_98 stl_08 stl_135">t</span><span class="stl_74 stl_08 stl_135">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.9783em;top:12.2848em;"><span class="stl_74 stl_08 stl_254" style="word-spacing:-0.0032em;">(EUR millions)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:13.9667em;"><span class="stl_67 stl_08 stl_229">Secured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:15.2367em;"><span class="stl_111 stl_08 stl_116" style="word-spacing:0.0014em;">3 months EURIBOR +  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:16.2367em;"><span class="stl_76 stl_08 stl_30" style="word-spacing:-0.0098em;">New Deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15">Facili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ty </span><span class="stl_76 stl_08 stl_89">(RCF)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:16.2367em;"><span class="stl_111 stl_08 stl_15">2.4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:16.2367em;"><span class="stl_77 stl_08 stl_15">203</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.6458em;top:16.2367em;"><span class="stl_76 stl_08 stl_15">16</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:16.2367em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:16.2367em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">.</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1783em;top:16.2367em;"><span class="stl_76 stl_08 stl_15">15</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:17.5167em;"><span class="stl_76 stl_08 stl_30" style="word-spacing:-0.0098em;">New Deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15">Facili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0059em;">ty </span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0013em;">- </span><span class="stl_77 stl_08 stl_96">G</span><span class="stl_76 stl_08 stl_20">ua</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">an</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_250">ee  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1542em;top:17.5167em;"><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">.8</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.0003em;">% - 1.</span><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:17.5167em;"><span class="stl_77 stl_08 stl_15">202</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.0958em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">45  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1783em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:18.8467em;"><span class="stl_67 stl_08 stl_306" style="word-spacing:0.0009em;">Total New Debt Facility  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.6458em;top:18.8467em;"><span class="stl_77 stl_08 stl_15">207  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:18.8467em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:20.1083em;"><span class="stl_111 stl_08 stl_116" style="word-spacing:0.0014em;">3 months EURIBOR +  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.1183em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:-0.0021em;">P-Class Facili</span><span class="stl_77 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:21.1083em;"><span class="stl_111 stl_08 stl_15" style="word-spacing:-0.0023em;">(0.90% - 2.4%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:21.1183em;"><span class="stl_77 stl_08 stl_15">203</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:21.1183em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:21.1183em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">.</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1783em;top:21.1183em;"><span class="stl_77 stl_08 stl_15">203  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:22.3883em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0017em;">M-Class Facili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ty </span><span class="stl_76 stl_08 stl_29" style="word-spacing:-0.0085em;">(USD 4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0006em;">6 million)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:22.3883em;"><span class="stl_111 stl_08 stl_100" style="word-spacing:0.0045em;">SOFR + 2.4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:22.3883em;"><span class="stl_77 stl_08 stl_15">203</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:22.3883em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:24.2583em;"><span class="stl_67 stl_08 stl_195">Unsecured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:25.5283em;"><span class="stl_111 stl_08 stl_116" style="word-spacing:0.0014em;">3 months EURIBOR +  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:26.5383em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.007em;">HoldCo Facili</span><span class="stl_77 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6742em;top:26.5283em;"><span class="stl_111 stl_08 stl_15">4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1358em;top:26.5383em;"><span class="stl_77 stl_08 stl_15">202</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.0958em;top:26.5383em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7983em;top:26.5383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:27.8708em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:-0.0033em;">Total (excluding Guarantee facility)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5858em;top:27.8708em;"><span class="stl_67 stl_08 stl_83">212  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.0083em;top:27.8708em;"><span class="stl_67 stl_08 stl_92">1,107  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_102" style="word-spacing:0.0115em;">Note 12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_15" style="word-spacing:-0.0047em;">Earnings Per Share (EPS)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0013em;">Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">holders of the parent by the weighted average number of ordinary shares outstanding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0051em;">during the year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3523em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0011em;">Diluted EPS is calculated by dividing the profit attributable to ordinary holders of the par-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4423em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0015em;">ent by the weighted average number of ordinary shares outstanding during the year plus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.5223em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0015em;">the weighted average number of ordinary shares that would be issued on conversion of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.001em;">all the dilutive potential ordinary shares into ordinary shares.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7739em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0013em;">The weighted average number of ordinary shares takes into account the weighted aver-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0051em;">age effect of share based payments during the year as well as issuance of shares in con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0031em;">nection with business combination with Eneti. In December 2023, 113 million shares were  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:23.0239em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0041em;">issued for this business combination.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1939em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0019em;">The following table reflects the income and share data used in the basic and diluted EPS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2739em;"><span class="stl_43 stl_08 stl_52">calculations:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2483em;top:10.2142em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9683em;top:10.2142em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:10.2142em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:10.4023em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:11.5467em;"><span class="stl_67 stl_08 stl_75" style="word-spacing:0.0015em;">Profit attributable to ordinary equity holders of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:12.5467em;"><span class="stl_67 stl_08 stl_257" style="word-spacing:-0.0027em;">parent for basic earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5383em;top:12.5467em;"><span class="stl_67 stl_08 stl_29">11,498  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:12.5467em;"><span class="stl_67 stl_08 stl_29">35,541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4383em;top:12.5467em;"><span class="stl_67 stl_08 stl_79">7,451  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.8167em;"><span class="stl_67 stl_08 stl_75" style="word-spacing:0.0015em;">Profit attributable to ordinary equity holders of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.8167em;"><span class="stl_67 stl_08 stl_297" style="word-spacing:-0.0091em;">parent adjusted for the effect of dilution  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5383em;top:14.8167em;"><span class="stl_67 stl_08 stl_29">11,498  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:14.8167em;"><span class="stl_67 stl_08 stl_29">35,541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4383em;top:14.8167em;"><span class="stl_67 stl_08 stl_79">7,451  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.2748em;"><span class="stl_74 stl_08 stl_116">Thousands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2483em;top:18.0867em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9683em;top:18.0867em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:18.0867em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:19.4167em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0053em;">Weighted average number of ordinary shares for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:20.4183em;"><span class="stl_67 stl_08 stl_245" style="word-spacing:-0.0159em;">basic EPS¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.0683em;top:20.4283em;"><span class="stl_67 stl_08 stl_49">201,362  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.7883em;top:20.4283em;"><span class="stl_67 stl_08 stl_49">163,219  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.5083em;top:20.4283em;"><span class="stl_67 stl_08 stl_49">131,161  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.6883em;"><span class="stl_76 stl_08 stl_15">E</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_40">ec</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_49">dilu</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.005em;">ion </span><span class="stl_77 stl_08 stl_125">fr</span><span class="stl_76 stl_08 stl_78" style="word-spacing:0.005em;">om sha</span><span class="stl_77 stl_08 stl_105">r</span><span class="stl_76 stl_08 stl_30" style="word-spacing:-0.0129em;">ed based pa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.022em;">s p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_105">o-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.6883em;"><span class="stl_76 stl_08 stl_15">g</span><span class="stl_77 stl_08 stl_22">r</span><span class="stl_76 stl_08 stl_20">amme  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:22.6983em;"><span class="stl_76 stl_08 stl_15">1,861  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4483em;top:22.6983em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:22.6983em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:23.9583em;"><span class="stl_67 stl_08 stl_73" style="word-spacing:-0.0057em;">Weighted average number of ordinary shares ad-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:24.9583em;"><span class="stl_67 stl_08 stl_196" style="word-spacing:-0.0055em;">justed for the effect of dilution¹  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.0683em;top:24.9683em;"><span class="stl_67 stl_08 stl_49">203,223  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.7883em;top:24.9683em;"><span class="stl_67 stl_08 stl_49">163,895  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.5083em;top:24.9683em;"><span class="stl_67 stl_08 stl_49">131,161  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_102" style="word-spacing:0.0115em;">Note 13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_113" style="word-spacing:0.0001em;">Cash and Bank Balances  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:10.3423em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:11.4867em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">Cash a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.004em;">t </span><span class="stl_76 stl_08 stl_62" style="word-spacing:0.0034em;">bank and on hand  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4017em;top:11.4867em;"><span class="stl_76 stl_08 stl_15">96,6</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3042em;top:11.4867em;"><span class="stl_76 stl_08 stl_15">19,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:11.4867em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.6323em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0013em;">The Company is holding cash by 31 December 2023 with the intention of paying asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.7123em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0002em;">under construction related instalments in the first half of 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:10.3623em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0117em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9142em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:11.5067em;"><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0017em;">Lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_58" style="word-spacing:0.0047em;">ies a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.0109em;">1 </span><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_78">anua</span><span class="stl_77 stl_08 stl_104" style="word-spacing:-0.008em;">ry </span><span class="stl_76 stl_08 stl_207">(cu</span><span class="stl_77 stl_08 stl_104">rr</span><span class="stl_76 stl_08 stl_20">en</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.01em;">t </span><span class="stl_76 stl_08 stl_15">and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:12.5067em;"><span class="stl_76 stl_08 stl_102">non-cu</span><span class="stl_77 stl_08 stl_104">rr</span><span class="stl_76 stl_08 stl_20">en</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_64">lease)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4917em;top:12.5167em;"><span class="stl_77 stl_08 stl_15">27</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3942em;top:12.5167em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">07  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3042em;top:12.5167em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:13.7867em;"><span class="stl_76 stl_08 stl_42">Acquisi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0067em;">ion o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_56">subsidia</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8717em;top:13.7867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">99  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4642em;top:13.7867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3742em;top:13.7867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.0567em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5417em;top:15.0567em;"><span class="stl_76 stl_08 stl_15">(16)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4642em;top:15.0567em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3742em;top:15.0567em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:16.3267em;"><span class="stl_76 stl_08 stl_92" style="word-spacing:0.0022em;">Cash paid </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0046em;">lease obliga</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_249">ions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0917em;top:16.3267em;"><span class="stl_76 stl_08 stl_15">(569)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9942em;top:16.3267em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">8)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9042em;top:16.3267em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">85)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.6567em;"><span class="stl_67 stl_08 stl_253" style="word-spacing:-0.0003em;">Lease liabilities at 31 December (current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:18.6567em;"><span class="stl_67 stl_08 stl_256" style="word-spacing:0.0031em;">and non-current lease)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4317em;top:18.6567em;"><span class="stl_67 stl_08 stl_83">993  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3342em;top:18.6567em;"><span class="stl_67 stl_08 stl_83">279  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2442em;top:18.6567em;"><span class="stl_67 stl_08 stl_83">507  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:19.9883em;"><span class="stl_67 stl_08 stl_172">Current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4317em;top:19.9883em;"><span class="stl_67 stl_08 stl_83">392  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4242em;top:19.9883em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2442em;top:19.9883em;"><span class="stl_67 stl_08 stl_83">209  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.2383em;"><span class="stl_67 stl_08 stl_254">Non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4317em;top:21.2383em;"><span class="stl_67 stl_08 stl_83">601  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3342em;top:21.2383em;"><span class="stl_67 stl_08 stl_83">279  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2442em;top:21.2383em;"><span class="stl_67 stl_08 stl_83">298  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.9964em;"><span class="stl_39 stl_08 stl_31" style="word-spacing:-0.0058em;">Expected credit loss on trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.0864em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0002em;">The Group has historically only experienced immaterial losses on trade receivables, if  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.1764em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0027em;">any. Further, a material part of the cash flows in the contracts are prepayments received  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.2564em;"><span class="stl_43 stl_08 stl_59" style="word-spacing:0.003em;">up front.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.4264em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0022em;">The Group's assessment remains consistent with its past practices. Although some posi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.5064em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">tions may transition to 30 days overdue, our overall position on credit risk management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.5864em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0068em;">remains unchanged. This assessment is supported by historical data, a select group of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.6781em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0008em;">reliable debtors, and our outlook for the future.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7158em;top:10.1542em;"><span class="stl_67 stl_08 stl_114">Trade  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.5158em;top:10.1542em;"><span class="stl_67 stl_08 stl_133">Contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.1983em;top:10.1542em;"><span class="stl_67 stl_08 stl_257">Expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:11.3423em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7158em;top:11.1542em;"><span class="stl_67 stl_08 stl_72">receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.3558em;top:11.1542em;"><span class="stl_67 stl_08 stl_195">assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1883em;top:11.1542em;"><span class="stl_67 stl_08 stl_123">loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:11.1542em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.0267em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.3067em;"><span class="stl_76 stl_08 stl_100">No</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_104">due  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.8258em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">9,6</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.7358em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">8,88</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0883em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">18,519  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:15.5767em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0029em;">due 1-</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">30 </span><span class="stl_76 stl_08 stl_157">da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.3758em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">14,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0883em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">14,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.8467em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">due </span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">1 </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">o 6</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">0 </span><span class="stl_76 stl_08 stl_80">da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4458em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">03  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">03  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.1167em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0035em;">due +61 da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.8258em;top:18.1167em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">273  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:18.1167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:18.1167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:18.1167em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">273  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:19.4467em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2558em;top:19.4467em;"><span class="stl_67 stl_08 stl_20">26,802  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6258em;top:19.4467em;"><span class="stl_67 stl_08 stl_79">8,880  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:19.4467em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9683em;top:19.4467em;"><span class="stl_67 stl_08 stl_20">35,682  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.3283em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.5983em;"><span class="stl_76 stl_08 stl_100">No</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_104">due  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.3758em;top:22.5983em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,19</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.2858em;top:22.5983em;"><span class="stl_76 stl_08 stl_15">19,999  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:22.5983em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0883em;top:22.5983em;"><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">,196  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:23.8683em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0029em;">due 1-</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">30 </span><span class="stl_76 stl_08 stl_157">da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4458em;top:23.8683em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:23.8683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:23.8683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:23.8683em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:25.1383em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">due </span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">1 </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">o 6</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">0 </span><span class="stl_76 stl_08 stl_80">da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5158em;top:25.1383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:25.1383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:25.1383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2283em;top:25.1383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:26.4083em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0035em;">due +61 da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5158em;top:26.4083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:26.4083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:26.4083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2283em;top:26.4083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:27.7408em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2558em;top:27.7408em;"><span class="stl_67 stl_08 stl_29">17,635  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.1658em;top:27.7408em;"><span class="stl_67 stl_08 stl_29">19,999  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:27.7408em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0883em;top:27.7408em;"><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">,6</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:29.6208em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:30.8908em;"><span class="stl_76 stl_08 stl_100">No</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_104">due  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.8258em;top:30.8908em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">,85</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3583em;top:30.8908em;"><span class="stl_76 stl_08 stl_15">84</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:30.8908em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:30.8908em;"><span class="stl_76 stl_08 stl_15">8,69</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:32.1608em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0029em;">due 1-</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">30 </span><span class="stl_76 stl_08 stl_157">da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.8258em;top:32.1608em;"><span class="stl_76 stl_08 stl_15">8,96</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:32.1608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:32.1608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:32.1608em;"><span class="stl_76 stl_08 stl_15">8,96</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:33.4308em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">due </span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">1 </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">o 6</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">0 </span><span class="stl_76 stl_08 stl_80">da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4458em;top:33.4308em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:33.4308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:33.4308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:33.4308em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:34.7008em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0035em;">due +61 da</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.8258em;top:34.7008em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:34.7008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3283em;top:34.7008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:34.7008em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:36.0425em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2558em;top:36.0425em;"><span class="stl_67 stl_08 stl_29">18,424  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2958em;top:36.0425em;"><span class="stl_67 stl_08 stl_83">843  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:36.0425em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9683em;top:36.0425em;"><span class="stl_67 stl_08 stl_29">19,267  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.3839em;"><span class="stl_39 stl_08 stl_102" style="word-spacing:0.0115em;">Note 16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.4502em;"><span class="stl_259 stl_08 stl_09">Prepayments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:27.3064em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0117em;top:27.1183em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9142em;top:27.1183em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:27.1183em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:28.4508em;"><span class="stl_76 stl_08 stl_15">P</span><span class="stl_77 stl_08 stl_22">r</span><span class="stl_76 stl_08 stl_49">epa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_58">men</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8717em;top:28.4508em;"><span class="stl_76 stl_08 stl_15">9,56</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7742em;top:28.4508em;"><span class="stl_76 stl_08 stl_15">1,699  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:28.4508em;"><span class="stl_76 stl_08 stl_15">1,49</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0015em;">Prepayments include deferred costs like bank loan fees, insurance annual premiums and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.7764em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0021em;">software annual subscriptions.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_102" style="word-spacing:0.0115em;">Note 17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_12" style="word-spacing:-0.0031em;">Intangible Assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3658em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.6083em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:11.6148em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9042em;top:11.4267em;"><span class="stl_67 stl_08 stl_131">Software  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1958em;top:11.4267em;"><span class="stl_67 stl_08 stl_252">Goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.5258em;top:11.4267em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1483em;top:11.4267em;"><span class="stl_67 stl_08 stl_131">Software  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.2283em;top:11.4267em;"><span class="stl_67 stl_08 stl_131">Software  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:12.7667em;"><span class="stl_67 stl_08 stl_298">Cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.0367em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_138">pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.8458em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">66</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9858em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.0058em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">66</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0883em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:14.0367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.3067em;"><span class="stl_76 stl_08 stl_42">Acquisi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0067em;">ion o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_42">businesses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9158em;top:15.3067em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8458em;top:15.3067em;"><span class="stl_76 stl_08 stl_15">16,919  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.9358em;top:15.3067em;"><span class="stl_76 stl_08 stl_15">16,919  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:16.5767em;"><span class="stl_76 stl_08 stl_22">Addi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91">ions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2958em;top:16.5767em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9858em;top:16.5767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.4558em;top:16.5767em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0883em;top:16.5767em;"><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1683em;top:16.5767em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.8467em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9158em;top:17.8467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5158em;top:17.8467em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6058em;top:17.8467em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:19.1167em;"><span class="stl_67 stl_08 stl_256" style="word-spacing:-0.0025em;">31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7858em;top:19.1167em;"><span class="stl_67 stl_08 stl_83">693  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7258em;top:19.1167em;"><span class="stl_67 stl_08 stl_20">16,707  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.8158em;top:19.1167em;"><span class="stl_67 stl_08 stl_20">17,400  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0283em;top:19.1167em;"><span class="stl_67 stl_08 stl_83">662  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1083em;top:19.1167em;"><span class="stl_67 stl_08 stl_83">434  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:20.9883em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0019em;">Accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:22.2683em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_138">pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.8458em;top:22.2683em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9858em;top:22.2683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.0058em;top:22.2683em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5383em;top:22.2683em;"><span class="stl_77 stl_08 stl_15">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:22.2683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:23.5383em;"><span class="stl_76 stl_08 stl_40">Dep</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ecia</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0016em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.8458em;top:23.5383em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.0058em;top:23.5383em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0883em;top:23.5383em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.6183em;top:23.5383em;"><span class="stl_77 stl_08 stl_15">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:24.8083em;"><span class="stl_67 stl_08 stl_256" style="word-spacing:-0.0019em;">31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7858em;top:24.8083em;"><span class="stl_67 stl_08 stl_83">453  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9558em;top:24.8083em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9458em;top:24.8083em;"><span class="stl_67 stl_08 stl_83">453  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0283em;top:24.8083em;"><span class="stl_67 stl_08 stl_83">243  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.5783em;top:24.8083em;"><span class="stl_67 stl_08 stl_83">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:26.1383em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0109em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7858em;top:26.1383em;"><span class="stl_67 stl_08 stl_83">240  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7258em;top:26.1383em;"><span class="stl_67 stl_08 stl_20">16,707  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.8158em;top:26.1383em;"><span class="stl_67 stl_08 stl_20">16,947  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0283em;top:26.1383em;"><span class="stl_67 stl_08 stl_83">419  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1083em;top:26.1383em;"><span class="stl_67 stl_08 stl_83">402  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.8664em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0007em;">Software additions during 2023 are mainly related to further developments of the Com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.9464em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0067em;">pany software solutions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.5364em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0025em;">While 2021 additions were mainly implementation costs for Enterprise Resource and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.6164em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0003em;">Planning (ERP), Vessel and Crew Management software, 2022 additions are mainly fur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.6964em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0013em;">ther developments of these initially implemented solutions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.2881em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.003em;">Impairment Test  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.8681em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">Management has performed impairment test of goodwill allocated to each CGU as at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.9481em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0034em;">December 31, 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.8664em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0034em;">Goodwill of EUR 16.9 million was recognised on 19 December 2023 relating to the Eneti  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.9464em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0017em;">acquisition. The Group has two CGUs being the transport and installation of offshore  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.0364em;"><span class="stl_46 stl_08 stl_30" style="word-spacing:-0.0028em;">wind turbine generators and foundations vessels (WTGFIV), Cadeler’s O</span><span class="stl_43 stl_08 stl_116" style="word-spacing:0.0078em;">-class vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.1164em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0044em;">and Scylla; and the maintenance of offshore wind turbine generators (O&amp;MV) cash-gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.1964em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0049em;">erating unit, comprising Zaratan. At 31 December 2023, Management has not yet con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.2864em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0002em;">cluded on the allocation of goodwill, which could be either to a single CGU or to both  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.3681em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0034em;">CGUs'. Management assessed goodwill for impairment on entity level (being both CGUs),  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.4481em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0041em;">which showed no indication </span><span class="stl_46 stl_08 stl_52" style="word-spacing:-0.0002em;">of impairment, based on the quoted price of Cadeler’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.5381em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.005em;">shares. For more information related to Goodwill recognised and allocation of goodwill to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.6181em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0048em;">CGU, please refer to Note 6.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.1058em;top:10.1542em;"><span class="stl_67 stl_08 stl_117">Leasehold  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6558em;top:10.1542em;"><span class="stl_67 stl_08 stl_114">Warehouse  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:11.3423em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.8758em;top:11.1542em;"><span class="stl_67 stl_08 stl_291">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.6758em;top:11.1542em;"><span class="stl_67 stl_08 stl_114">facilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.0783em;top:11.1542em;"><span class="stl_67 stl_08 stl_72" style="word-spacing:0.006em;">Office space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:11.1542em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.0267em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0077em;">Cost 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.3067em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4458em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6383em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">1,681  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:14.3067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:15.5767em;"><span class="stl_76 stl_08 stl_42">Acquisi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0067em;">ion o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_42">businesses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5158em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3583em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">61</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.8467em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5158em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4083em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">(1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3083em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">32</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.2083em;top:16.8467em;"><span class="stl_76 stl_08 stl_15">(44)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.1167em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3858em;top:18.1167em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2958em;top:18.1167em;"><span class="stl_67 stl_08 stl_83">409  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5283em;top:18.1167em;"><span class="stl_67 stl_08 stl_79">2,261  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4283em;top:18.1167em;"><span class="stl_67 stl_08 stl_79">3,134  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:19.9883em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0019em;">Accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.2683em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4458em;top:21.2683em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">81  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4283em;top:21.2683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6383em;top:21.2683em;"><span class="stl_76 stl_08 stl_15">1,4</span><span class="stl_77 stl_08 stl_15">77  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:21.2683em;"><span class="stl_76 stl_08 stl_15">1,858  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.5383em;"><span class="stl_76 stl_08 stl_15">Amo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">isa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8958em;top:22.5383em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.8083em;top:22.5383em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:22.5383em;"><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:22.5383em;"><span class="stl_77 stl_08 stl_15">33</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:23.8083em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5158em;top:23.8083em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.8583em;top:23.8083em;"><span class="stl_76 stl_08 stl_15">(6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3083em;top:23.8083em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.2083em;top:23.8083em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">1)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:25.0783em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3858em;top:25.0783em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.7683em;top:25.0783em;"><span class="stl_67 stl_08 stl_83">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5283em;top:25.0783em;"><span class="stl_67 stl_08 stl_79">1,673  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4383em;top:25.0783em;"><span class="stl_67 stl_08 stl_92">2,161  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:26.4083em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0122em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4758em;top:26.4083em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2958em;top:26.4083em;"><span class="stl_67 stl_08 stl_83">385  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1983em;top:26.4083em;"><span class="stl_67 stl_08 stl_83">588  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.0983em;top:26.4083em;"><span class="stl_67 stl_08 stl_83">973  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:10.1542em;"><span class="stl_67 stl_08 stl_117">Leasehold  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5042em;top:10.1542em;"><span class="stl_67 stl_08 stl_299">Office  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:11.3423em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9017em;top:11.1542em;"><span class="stl_67 stl_08 stl_291">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5842em;top:11.1542em;"><span class="stl_67 stl_08 stl_135">space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:11.1542em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:13.0267em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0077em;">Cost 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.3067em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7542em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.5767em;"><span class="stl_76 stl_08 stl_116">Movemen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100">du</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ing </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.0146em;">he </span><span class="stl_77 stl_08 stl_219">y</span><span class="stl_76 stl_08 stl_20">ea</span><span class="stl_77 stl_08 stl_20">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.8467em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4117em;top:16.8467em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6442em;top:16.8467em;"><span class="stl_67 stl_08 stl_79">1,681  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5542em;top:16.8467em;"><span class="stl_67 stl_08 stl_79">2,145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.7167em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0019em;">Accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.9883em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:19.9883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7542em;top:19.9883em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:19.9883em;"><span class="stl_76 stl_08 stl_15">1,1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.2683em;"><span class="stl_76 stl_08 stl_15">Amo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">isa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:21.2683em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">81  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:21.2683em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:21.2683em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.5383em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4117em;top:22.5383em;"><span class="stl_67 stl_08 stl_83">381  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6442em;top:22.5383em;"><span class="stl_67 stl_08 stl_79">1,477  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5542em;top:22.5383em;"><span class="stl_67 stl_08 stl_79">1,858  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.8683em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0109em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8817em;top:23.8683em;"><span class="stl_67 stl_08 stl_83">83  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3142em;top:23.8683em;"><span class="stl_67 stl_08 stl_83">204  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2242em;top:23.8683em;"><span class="stl_67 stl_08 stl_83">287  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.3883em;top:10.2542em;"><span class="stl_67 stl_08 stl_299">Office  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:11.4423em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4683em;top:11.2542em;"><span class="stl_67 stl_08 stl_135">space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6783em;top:11.2642em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.1367em;"><span class="stl_67 stl_08 stl_120" style="word-spacing:-0.0077em;">Cost 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.4067em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6383em;top:14.4067em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5383em;top:14.4067em;"><span class="stl_76 stl_08 stl_15">1,5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:15.6767em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5283em;top:15.6767em;"><span class="stl_67 stl_08 stl_79">1,572  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4283em;top:15.6767em;"><span class="stl_67 stl_08 stl_79">1,572  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.5567em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:-0.0019em;">Accumulated depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.8267em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:18.8267em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:18.8267em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:20.0983em;"><span class="stl_76 stl_08 stl_15">Amo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_15">isa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">ion cha</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">ge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2583em;top:20.0983em;"><span class="stl_77 stl_08 stl_15">27</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1583em;top:20.0983em;"><span class="stl_77 stl_08 stl_15">27</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:21.3683em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.0041em;">31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5283em;top:21.3683em;"><span class="stl_67 stl_08 stl_79">1,108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4283em;top:21.3683em;"><span class="stl_67 stl_08 stl_79">1,108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:22.6983em;"><span class="stl_67 stl_08 stl_295" style="word-spacing:0.0109em;">Net book value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1983em;top:22.6983em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.0983em;top:22.6983em;"><span class="stl_67 stl_08 stl_83">464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.0639em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0008em;">Please refer to Note 24 for disclosure on the lease liabilities and to Note 23 for disclosure  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.1539em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0055em;">on lease commitment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0026em;">Lease interest expenses recognised in profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.012em;">a. Interest expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.7548em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5242em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2442em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.9067em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0034em;">expense on lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.003em;">ies (vessels and o</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_15">ice)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4542em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1742em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.1023em;"><span class="stl_118 stl_08 stl_45" style="word-spacing:0.0045em;">b. Lease expense not capitalised in lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.5964em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.7383em;"><span class="stl_76 stl_08 stl_103">Sho</span><span class="stl_77 stl_08 stl_145">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0057em;">m lease expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8242em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:22.7383em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.9439em;"><span class="stl_118 stl_08 stl_20" style="word-spacing:0.0012em;">c. Total cash outflow for all leases in 2023, 2022 and 2021 were EUR 283 thousand, EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.0239em;"><span class="stl_118 stl_08 stl_57" style="word-spacing:-0.0005em;">728 thousand and EUR 315 thousand respectively, excluding variable lease fee (refer to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.1039em;"><span class="stl_118 stl_08 stl_136" style="word-spacing:0.0044em;">Note 24).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.7589em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:31.5808em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:31.5808em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:31.5808em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.9108em;"><span class="stl_76 stl_08 stl_59">Repa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_103">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.003em;">lease liabili</span><span class="stl_77 stl_08 stl_15">ty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:32.9108em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:32.9108em;"><span class="stl_77 stl_08 stl_15">72</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:32.9108em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.1808em;"><span class="stl_76 stl_08 stl_113">Ren</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_55" style="word-spacing:0.0013em;">al above s</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100">andb</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">y r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_121">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:34.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4442em;top:34.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:34.1808em;"><span class="stl_76 stl_08 stl_15">196  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:35.4508em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0008em;">Cash ou</span><span class="stl_77 stl_08 stl_15">tf</span><span class="stl_76 stl_08 stl_96" style="word-spacing:0.001em;">low </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_29" style="word-spacing:-0.0036em;">leases </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">ha</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_79">a</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">e no</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0126em;">t </span><span class="stl_76 stl_08 stl_59">capi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_40">al-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:36.4525em;"><span class="stl_76 stl_08 stl_15">ised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:36.4525em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8242em;top:36.4525em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:36.4525em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4117em;top:37.7925em;"><span class="stl_67 stl_08 stl_83">463  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3142em;top:37.7925em;"><span class="stl_67 stl_08 stl_83">781  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2242em;top:37.7925em;"><span class="stl_67 stl_08 stl_83">545  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:4.9461em;"><span class="stl_259 stl_08 stl_70" style="word-spacing:-0.003em;">Provisions, Trade and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:7.2861em;"><span class="stl_259 stl_08 stl_70" style="word-spacing:-0.0009em;">Other Payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:12.5048em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2483em;top:12.3267em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9683em;top:12.3267em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:12.3267em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.1967em;"><span class="stl_67 stl_08 stl_256" style="word-spacing:0.0007em;">Trade and other payables:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:15.4667em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">ade pa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_100">ables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:15.4667em;"><span class="stl_76 stl_08 stl_15">8,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">99  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:15.4667em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,9</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:15.4667em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">95  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.7367em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_22">pa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_113">ables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6583em;top:16.7367em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4,</span><span class="stl_77 stl_08 stl_15">237  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8283em;top:16.7367em;"><span class="stl_76 stl_08 stl_15">4,84</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5483em;top:16.7367em;"><span class="stl_76 stl_08 stl_15">6,9</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5383em;top:18.0767em;"><span class="stl_67 stl_08 stl_29">32,636  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.7283em;top:18.0767em;"><span class="stl_67 stl_08 stl_92">8,822  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4483em;top:18.0767em;"><span class="stl_67 stl_08 stl_92">9,703  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.4439em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.003em;">The increase in other payables is attributed to year-end activity and temporal mis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.5239em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0021em;">matches in payment processing, including cut-off procedures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:27.1764em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2483em;top:26.9883em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9683em;top:26.9883em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:26.9883em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:28.8708em;"><span class="stl_67 stl_08 stl_256">Provisions:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:30.1408em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">Beginning o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_40">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7983em;top:30.1408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:30.1408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:30.1408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:31.4108em;"><span class="stl_76 stl_08 stl_42">Acquisi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0067em;">ion o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_42">businesses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1083em;top:31.4108em;"><span class="stl_76 stl_08 stl_15">6,98</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:31.4108em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:31.4108em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:32.6808em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7783em;top:32.6808em;"><span class="stl_76 stl_08 stl_15">(88)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:32.6808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:32.6808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.0083em;top:34.0208em;"><span class="stl_67 stl_08 stl_92">6,899  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.4783em;top:34.0208em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.1983em;top:34.0208em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.3481em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.001em;">A provision is recognised for certain contracts with customers for which the unavoidable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.4281em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0022em;">costs of meeting the performance obligations exceed the economic benefits expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.5181em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0028em;">to be received. It is anticipated that these costs will be incurred in the next financial year.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0026em;">Lease interest expenses recognised in profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2723em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.012em;">a. Interest expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.7548em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5242em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2442em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:15.5767em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.9067em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0034em;">expense on lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.003em;">ies (vessels and o</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_15">ice)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4542em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1742em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:16.9067em;"><span class="stl_77 stl_08 stl_15">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.1023em;"><span class="stl_118 stl_08 stl_45" style="word-spacing:0.0045em;">b. Lease expense not capitalised in lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.5964em;"><span class="stl_74 stl_08 stl_53">EUR'</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:21.4083em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.7383em;"><span class="stl_76 stl_08 stl_103">Sho</span><span class="stl_77 stl_08 stl_145">rt</span><span class="stl_76 stl_08 stl_16">-</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0057em;">m lease expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8242em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:22.7383em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:-0.0003em;">Issued Share Capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.3217em;top:10.1542em;"><span class="stl_67 stl_08 stl_219" style="word-spacing:0.012em;">No. of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:11.3423em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0717em;top:11.1542em;"><span class="stl_67 stl_08 stl_300">shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:11.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:11.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:11.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:13.0267em;"><span class="stl_67 stl_08 stl_248" style="word-spacing:-0.0047em;">Ordinary shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.3067em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0007em;">Beginning and end o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f f</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0023em;">inancial </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_40">ea</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.009em;">r 202</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.009em;">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.5917em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">8,5</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7717em;top:14.3067em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6,5</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4942em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">18,641  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2142em;top:14.3067em;"><span class="stl_76 stl_08 stl_15">18,641  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.5767em;"><span class="stl_76 stl_08 stl_70" style="word-spacing:0.0025em;">Issued on Ma</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y 2022 f</span><span class="stl_76 stl_08 stl_103">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_92">capi</span><span class="stl_77 stl_08 stl_72">t</span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0045em;">al inc</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">ease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0417em;top:15.5767em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6,1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:15.5767em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,518  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:15.5767em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.8567em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0033em;">Issued on Oc</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92">obe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0045em;">r 2022 f</span><span class="stl_76 stl_08 stl_103">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_80">capi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.002em;">al in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.8567em;"><span class="stl_76 stl_08 stl_103">c</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">ease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0417em;top:17.8667em;"><span class="stl_77 stl_08 stl_15">32</span><span class="stl_76 stl_08 stl_15">,85</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:17.8667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9442em;top:17.8667em;"><span class="stl_76 stl_08 stl_15">4,416  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:17.8667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.1367em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:0.002em;">Issued on Decembe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.0015em;">r 2023 f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_92">capi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.002em;">al in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.1383em;"><span class="stl_76 stl_08 stl_103">c</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_57">ease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.5917em;top:20.1383em;"><span class="stl_76 stl_08 stl_15">11</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,8</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7717em;top:20.1383em;"><span class="stl_76 stl_08 stl_15">15,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.4683em;"><span class="stl_67 stl_08 stl_301" style="word-spacing:-0.0099em;">End of financial year 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4517em;top:21.4683em;"><span class="stl_67 stl_08 stl_49">311,409  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6517em;top:21.4683em;"><span class="stl_67 stl_08 stl_29">41,838  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:21.4683em;"><span class="stl_67 stl_08 stl_29">26,575  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0942em;top:21.4683em;"><span class="stl_67 stl_08 stl_29">18,641  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.8339em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">As of 1 January 2023</span><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0009em;">, the Group’s issued and paid in share capital amounted to DKK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.9239em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0044em;">197,600 thousand, equal to EUR 26,575 thousand, consisting of 197,600,000 shares of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.0039em;"><span class="stl_43 stl_08 stl_102" style="word-spacing:0.0027em;">DKK 1.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.5864em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0019em;">In June 2023, Cadeler and Eneti entered into a Business Combination Agreement, exe-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.6764em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0049em;">cuted through a stock-for-stock exchange offer made to all stockholders of Eneti. In De-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.7564em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.003em;">cember 2023, the share exchange offer was successfully completed and, consequently,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.8364em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0054em;">the registration of the share capital increase.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.4264em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0012em;">In December 2023, the authorised share capital was increased by DKK 113,809 thousand,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.5064em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0014em;">equal to EUR 15,263 thousand, consisting of 113,809,868 shares of DKK 1.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0881em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0019em;">At the end of 2023, the Group had share capital amounting to DKK 311,409 thousand,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1781em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0022em;">equal to EUR 41,838 thousand, consisting of 311,409,868 shares of DKK 1.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.7581em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">All shares have equal rights.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0019em;">Commitments and Pledges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_54" style="word-spacing:-0.0082em;">Lease commitments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0041em;">The future lease payables under non-cancellable value and short-term leases contracted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0034em;">for at the balance sheet date but not recognised as liabilities, are as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.6948em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3817em;top:14.5167em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1042em;top:14.5167em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:14.5167em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.8467em;"><span class="stl_76 stl_08 stl_100">No</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_53">la</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r t</span><span class="stl_76 stl_08 stl_70" style="word-spacing:0.0025em;">han one </span><span class="stl_77 stl_08 stl_135">y</span><span class="stl_76 stl_08 stl_20">ea</span><span class="stl_77 stl_08 stl_20">r  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2417em;top:15.8467em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0342em;top:15.8467em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7542em;top:15.8467em;"><span class="stl_76 stl_08 stl_15">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">Be</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_34" style="word-spacing:0.0027em;">ween one and </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_157" style="word-spacing:0.011em;">ive </span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_127">ea</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2417em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">4,984  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4842em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3742em;top:17.1167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1417em;top:18.4467em;"><span class="stl_67 stl_08 stl_55">6,074  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9942em;top:18.4467em;"><span class="stl_67 stl_08 stl_83">62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7142em;top:18.4467em;"><span class="stl_67 stl_08 stl_83">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.7539em;"><span class="stl_46 stl_08 stl_30" style="word-spacing:-0.0068em;">The Company’s l</span><span class="stl_43 stl_08 stl_27" style="word-spacing:-0.006em;">ease commitments include tenure of the new headquarters, which will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.8339em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0001em;">reflect at the balance sheet in Q1 2024 under IFRS 16. The Company signed the contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9239em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.001em;">with Castellum Denmark and will have access to almost 5,000 m2 of office space in cen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0039em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0002em;">tral Copenhagen. The contract, with a six years biding period, amounted to EUR 8 million.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.0839em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0003em;">The Company paid EUR 1 million as a deposit fee for this contract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.3364em;"><span class="stl_39 stl_08 stl_42" style="word-spacing:0.0031em;">Pledge of Fixed Assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.3864em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0001em;">The New Debt Facility detailed in Note 26 is secured by, inter alia, a first priority mort-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.4664em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0057em;">gage over the Wind Orca, Wind Osprey, Wind Scylla and Wind Zaratan Vessels (EUR 511  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.5464em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.002em;">million carrying value, see Note 18), first priority assignment of the earnings of the vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.6364em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0011em;">owning entities, including certain change of control provisions which are similar to those  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.7264em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0029em;">included in the P-Class Facility.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.8881em;"><span class="stl_43 stl_08 stl_23" style="word-spacing:-0.0061em;">The P-Class facility is secured by a first priority mortgage over the P-Class newbuilds,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.9681em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0031em;">first priority assignments of the insurances and earnings of the P-Class newbuilds by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.0481em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0001em;">Cadeler and the two borrowers and contain customary financial and other covenants in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.1381em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0016em;">cluding certain change of control provisions. There will be a change of control under the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.9798em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0004em;">P-Class Facility if any person or group of persons acting in concert (other than Swire Pa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0025em;">cific and the BW Group) hold legally and beneficially more than 25% of each of the is-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0019em;">sued and outstanding share capital and/or the issued and outstanding voting share cap-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">ital of Cadeler A/S. In addition, a number of changes to the ownership structure further  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">down in the Group will trigger a change of control such as, among others, if either Wind  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4023em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0006em;">N1063 Limited or Wind N1064 Limited ceases to be a wholly owned (direct or indirect)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.4923em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0004em;">subsidiary of Cadeler. The P-Class Facility will be governed by English law.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7639em;"><span class="stl_39 stl_08 stl_20" style="word-spacing:-0.003em;">Wind Osprey &amp; Wind Orca new crane contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.8139em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0044em;">The Company signed a contract with NOV on 18 December 2020 to replace the main  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0013em;">crane of Wind Orca and then executed the option to replace the main crane for Wind Os-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9839em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0004em;">prey on 17 June 2021. The total sum of the contract with NOV for the replacement of both  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0639em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">cranes is EUR 83.4 million, of which EUR 7 million was paid in 2021, EUR 27 million was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1539em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0012em;">paid in 2022 and EUR 15.8 million was paid in 2023. The remaining scheduled payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2439em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0041em;">will be due in 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5164em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:-0.0084em;">P-Class vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.5664em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0013em;">Since 30 June 2021 the Company has a contract with COSCO SHIPPING Heavy Industry  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6564em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0013em;">CO. Lt</span><span class="stl_46 stl_08 stl_49" style="word-spacing:0.0002em;">d. (“COSCO”) </span><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0022em;">to build two new P-class WTIVs. The total sum of the contract for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7364em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0003em;">new vessels is approximately EUR 572 million, of which EUR 137 million was paid in 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8164em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0001em;">and EUR 14 million was paid in 2023. The remaining scheduled payments will be due be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9064em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0037em;">tween 2024 and 2025. Of the total contract, USD 390 million is paid in USD and EUR 220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.9981em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0023em;">million will is paid in EUR.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_47" style="word-spacing:0.0011em;">A-Class vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0025em;">On 9 May 2022 and 22 November 2022 the Company signed additional contracts with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0012em;">COSCO SHIPPING Heavy Industry to build a total of two new A-Class foundation installa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0022em;">tion vessel. The total sum of the contracts for the new vessel is approximately EUR 657  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0009em;">million, of which approximately a total of EUR 167 million was paid in 2022, while the re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0031em;">maining amounts will be due over the years from 2025 to 2026. Of the total contract,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4923em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0042em;">USD 495 million is paid in USD and EUR 205 million is paid in EUR.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7639em;"><span class="stl_39 stl_08 stl_20" style="word-spacing:0em;">M-Class vessels  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0004em;">The Company, due to the business combination with Eneti, is currently under contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0013em;">with Hanwha for the construction of two next generation offshore WTIVs. The total sum  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0022em;">of the contracts is approximately EUR 592 million, of which EUR 118 million has been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0739em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0007em;">paid. The remaining scheduled payments will be due between 2024 and 2025.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2439em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0027em;">Remaining instalments for the newbuilds vessels:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:28.6008em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:30.0389em;"><span class="stl_74 stl_08 stl_102">Millions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7317em;top:29.8508em;"><span class="stl_67 stl_08 stl_294">P-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3117em;top:29.8508em;"><span class="stl_67 stl_08 stl_298">M-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1842em;top:29.8508em;"><span class="stl_67 stl_08 stl_122">A-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:29.8508em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:31.1808em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.001em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:31.1808em;"><span class="stl_77 stl_08 stl_15">220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9342em;top:31.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:31.1808em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3042em;top:31.1808em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:32.4508em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.005em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:32.4508em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:32.4508em;"><span class="stl_76 stl_08 stl_15">655  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:32.4508em;"><span class="stl_76 stl_08 stl_15">495  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:32.4508em;"><span class="stl_76 stl_08 stl_15">1,54</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:33.7908em;"><span class="stl_76 stl_08 stl_78">To</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0065em;">al Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.005em;">t tr</span><span class="stl_76 stl_08 stl_94">ansla</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">59</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">65</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:33.7908em;"><span class="stl_76 stl_08 stl_15">1,8</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:35.0608em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.013em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5817em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9342em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3042em;top:35.0608em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:36.3325em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.007em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:36.3325em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:36.3325em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:36.3325em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:36.3325em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:37.6625em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_157" style="word-spacing:0.009em;">t tr</span><span class="stl_76 stl_08 stl_15">ansla</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.004em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1317em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8642em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5842em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">49</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6842em;top:37.6625em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:11.0942em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:12.5348em;"><span class="stl_74 stl_08 stl_102">Millions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3483em;top:12.3467em;"><span class="stl_67 stl_08 stl_294">P-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.0683em;top:12.3467em;"><span class="stl_67 stl_08 stl_122">A-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7083em;top:12.3467em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:13.6767em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.001em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:13.6767em;"><span class="stl_77 stl_08 stl_15">220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:13.6767em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:13.6767em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:14.9467em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.005em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:14.9467em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">495  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:14.9467em;"><span class="stl_76 stl_08 stl_15">885  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:16.2867em;"><span class="stl_76 stl_08 stl_78">To</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0065em;">al Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.0042em;">t </span><span class="stl_76 stl_08 stl_99">amoun</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.005em;">t tr</span><span class="stl_76 stl_08 stl_94">ansla</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">65</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5683em;top:16.2867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:17.5567em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.013em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1983em;top:17.5567em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:17.5567em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:17.5567em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:18.8267em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.007em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:18.8267em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:18.8267em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:18.8267em;"><span class="stl_76 stl_08 stl_15">816  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:20.1583em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_157" style="word-spacing:0.009em;">t tr</span><span class="stl_76 stl_08 stl_15">ansla</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.004em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7483em;top:20.1583em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4683em;top:20.1583em;"><span class="stl_76 stl_08 stl_15">49</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:20.1583em;"><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:24.6983em;"><span class="stl_67 stl_08 stl_53" style="word-spacing:-0.0086em;">As of 31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:26.1364em;"><span class="stl_74 stl_08 stl_102">Millions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.7883em;top:25.9483em;"><span class="stl_67 stl_08 stl_294">P-Class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:27.2883em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.001em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:27.2883em;"><span class="stl_77 stl_08 stl_15">220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:28.5608em;"><span class="stl_76 stl_08 stl_58">Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.005em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:28.5608em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:29.8908em;"><span class="stl_76 stl_08 stl_78">To</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0065em;">al Con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_10">amoun</span><span class="stl_77 stl_08 stl_125" style="word-spacing:-0.005em;">t tr</span><span class="stl_76 stl_08 stl_94">ansla</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:29.8908em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:31.1608em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.013em;">in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.6383em;top:31.1608em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8742em;top:32.4308em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.007em;">in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:32.4308em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3942em;top:33.7708em;"><span class="stl_76 stl_08 stl_38">Commi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_28">men</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_116">amoun</span><span class="stl_77 stl_08 stl_157" style="word-spacing:0.009em;">t tr</span><span class="stl_76 stl_08 stl_15">ansla</span><span class="stl_77 stl_08 stl_121">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.004em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.011em;">o EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1883em;top:33.7708em;"><span class="stl_76 stl_08 stl_15">4</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">5  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_116" style="word-spacing:0.0023em;">Financial risk factors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:-0.0012em;">The Group’s activities expose it to market risk (including currency risk and interest rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1623em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0014em;">risk), credit risk and liquidity risk.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0015em;">The financial risk management of the Group is managed by the management of Cadeler  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0005em;">and overseen by the Board of Directors and Audit Committee. The fair value of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0032em;">Group's financial assets and liabilities as of 31 December 2023 does not deviate materi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5723em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0013em;">ally to the carrying amounts as of 31 December 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_52" style="word-spacing:-0.0005em;">Credit risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_118 stl_08 stl_30" style="word-spacing:-0.0032em;">Risk management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0017em;">Credit risk refers to the risk that counterparty will default on its contractual obligations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0025em;">resulting in financial loss to the Group. The Group adopts the following policy to mitigate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3223em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:-0.0013em;">credit risk.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0005em;">For banks and financial institutions, the Group mitigates its credit risks by transacting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5723em;"><span class="stl_46 stl_08 stl_51" style="word-spacing:-0.0028em;">only with counterparties who are rated “A” and above by independent rating agencies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7339em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">The Group adopts the policy of dealing only with customers of appropriate history and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0051em;">obtaining sufficient security where appropriate to mitigate credit risk. The Group adopts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0025em;">stringent procedures on extending credit terms to customers and on the monitoring of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9939em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:-0.0013em;">credit risk.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0034em;">These credit terms are normally contractual and credit policies spell out clearly the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2339em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">guidelines on extending credit to customers, including monitoring the process and using  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3139em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0045em;">related industry’s practices as reference. This includes assessment and valuation </span><span class="stl_43 stl_08 stl_40" style="word-spacing:0em;">of cus-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4064em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:-0.0011em;">tomers’ credit reliability and periodic review of their financial status to determine the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4864em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0023em;">credit limits to be granted. Customers are also assessed based on their historical pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.5664em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0017em;">ment records. Where necessary, customers may also be requested to provide security or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6664em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0033em;">advance payment before services are rendered.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8164em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0022em;">Related party credit risk is managed by the Executive Management of Cadeler and over-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9164em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.003em;">seen by the Board of Directors.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.0681em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">The maximum exposure to credit risk is the carrying amount of trade receivables and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1581em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0016em;">other receivables, receivables from group entities and cash and bank balances pre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2481em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0016em;">sented on the balance sheet.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_116" style="word-spacing:0.0023em;">Financial risk factors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:-0.0012em;">The Group’s activities expose it to market risk (including currency risk and interest rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1623em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0014em;">risk), credit risk and liquidity risk.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0015em;">The financial risk management of the Group is managed by the management of Cadeler  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0005em;">and overseen by the Board of Directors and Audit Committee. The fair value of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0032em;">Group's financial assets and liabilities as of 31 December 2023 does not deviate materi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5723em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0013em;">ally to the carrying amounts as of 31 December 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_40" style="word-spacing:-0.002em;">Liquidity risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0033em;">The Group manages liquidity risk by maintaining sufficient cash and available funding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0011em;">through committed credit facilities to enable it to meet its operational requirements and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0009em;">instalments for the newbuilds vessels signed. Please refer to Note 26 </span><span class="stl_46 stl_08 stl_15" style="word-spacing:0.0074em;">– </span><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0007em;">Financial Liabili-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0009em;">ties: Interest-bearing Loans and Borrowing for a detailed disclosure of the current facili-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4123em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0003em;">ties of the Group.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_116" style="word-spacing:0.0023em;">Financial risk factors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:-0.0012em;">The Group’s activities expose it to market risk (including currency risk and interest rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1623em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0014em;">risk), credit risk and liquidity risk.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0015em;">The financial risk management of the Group is managed by the management of Cadeler  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0005em;">and overseen by the Board of Directors and Audit Committee. The fair value of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0032em;">Group's financial assets and liabilities as of 31 December 2023 does not deviate materi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5723em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0013em;">ally to the carrying amounts as of 31 December 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0084em;">Quantitative and Qualitative Disclosures about Market Risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_118 stl_08 stl_99" style="word-spacing:-0.0008em;">Currency risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_46 stl_08 stl_49" style="word-spacing:-0.0053em;">The Group’s business is exposed to the Danish Kroner (“DKK”), Norwegian Kroner (“NOK”)</span><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0053em;">,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0639em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0044em;">British </span><span class="stl_46 stl_08 stl_41" style="word-spacing:0.0012em;">pound sterling (“GBP”) and United States Dollar (“USD”) as certain operating ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0001em;">penses are denominated in these currencies. The Company will look to use financial in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2339em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0006em;">struments to reduce currency risk when there is significant liability or income in a non-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3239em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">EUR or DKK denominated currency and there is a cost-effective solution.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4864em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">The largest currency exposure of the Group is the future instalments for the new P, A and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.5664em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0013em;">M class vessels in USD (USD 1.3 billion), more details can be found in Note 25 with re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6564em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.001em;">gards of the current instruments used to mitigate this currency risk. Management and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7364em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0012em;">Board of Directors will evaluate the potential cost and benefits of currency exposure on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8264em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0014em;">an ongoing basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.9881em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.002em;">The Group holds cash balances in USD. If the USD:EUR exchange rate deteriorated by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.0681em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0013em;">10% the result before tax would have decreased by EUR 4.6 million (EUR 30 thousand in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1581em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0023em;">2022; EUR 80 thousand in 2021) based on the USD cash holdings as at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2481em;"><span class="stl_43 stl_08 stl_41">2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.9798em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0011em;">The Group holds cash balances in GBP. If the GBP:EUR exchange rate deteriorated by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0016em;">10% the result before tax would have decreased by EUR 1.4 million based on the GBP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1623em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">cash holdings as at 31 December 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.004em;">As the DKK is pegged to EUR, no material currency risk has been identified against the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0019em;">DKK even though the Cadeler Group has costs denominated in DKK. As of 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.4923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0033em;">2023, the Cadeler Group did not have any material NOK cash holdings.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.0011em;">Interest rate risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.6539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0029em;">Interest rate risk is the risk that the fair value or future cash flows of a financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.6539em;"><span class="stl_46 stl_08 stl_31" style="word-spacing:-0.0021em;">ment will fluctuate because of changes in market interest rates. The Group’s </span><span class="stl_43 stl_08 stl_136" style="word-spacing:0.0105em;">current ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.6539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0037em;">posure to the risk of changes in market interest rates relates primarily to the Revolving  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.6539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0008em;">Credit Facility (RCF) which was taken out on the 1 July 2022 and refinanced on the 7 De-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.6539em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0044em;">cember 2023, the New Debt facility, the P-Class facility, M-Class facility and Holdco facil-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.6539em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0015em;">ity. More details can be found in Note 25 with regards of the current instruments used to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.6539em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:-0.004em;">mitigate this risk.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.6564em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0003em;">The New Debt facility and Holdco facility are based on a EURIBOR interest rate plus a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.6564em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0006em;">margin. The EURIBOR interest rate has a floor of 0bps and was 3.9% and 2.0% at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.6564em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0022em;">end of 2023 and 2022, respectively.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6564em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0029em;">If the EURIBOR interest rate increased 100bps over the floor of 0bps, and the loans had  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.6564em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0001em;">been provided throughout the entire period of 2023, the cost would have increased by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.6564em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0044em;">EUR 2.1 million (EUR 1.5 million in 2022; EUR 715 thousand in 2021). This variation could  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.6564em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0035em;">potentially qualify as capitalisable borrowing costs and minimise the impact on the result  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.6564em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0017em;">before tax. If the interest rate decreases the result before tax would not change due to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.6581em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0007em;">capitalisation of borrowing costs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.6581em;"><span class="stl_43 stl_08 stl_302" style="word-spacing:-0.0006em;">Management and Board of Directors will evaluate the potential cost and benefits of fixed in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.6581em;"><span class="stl_43 stl_08 stl_303" style="word-spacing:-0.0011em;">terested rate borrowings on an ongoing basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_52" style="word-spacing:-0.0005em;">Credit risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_118 stl_08 stl_30" style="word-spacing:-0.0032em;">Risk management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0017em;">Credit risk refers to the risk that counterparty will default on its contractual obligations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0025em;">resulting in financial loss to the Group. The Group adopts the following policy to mitigate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3223em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:-0.0013em;">credit risk.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0005em;">For banks and financial institutions, the Group mitigates its credit risks by transacting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5723em;"><span class="stl_46 stl_08 stl_51" style="word-spacing:-0.0028em;">only with counterparties who are rated “A” and above by independent rating agencies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7339em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0001em;">The Group adopts the policy of dealing only with customers of appropriate history and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0051em;">obtaining sufficient security where appropriate to mitigate credit risk. The Group adopts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0025em;">stringent procedures on extending credit terms to customers and on the monitoring of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9939em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:-0.0013em;">credit risk.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0034em;">These credit terms are normally contractual and credit policies spell out clearly the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2339em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">guidelines on extending credit to customers, including monitoring the process and using  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3139em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0045em;">related industry’s practices as reference. This includes assessment and valuation </span><span class="stl_43 stl_08 stl_40" style="word-spacing:0em;">of cus-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4064em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:-0.0011em;">tomers’ credit reliability and periodic review of their financial status to determine the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4864em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0023em;">credit limits to be granted. Customers are also assessed based on their historical pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.5664em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0017em;">ment records. Where necessary, customers may also be requested to provide security or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6664em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0033em;">advance payment before services are rendered.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8164em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0022em;">Related party credit risk is managed by the Executive Management of Cadeler and over-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9164em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.003em;">seen by the Board of Directors.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.0681em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0em;">The maximum exposure to credit risk is the carrying amount of trade receivables and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1581em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0016em;">other receivables, receivables from group entities and cash and bank balances pre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2481em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0016em;">sented on the balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0098em;"><span class="stl_39 stl_08 stl_55" style="word-spacing:0.0041em;">Impairment of financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0001em;">The Group assesses on a forward-</span><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0027em;">looking basis the expected credit losses (“ECLs”) as-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0003em;">sociated with its financial assets which are trade and other receivables, cash and bank  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0022em;">balances and contract assets. Financial assets are written-off when there is no reasona-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0035em;">ble expectation of recovery, such as a non-related debtor failing to engage in a repay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4123em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0024em;">ment plan with the Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.5623em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0016em;">Where receivables have been written-off, the Group continues to engage in enforcement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0018em;">activity to attempt to recover the receivables due. Where recoveries are made, these are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7439em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">recognised in profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0007em;">The Group has applied the simplified credit loss approach by using the provision matrix  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9839em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0038em;">to measure the lifetime expected credit losses for trade receivables from customers. To  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0639em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0015em;">measure the expected credit losses, the Group grouped receivables based on shared  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.1639em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:-0.0013em;">credit characteristics and days past due.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3139em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0019em;">Trade receivables from external customers that are neither past due nor impaired are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4064em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0018em;">with creditworthy companies. Based on the provision matrix, the trade receivables from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.4864em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0019em;">external customers are subject to immaterial credit loss. Refer to Note 14 for analysis of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.5764em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0007em;">expected credit loss on trade receivables and contract assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.7364em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0034em;">For cash and bank balances and other receivables that are measured at amortised cost,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8164em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0008em;">the Group has considered these financial assets as low credit risk. Cash and bank bal-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9064em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0018em;">ances are mainly deposits with banks who have high credit-ratings as determined by in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.9881em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0028em;">ternational credit-rating agencies. As at 31 December 2023, cash and bank balances and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.0681em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0015em;">other receivables are subject to immaterial credit loss. There is no credit loss allowance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.1681em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0006em;">for other financial asset at amortised cost as at 31 December 2023, 2022 and 2021.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_40" style="word-spacing:-0.002em;">Liquidity risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0033em;">The Group manages liquidity risk by maintaining sufficient cash and available funding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0011em;">through committed credit facilities to enable it to meet its operational requirements and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0009em;">instalments for the newbuilds vessels signed. Please refer to Note 26 </span><span class="stl_46 stl_08 stl_15" style="word-spacing:0.0074em;">– </span><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0007em;">Financial Liabili-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0009em;">ties: Interest-bearing Loans and Borrowing for a detailed disclosure of the current facili-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4123em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0003em;">ties of the Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0023em;">The following maturity table shows the contract obligation for the construction of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6923em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0007em;">newbuilds vessels:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.8217em;top:20.9883em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.013em;">Less than 1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0117em;top:20.9883em;"><span class="stl_67 stl_08 stl_257" style="word-spacing:-0.0153em;">Between 1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:20.9883em;"><span class="stl_67 stl_08 stl_257" style="word-spacing:-0.0153em;">Between 2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.1764em;"><span class="stl_74 stl_08 stl_102">Millions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3617em;top:21.9883em;"><span class="stl_67 stl_08 stl_257">year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7417em;top:21.9883em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:-0.0032em;">and 2 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6442em;top:21.9883em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:-0.0032em;">and 5 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:21.9883em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.8683em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:25.1383em;"><span class="stl_76 stl_08 stl_25">Obliga</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_95" style="word-spacing:0.0043em;">ion in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.5617em;top:25.1383em;"><span class="stl_77 stl_08 stl_15">32</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:25.1383em;"><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:25.1383em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:25.1383em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:26.4083em;"><span class="stl_76 stl_08 stl_25">Obliga</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0007em;">ion in USD (in EUR)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.5617em;top:26.4083em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:26.4083em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:26.4083em;"><span class="stl_76 stl_08 stl_15">16</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6642em;top:26.4083em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.9508em;"><span class="stl_76 stl_08 stl_25">Obliga</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_99" style="word-spacing:0.0007em;">ion in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0117em;top:28.9508em;"><span class="stl_76 stl_08 stl_15">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.9217em;top:28.9508em;"><span class="stl_76 stl_08 stl_15">99  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2742em;top:28.9508em;"><span class="stl_76 stl_08 stl_15">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:28.9508em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:30.2908em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:0.0018em;">Total obligations (in EUR)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.5017em;top:30.2908em;"><span class="stl_67 stl_08 stl_83">365  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4117em;top:30.2908em;"><span class="stl_67 stl_08 stl_83">851  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3142em;top:30.2908em;"><span class="stl_67 stl_08 stl_83">169  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5642em;top:30.2908em;"><span class="stl_67 stl_08 stl_55">1,385  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.1608em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:33.4308em;"><span class="stl_76 stl_08 stl_25">Obliga</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_95" style="word-spacing:0.0043em;">ion in USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6317em;top:33.4308em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:33.4308em;"><span class="stl_76 stl_08 stl_15">19</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:33.4308em;"><span class="stl_76 stl_08 stl_15">619  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:33.4308em;"><span class="stl_76 stl_08 stl_15">816  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.7008em;"><span class="stl_76 stl_08 stl_25">Obliga</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0007em;">ion in USD (in EUR)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6317em;top:34.7008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4717em;top:34.7008em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:34.7008em;"><span class="stl_76 stl_08 stl_15">588  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:34.7008em;"><span class="stl_77 stl_08 stl_15">77</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:37.2425em;"><span class="stl_76 stl_08 stl_25">Obliga</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_99" style="word-spacing:0.0007em;">ion in EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0117em;top:37.2425em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.9217em;top:37.2425em;"><span class="stl_76 stl_08 stl_15">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3742em;top:37.2425em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2842em;top:37.2425em;"><span class="stl_76 stl_08 stl_15">18</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:38.5825em;"><span class="stl_67 stl_08 stl_195" style="word-spacing:0.0018em;">Total obligations (in EUR)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.9717em;top:38.5825em;"><span class="stl_67 stl_08 stl_83">13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4117em;top:38.5825em;"><span class="stl_67 stl_08 stl_83">256  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3142em;top:38.5825em;"><span class="stl_67 stl_08 stl_83">693  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2242em;top:38.5825em;"><span class="stl_67 stl_08 stl_83">962  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6658em;top:7.3142em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.013em;">Less than 1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8458em;top:7.3142em;"><span class="stl_67 stl_08 stl_257" style="word-spacing:-0.0153em;">Between 1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7583em;top:7.3142em;"><span class="stl_67 stl_08 stl_257" style="word-spacing:-0.0153em;">Between 2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:8.5023em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2058em;top:8.3142em;"><span class="stl_67 stl_08 stl_257">year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.5758em;top:8.3142em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:-0.0027em;">and 2 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4883em;top:8.3142em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:-0.0032em;">and 5 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6383em;top:8.3242em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:10.1942em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:11.4667em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0081em;">ade and o</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_103">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_22">pa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_100">ables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.3358em;top:11.4667em;"><span class="stl_77 stl_08 stl_15">32</span><span class="stl_76 stl_08 stl_106">,6</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3783em;top:11.4667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:11.4667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0483em;top:11.4667em;"><span class="stl_77 stl_08 stl_15">32</span><span class="stl_76 stl_08 stl_106">,6</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:12.7367em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_25" style="word-spacing:-0.0065em;">o Rela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_108" style="word-spacing:-0.0147em;">ed pa</span><span class="stl_77 stl_08 stl_125">rt</span><span class="stl_76 stl_08 stl_127">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4058em;top:12.7367em;"><span class="stl_76 stl_08 stl_15">16</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3783em;top:12.7367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:12.7367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1183em;top:12.7367em;"><span class="stl_76 stl_08 stl_15">16</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:14.0167em;"><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0017em;">Lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_157">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4058em;top:14.0167em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3058em;top:14.0167em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:14.0167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1183em;top:14.0167em;"><span class="stl_76 stl_08 stl_15">99</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:15.2867em;"><span class="stl_76 stl_08 stl_40">Deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o c</span><span class="stl_77 stl_08 stl_20">r</span><span class="stl_76 stl_08 stl_49">edi</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_92">ins</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">u</span><span class="stl_77 stl_08 stl_72">t</span><span class="stl_76 stl_08 stl_91">ions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4058em;top:15.2867em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">99  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3783em;top:15.2867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.6983em;top:15.2867em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">4,</span><span class="stl_77 stl_08 stl_15">773  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.5983em;top:15.2867em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">5,5</span><span class="stl_77 stl_08 stl_15">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:16.5567em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_113">ives  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7858em;top:16.5567em;"><span class="stl_76 stl_08 stl_15">4,</span><span class="stl_77 stl_08 stl_15">00</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6858em;top:16.5567em;"><span class="stl_76 stl_08 stl_15">5,68</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.1483em;top:16.5567em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">27</span><span class="stl_76 stl_08 stl_15">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0483em;top:16.5567em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1,961  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2158em;top:17.8267em;"><span class="stl_67 stl_08 stl_30">38,202  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.5858em;top:17.8267em;"><span class="stl_67 stl_08 stl_92">6,075  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.5583em;top:17.8267em;"><span class="stl_67 stl_08 stl_49">217,047  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4583em;top:17.8267em;"><span class="stl_67 stl_08 stl_153">261,324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:19.6983em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:20.9683em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0081em;">ade and o</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_103">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_22">pa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_100">ables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7858em;top:20.9683em;"><span class="stl_76 stl_08 stl_15">8,8</span><span class="stl_77 stl_08 stl_15">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3783em;top:20.9683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:20.9683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4983em;top:20.9683em;"><span class="stl_76 stl_08 stl_15">8,8</span><span class="stl_77 stl_08 stl_15">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:22.2383em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_25" style="word-spacing:-0.0065em;">o Rela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_108" style="word-spacing:-0.0147em;">ed pa</span><span class="stl_77 stl_08 stl_125">rt</span><span class="stl_76 stl_08 stl_127">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8558em;top:22.2383em;"><span class="stl_76 stl_08 stl_15">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3783em;top:22.2383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:22.2383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.5683em;top:22.2383em;"><span class="stl_76 stl_08 stl_15">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:23.5183em;"><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0017em;">Lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_157">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4058em;top:23.5183em;"><span class="stl_77 stl_08 stl_15">27</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3783em;top:23.5183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:23.5183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1183em;top:23.5183em;"><span class="stl_77 stl_08 stl_15">27</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:24.7883em;"><span class="stl_76 stl_08 stl_40">Deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t t</span><span class="stl_76 stl_08 stl_103" style="word-spacing:0.0086em;">o c</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_49">edi</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_92">ins</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">u</span><span class="stl_77 stl_08 stl_72">t</span><span class="stl_76 stl_08 stl_91">ions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4058em;top:24.7883em;"><span class="stl_77 stl_08 stl_15">772  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3783em;top:24.7883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.6983em;top:24.7883em;"><span class="stl_76 stl_08 stl_15">114,</span><span class="stl_77 stl_08 stl_15">230  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.5983em;top:24.7883em;"><span class="stl_76 stl_08 stl_15">115,</span><span class="stl_77 stl_08 stl_15">002  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:26.0583em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_113">ives  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4758em;top:26.0583em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6858em;top:26.0583em;"><span class="stl_76 stl_08 stl_15">1,8</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2183em;top:26.0583em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4983em;top:26.0583em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">,1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.6858em;top:27.3283em;"><span class="stl_67 stl_08 stl_92">9,962  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.5758em;top:27.3283em;"><span class="stl_67 stl_08 stl_79">1,821  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.5683em;top:27.3283em;"><span class="stl_67 stl_08 stl_136">114,517  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4583em;top:27.3283em;"><span class="stl_67 stl_08 stl_49">126,300  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:29.2008em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:30.4708em;"><span class="stl_76 stl_08 stl_15">T</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0081em;">ade and o</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_103">he</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_22">pa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_100">ables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7858em;top:30.4708em;"><span class="stl_76 stl_08 stl_15">9,</span><span class="stl_77 stl_08 stl_15">703  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3783em;top:30.4708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:30.4708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4983em;top:30.4708em;"><span class="stl_76 stl_08 stl_15">9,</span><span class="stl_77 stl_08 stl_15">703  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:31.7408em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_25" style="word-spacing:-0.0065em;">o Rela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_108" style="word-spacing:-0.0147em;">ed pa</span><span class="stl_77 stl_08 stl_125">rt</span><span class="stl_76 stl_08 stl_127">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8558em;top:31.7408em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3783em;top:31.7408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:31.7408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.5683em;top:31.7408em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:33.0208em;"><span class="stl_76 stl_08 stl_59" style="word-spacing:0.0076em;">Lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_157">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4058em;top:33.0208em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">98  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3058em;top:33.0208em;"><span class="stl_77 stl_08 stl_15">20</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:33.0208em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1183em;top:33.0208em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">07  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:34.2908em;"><span class="stl_76 stl_08 stl_40">Deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o c</span><span class="stl_77 stl_08 stl_20">r</span><span class="stl_76 stl_08 stl_49">edi</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_92">ins</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">u</span><span class="stl_77 stl_08 stl_72">t</span><span class="stl_76 stl_08 stl_91">ions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.3358em;top:34.2908em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8,599  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.2358em;top:34.2908em;"><span class="stl_76 stl_08 stl_15">14,4</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.1483em;top:34.2908em;"><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0483em;top:34.2908em;"><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">07</span><span class="stl_76 stl_08 stl_15">5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2158em;top:35.5608em;"><span class="stl_67 stl_08 stl_20">38,663  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.1158em;top:35.5608em;"><span class="stl_67 stl_08 stl_29">14,685  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0283em;top:35.5608em;"><span class="stl_67 stl_08 stl_29">30,000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.9283em;top:35.5608em;"><span class="stl_67 stl_08 stl_20">83,348  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.0481em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0021em;">The table above analyses the maturity profile of the financial liabilities of the Company  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.1381em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0049em;">based on contractual undiscounted cash flows excluding newbuild payments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:10.3623em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0117em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9142em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8242em;top:10.1742em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:11.5067em;"><span class="stl_76 stl_08 stl_116" style="word-spacing:0.0017em;">Lease liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_58" style="word-spacing:0.0047em;">ies a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.0109em;">1 </span><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_78">anua</span><span class="stl_77 stl_08 stl_104" style="word-spacing:-0.008em;">ry </span><span class="stl_76 stl_08 stl_207">(cu</span><span class="stl_77 stl_08 stl_104">rr</span><span class="stl_76 stl_08 stl_20">en</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.01em;">t </span><span class="stl_76 stl_08 stl_15">and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:12.5067em;"><span class="stl_76 stl_08 stl_102">non-cu</span><span class="stl_77 stl_08 stl_104">rr</span><span class="stl_76 stl_08 stl_20">en</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_64">lease)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4917em;top:12.5167em;"><span class="stl_77 stl_08 stl_15">27</span><span class="stl_76 stl_08 stl_15">9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3942em;top:12.5167em;"><span class="stl_76 stl_08 stl_15">5</span><span class="stl_77 stl_08 stl_15">07  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3042em;top:12.5167em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">9</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:13.7867em;"><span class="stl_76 stl_08 stl_42">Acquisi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0067em;">ion o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_56">subsidia</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8717em;top:13.7867em;"><span class="stl_76 stl_08 stl_15">1,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">99  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4642em;top:13.7867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3742em;top:13.7867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.0567em;"><span class="stl_76 stl_08 stl_42" style="word-spacing:0.0018em;">Exchange di</span><span class="stl_77 stl_08 stl_143">ff</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_40">ences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5417em;top:15.0567em;"><span class="stl_76 stl_08 stl_15">(16)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4642em;top:15.0567em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3742em;top:15.0567em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:16.3267em;"><span class="stl_76 stl_08 stl_92" style="word-spacing:0.0022em;">Cash paid </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0046em;">lease obliga</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_249">ions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0917em;top:16.3267em;"><span class="stl_76 stl_08 stl_15">(569)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9942em;top:16.3267em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">8)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9042em;top:16.3267em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">85)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:17.6567em;"><span class="stl_67 stl_08 stl_253" style="word-spacing:-0.0003em;">Lease liabilities at 31 December (current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:18.6567em;"><span class="stl_67 stl_08 stl_256" style="word-spacing:0.0031em;">and non-current lease)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4317em;top:18.6567em;"><span class="stl_67 stl_08 stl_83">993  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3342em;top:18.6567em;"><span class="stl_67 stl_08 stl_83">279  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2442em;top:18.6567em;"><span class="stl_67 stl_08 stl_83">507  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:19.9883em;"><span class="stl_67 stl_08 stl_172">Current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4317em;top:19.9883em;"><span class="stl_67 stl_08 stl_83">392  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4242em;top:19.9883em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2442em;top:19.9883em;"><span class="stl_67 stl_08 stl_83">209  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:21.2383em;"><span class="stl_67 stl_08 stl_254">Non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4317em;top:21.2383em;"><span class="stl_67 stl_08 stl_83">601  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3342em;top:21.2383em;"><span class="stl_67 stl_08 stl_83">279  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2442em;top:21.2383em;"><span class="stl_67 stl_08 stl_83">298  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.4639em;"><span class="stl_168 stl_08 stl_57" style="word-spacing:-0.0015em;">Change in the debts to credit institu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.5439em;"><span class="stl_168 stl_08 stl_99" style="word-spacing:0.0026em;">tions during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:27.7864em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9917em;top:27.5983em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8942em;top:27.5983em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:27.5983em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.9308em;"><span class="stl_76 stl_08 stl_40">Deb</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o c</span><span class="stl_77 stl_08 stl_20">r</span><span class="stl_76 stl_08 stl_49">edi</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_92">ins</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">u</span><span class="stl_77 stl_08 stl_72">t</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0025em;">ions a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.003em;">1 </span><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_52">anua</span><span class="stl_77 stl_08 stl_128">ry  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5517em;top:28.9308em;"><span class="stl_76 stl_08 stl_64">(115,</span><span class="stl_77 stl_08 stl_15">002</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9042em;top:28.9308em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_103">,</span><span class="stl_77 stl_08 stl_15">07</span><span class="stl_76 stl_08 stl_15">5)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8142em;top:28.9308em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">73</span><span class="stl_76 stl_08 stl_101">,5</span><span class="stl_77 stl_08 stl_15">00</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:30.2008em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_177">d</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ft f</span><span class="stl_76 stl_08 stl_15">acili</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ty </span><span class="stl_76 stl_08 stl_109">d</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_78">awn  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:30.2008em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9042em;top:30.2008em;"><span class="stl_76 stl_08 stl_100">(16,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2642em;top:30.2008em;"><span class="stl_76 stl_08 stl_113">(8,998)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.4708em;"><span class="stl_76 stl_08 stl_16" style="word-spacing:0.0055em;">Loans </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_49">epa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_20">men</span><span class="stl_77 stl_08 stl_20">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.9517em;top:31.4708em;"><span class="stl_76 stl_08 stl_15">115,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3042em;top:31.4708em;"><span class="stl_76 stl_08 stl_15">65,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2142em;top:31.4708em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.7408em;"><span class="stl_76 stl_08 stl_57">Ove</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_177">d</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_101" style="word-spacing:0.006em;">ft r</span><span class="stl_76 stl_08 stl_49">epa</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_58">men</span><span class="stl_77 stl_08 stl_58">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:32.7408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3042em;top:32.7408em;"><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">5,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:32.7408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.0208em;"><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0066em;">New loan  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5517em;top:34.0208em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_100">11,9</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">4)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4542em;top:34.0208em;"><span class="stl_76 stl_08 stl_64">(115,</span><span class="stl_77 stl_08 stl_15">000</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:34.0208em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:35.2908em;"><span class="stl_76 stl_08 stl_116" style="word-spacing:-0.0021em;">New loan in</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_104">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8517em;top:35.2908em;"><span class="stl_76 stl_08 stl_15">8,</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7542em;top:35.2908em;"><span class="stl_76 stl_08 stl_15">1,541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:35.2908em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:36.5625em;"><span class="stl_76 stl_08 stl_15">W</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.014em;">e o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ff </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0057em;">loan </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_125">ees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4517em;top:36.5625em;"><span class="stl_76 stl_08 stl_113">(1,898)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9742em;top:36.5625em;"><span class="stl_76 stl_08 stl_15">(9</span><span class="stl_77 stl_08 stl_15">23</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:36.5625em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:37.8325em;"><span class="stl_76 stl_08 stl_81">O</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">he</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5417em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3542em;top:37.8325em;"><span class="stl_76 stl_08 stl_64">(1,54</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8842em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">(5</span><span class="stl_77 stl_08 stl_15">77</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:39.1625em;"><span class="stl_67 stl_08 stl_257" style="word-spacing:-0.0001em;">Debt to credit institutions at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3517em;top:39.1625em;"><span class="stl_67 stl_08 stl_41">(205,572)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2642em;top:39.1625em;"><span class="stl_67 stl_08 stl_34">(115,002)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6242em;top:39.1625em;"><span class="stl_67 stl_08 stl_22">(73,075)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.1058em;top:4.9542em;"><span class="stl_67 stl_08 stl_257">Between  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1158em;top:5.9542em;"><span class="stl_67 stl_08 stl_296" style="word-spacing:-0.01em;">Less than  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.7058em;top:5.9542em;"><span class="stl_67 stl_08 stl_172" style="word-spacing:0.0025em;">1 and 2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5483em;top:5.9542em;"><span class="stl_67 stl_08 stl_253" style="word-spacing:-0.015em;">After 2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4483em;top:5.9542em;"><span class="stl_67 stl_08 stl_131">Carrying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:7.1423em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4058em;top:6.9542em;"><span class="stl_67 stl_08 stl_257" style="word-spacing:-0.0033em;">1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.3558em;top:6.9542em;"><span class="stl_67 stl_08 stl_133">years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.0783em;top:6.9542em;"><span class="stl_67 stl_08 stl_133">years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9183em;top:6.9542em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.6683em;top:6.9542em;"><span class="stl_67 stl_08 stl_295">amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:8.8342em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:10.6442em;"><span class="stl_67 stl_08 stl_114" style="word-spacing:0.0122em;">Derivative financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:11.6467em;"><span class="stl_67 stl_08 stl_72">ments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:12.9167em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.0015em;">e swaps wi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">h a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:13.9167em;"><span class="stl_76 stl_08 stl_09">posi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20" style="word-spacing:0em;">ive </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_40">ai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.004em;">r </span><span class="stl_76 stl_08 stl_25">value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2958em;top:13.9167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.0158em;top:13.9167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7383em;top:13.9167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.4683em;top:13.9167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.1883em;top:13.9167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:15.1867em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.0015em;">e swaps wi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">h a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:16.1867em;"><span class="stl_76 stl_08 stl_40">nega</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.002em;">ive </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_137">ai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_136">value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2258em;top:16.1867em;"><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">98  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.9258em;top:16.1867em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_100">,166)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.1983em;top:16.1867em;"><span class="stl_76 stl_08 stl_113">(11,86</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9283em;top:16.1867em;"><span class="stl_76 stl_08 stl_100">(14,</span><span class="stl_77 stl_08 stl_15">22</span><span class="stl_76 stl_08 stl_15">9)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.6483em;top:16.1867em;"><span class="stl_76 stl_08 stl_38">(11,855)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:17.4567em;"><span class="stl_77 stl_08 stl_40">Gr</span><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0035em;">oss se</span><span class="stl_77 stl_08 stl_15">tt</span><span class="stl_76 stl_08 stl_20" style="word-spacing:0em;">led </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:18.4567em;"><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">s, pa</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_33">leg  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:19.4567em;"><span class="stl_76 stl_08 stl_09">(EUR)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2958em;top:19.4567em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.0258em;top:19.4567em;"><span class="stl_76 stl_08 stl_15">(18</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_103">,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7383em;top:19.4567em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4783em;top:19.4567em;"><span class="stl_76 stl_08 stl_15">(18</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_103">,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:20.7283em;"><span class="stl_77 stl_08 stl_40">Gr</span><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0035em;">oss se</span><span class="stl_77 stl_08 stl_15">tt</span><span class="stl_76 stl_08 stl_20" style="word-spacing:0em;">led </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:21.7283em;"><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.01em;">s, </span><span class="stl_77 stl_08 stl_79">r</span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.012em;">eceive leg  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:22.7283em;"><span class="stl_76 stl_08 stl_89">(USD)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2958em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.4258em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">8,4</span><span class="stl_77 stl_08 stl_15">03  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7383em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8783em;top:22.7383em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">8,4</span><span class="stl_77 stl_08 stl_15">03  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0983em;top:22.7383em;"><span class="stl_76 stl_08 stl_102">(5,</span><span class="stl_77 stl_08 stl_15">33</span><span class="stl_76 stl_08 stl_15">8)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.1658em;top:24.0083em;"><span class="stl_67 stl_08 stl_83">798  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.7558em;top:24.0083em;"><span class="stl_67 stl_08 stl_28">(8,504)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.0083em;top:24.0083em;"><span class="stl_67 stl_08 stl_22">(11,862)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.7383em;top:24.0083em;"><span class="stl_67 stl_08 stl_22">(19,567)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4583em;top:24.0083em;"><span class="stl_67 stl_08 stl_22">(17,193)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:25.8783em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:27.6883em;"><span class="stl_67 stl_08 stl_114" style="word-spacing:0.0101em;">Derivative financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:28.6908em;"><span class="stl_67 stl_08 stl_72">ments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:29.9608em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0029em;">e swaps wi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">h a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:30.9608em;"><span class="stl_76 stl_08 stl_09">posi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20" style="word-spacing:0em;">ive </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_40">ai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.004em;">r </span><span class="stl_76 stl_08 stl_25">value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.8258em;top:30.9608em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">30</span><span class="stl_76 stl_08 stl_15">5)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.3258em;top:30.9608em;"><span class="stl_76 stl_08 stl_15">1,158  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.0483em;top:30.9608em;"><span class="stl_76 stl_08 stl_15">4,</span><span class="stl_77 stl_08 stl_15">23</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.7783em;top:30.9608em;"><span class="stl_76 stl_08 stl_15">5,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">84  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.4983em;top:30.9608em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:32.2308em;"><span class="stl_76 stl_08 stl_20">In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_20">es</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.0015em;">e swaps wi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">h a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:33.2308em;"><span class="stl_76 stl_08 stl_40">nega</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22" style="word-spacing:-0.002em;">ive </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_137">ai</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_136">value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2958em;top:33.2408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.0158em;top:33.2408em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2683em;top:33.2408em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">370</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9983em;top:33.2408em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">370</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7183em;top:33.2408em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">8</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:34.5008em;"><span class="stl_77 stl_08 stl_40">Gr</span><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0035em;">oss se</span><span class="stl_77 stl_08 stl_15">tt</span><span class="stl_76 stl_08 stl_20" style="word-spacing:0em;">led </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:35.5008em;"><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0013em;">s, pa</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_33">leg  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:36.5025em;"><span class="stl_76 stl_08 stl_09">(EUR)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2958em;top:36.5125em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.0258em;top:36.5125em;"><span class="stl_76 stl_08 stl_15">(18</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_103">,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7383em;top:36.5125em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4783em;top:36.5125em;"><span class="stl_76 stl_08 stl_15">(18</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_103">,</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:37.7725em;"><span class="stl_77 stl_08 stl_40">Gr</span><span class="stl_76 stl_08 stl_78" style="word-spacing:0.0029em;">oss se</span><span class="stl_77 stl_08 stl_15">tt</span><span class="stl_76 stl_08 stl_125" style="word-spacing:-0.003em;">led </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_55" style="word-spacing:-0.0016em;">eign cu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:38.7725em;"><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">enc</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">con</span><span class="stl_77 stl_08 stl_22">tr</span><span class="stl_76 stl_08 stl_15">ac</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.01em;">s, </span><span class="stl_77 stl_08 stl_79">r</span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.012em;">eceive leg  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:39.7725em;"><span class="stl_76 stl_08 stl_89">(USD)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2958em;top:39.7825em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.4258em;top:39.7825em;"><span class="stl_76 stl_08 stl_15">181,9</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7383em;top:39.7825em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8783em;top:39.7825em;"><span class="stl_76 stl_08 stl_15">181,9</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.0983em;top:39.7825em;"><span class="stl_76 stl_08 stl_100">(1,8</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">1)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.7058em;top:41.0525em;"><span class="stl_67 stl_08 stl_33">(305)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4258em;top:41.0525em;"><span class="stl_67 stl_08 stl_33">(662)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.9383em;top:41.0525em;"><span class="stl_67 stl_08 stl_79">3,861  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6683em;top:41.0525em;"><span class="stl_67 stl_08 stl_79">2,894  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.3883em;top:41.0525em;"><span class="stl_67 stl_08 stl_79">1,268  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_42" style="word-spacing:0.0007em;">Capital management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0014em;">The Company’s objectives when managing capital are to ensure the Company’s ability to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1623em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">continue as a going concern and to maintain an optimal capital structure.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0003em;">In order to achieve this overall objective, the Company’s capital management, among  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0008em;">other things, aims to ensure that it meets financial covenants attached to the interest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0029em;">bearing loans and borrowings that define capital structure requirements. Breaches in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5623em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0041em;">meeting the financial covenants would permit the bank to immediately call loans and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6523em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0037em;">borrowings. There have been no breaches of the financial covenants of any interest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0027em;">bearing loans and borrowing in the current period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.001em;">In order to maintain or adjust the capital structure in the future, the Group may adjust the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">amount of dividends paid to shareholders, issue new shares and/or sell assets to reduce  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0639em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0027em;">debt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1639em;"><span class="stl_46 stl_08 stl_52" style="word-spacing:0.0037em;">distributions without DNB Bank ASA’s written consent.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4364em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0029em;">Fair value measurement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4864em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0027em;">The Group measures financial instruments such as derivatives at fair value at each bal-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.5664em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0004em;">ance sheet date. Fair value is the price that would be received to sell an asset or paid to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6564em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0029em;">transfer a liability in an orderly transaction between market participants at the balance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7464em;"><span class="stl_43 stl_08 stl_99" style="word-spacing:-0.0008em;">sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">The principal or the most advantageous market must be accessible by the Group. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.9881em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0003em;">fair value of an asset or a liability is measured using the assumptions that market partici-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.0681em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0019em;">pants would use when pricing the asset or liability, assuming that market participants act  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1681em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:-0.0001em;">in their economic best interest.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.8998em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">In measuring the fair value of unlisted derivative financial instruments and other financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.8998em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0014em;">instruments for which there is no active market, fair value is determined using generally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.9023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0016em;">accepted valuation techniques. Market-based parameters such as market-based yield  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.9023em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0011em;">curves and forward exchange prices are used for the valuation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.9023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0026em;">The Group uses valuation techniques that are appropriate in the circumstances and for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.9023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0021em;">which sufficient data is available to measure fair value, maximizing the use of relevant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.9023em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0015em;">observable inputs and minimizing the use of unobservable inputs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.9023em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">Financial instruments for which fair value is measured or disclosed in the financial state-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.9039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0002em;">ments are categorised within the fair value hierarchy, described as following accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.9039em;"><span class="stl_43 stl_08 stl_55">hierarchy:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">Level 1: The fair value of financial instruments traded in active markets (such as publicly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.9039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.001em;">traded derivatives, and equity securities) is based on quoted market prices at the end of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.9039em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0035em;">the reporting period. The quoted market price used for financial assets held by the Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.9039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0013em;">is the current bid price. These instruments are included in level 1.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.9064em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.002em;">Level 2: The fair value of financial instruments that are not traded in an active market (e.g.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.9064em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0058em;">over-the counter derivatives) is determined using valuation techniques that maximise the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.9064em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0022em;">use of observable market data and rely as little as possible on entity-specific estimates.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.9064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.003em;">Valuation techniques applied are primarily based on marked-based inputs of the instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.9064em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0001em;">ments. If all significant inputs required to fair value an instrument are observable, the in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.9064em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0007em;">strument is included in level 2.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">Level 3: If one or more of the significant inputs is not based on observable market data,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.9081em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0018em;">the instrument is included in level 3.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.9881em;"><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.004em;">The table below shows the fair value measurement hierarchy of the Group’s assets and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.0781em;"><span class="stl_43 stl_08 stl_44">liabilities:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:9.6523em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2658em;top:9.4742em;"><span class="stl_67 stl_08 stl_294" style="word-spacing:0.0015em;">Level 1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.1658em;top:9.4742em;"><span class="stl_67 stl_08 stl_294" style="word-spacing:0.0015em;">Level 2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0783em;top:9.4742em;"><span class="stl_67 stl_08 stl_294" style="word-spacing:0.0015em;">Level 3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6683em;top:9.4742em;"><span class="stl_67 stl_08 stl_82">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:11.3467em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:13.1567em;"><span class="stl_67 stl_08 stl_258" style="word-spacing:-0.0024em;">Through the consolidated statement of profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.4367em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ive asse</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:14.4367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4083em;top:14.4367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:14.4367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2183em;top:14.4367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.2467em;"><span class="stl_67 stl_08 stl_117" style="word-spacing:-0.0018em;">Total financial assets at fair value through the consolidated statement of profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4758em;top:16.2467em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3783em;top:16.2467em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:16.2467em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.1883em;top:16.2467em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.5167em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0064em;">ive liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.9358em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">(4</span><span class="stl_77 stl_08 stl_15">03</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.7483em;top:17.5167em;"><span class="stl_76 stl_08 stl_15">(4</span><span class="stl_77 stl_08 stl_15">03</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.3267em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:0.0011em;">Total financial liabilities at fair value through the consolidated statement of profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4758em;top:19.3267em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.8158em;top:19.3267em;"><span class="stl_67 stl_08 stl_33">(403)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:19.3267em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6283em;top:19.3267em;"><span class="stl_67 stl_08 stl_33">(403)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.1383em;"><span class="stl_67 stl_08 stl_248" style="word-spacing:0.003em;">Cash flow hedges:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.4183em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ive asse</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:22.4183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3383em;top:22.4183em;"><span class="stl_77 stl_08 stl_15">33</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:22.4183em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1483em;top:22.4183em;"><span class="stl_77 stl_08 stl_15">33</span><span class="stl_76 stl_08 stl_15">8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.6883em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0064em;">ive liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:23.6883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8658em;top:23.6883em;"><span class="stl_76 stl_08 stl_15">(1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_101">,9</span><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:23.6883em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.6783em;top:23.6883em;"><span class="stl_76 stl_08 stl_15">(1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_101">,9</span><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:25.4983em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:27.3083em;"><span class="stl_67 stl_08 stl_258" style="word-spacing:-0.0021em;">Through the consolidated statement of profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.5808em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ive asse</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:28.5808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3383em;top:28.5808em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:28.5808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.1483em;top:28.5808em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:30.3908em;"><span class="stl_67 stl_08 stl_117" style="word-spacing:-0.0018em;">Total financial assets at fair value through the consolidated statement of profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4758em;top:30.3908em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2758em;top:30.3908em;"><span class="stl_67 stl_08 stl_83">363  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:30.3908em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:74.0883em;top:30.3908em;"><span class="stl_67 stl_08 stl_83">363  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.6708em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0064em;">ive liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:31.6708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.4083em;top:31.6708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:31.6708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2183em;top:31.6708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:33.4808em;"><span class="stl_67 stl_08 stl_229" style="word-spacing:0.0011em;">Total financial liabilities at fair value through the consolidated statement of profit and loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4758em;top:33.4808em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3783em;top:33.4808em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.2883em;top:33.4808em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.1883em;top:33.4808em;"><span class="stl_67 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:35.2908em;"><span class="stl_67 stl_08 stl_248" style="word-spacing:0.003em;">Cash flow hedges:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:36.5625em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0057em;">ive asse</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:36.5625em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.7158em;top:36.5625em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:36.5625em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.5283em;top:36.5625em;"><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">,</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:37.8325em;"><span class="stl_76 stl_08 stl_09">De</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">iva</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0064em;">ive liabili</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_22">ies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5058em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.3158em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_101">,1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3183em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.1283em;top:37.8325em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_101">,1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">8)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8539em;"><span class="stl_39 stl_08 stl_44" style="word-spacing:0.0084em;">Quantitative and Qualitative Disclosures about Market Risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9439em;"><span class="stl_118 stl_08 stl_99" style="word-spacing:-0.0008em;">Currency risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_46 stl_08 stl_49" style="word-spacing:-0.0053em;">The Group’s business is exposed to the Danish Kroner (“DKK”), Norwegian Kroner (“NOK”)</span><span class="stl_43 stl_08 stl_49" style="word-spacing:-0.0053em;">,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0639em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0044em;">British </span><span class="stl_46 stl_08 stl_41" style="word-spacing:0.0012em;">pound sterling (“GBP”) and United States Dollar (“USD”) as certain operating ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0001em;">penses are denominated in these currencies. The Company will look to use financial in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2339em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0006em;">struments to reduce currency risk when there is significant liability or income in a non-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3239em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">EUR or DKK denominated currency and there is a cost-effective solution.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4864em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">The largest currency exposure of the Group is the future instalments for the new P, A and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.5664em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0013em;">M class vessels in USD (USD 1.3 billion), more details can be found in Note 25 with re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6564em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.001em;">gards of the current instruments used to mitigate this currency risk. Management and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7364em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0012em;">Board of Directors will evaluate the potential cost and benefits of currency exposure on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8264em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0014em;">an ongoing basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.9881em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.002em;">The Group holds cash balances in USD. If the USD:EUR exchange rate deteriorated by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.0681em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0013em;">10% the result before tax would have decreased by EUR 4.6 million (EUR 30 thousand in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1581em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0023em;">2022; EUR 80 thousand in 2021) based on the USD cash holdings as at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2481em;"><span class="stl_43 stl_08 stl_41">2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.9798em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0011em;">The Group holds cash balances in GBP. If the GBP:EUR exchange rate deteriorated by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0016em;">10% the result before tax would have decreased by EUR 1.4 million based on the GBP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1623em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0023em;">cash holdings as at 31 December 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.004em;">As the DKK is pegged to EUR, no material currency risk has been identified against the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0019em;">DKK even though the Cadeler Group has costs denominated in DKK. As of 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.4923em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0033em;">2023, the Cadeler Group did not have any material NOK cash holdings.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6923em;"><span class="stl_118 stl_08 stl_53" style="word-spacing:0.0011em;">Interest rate risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.6539em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0029em;">Interest rate risk is the risk that the fair value or future cash flows of a financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.6539em;"><span class="stl_46 stl_08 stl_31" style="word-spacing:-0.0021em;">ment will fluctuate because of changes in market interest rates. The Group’s </span><span class="stl_43 stl_08 stl_136" style="word-spacing:0.0105em;">current ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.6539em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0037em;">posure to the risk of changes in market interest rates relates primarily to the Revolving  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.6539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0008em;">Credit Facility (RCF) which was taken out on the 1 July 2022 and refinanced on the 7 De-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.6539em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0044em;">cember 2023, the New Debt facility, the P-Class facility, M-Class facility and Holdco facil-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.6539em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0015em;">ity. More details can be found in Note 25 with regards of the current instruments used to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.6539em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:-0.004em;">mitigate this risk.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.6564em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0003em;">The New Debt facility and Holdco facility are based on a EURIBOR interest rate plus a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.6564em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0006em;">margin. The EURIBOR interest rate has a floor of 0bps and was 3.9% and 2.0% at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.6564em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0022em;">end of 2023 and 2022, respectively.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6564em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0029em;">If the EURIBOR interest rate increased 100bps over the floor of 0bps, and the loans had  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.6564em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0001em;">been provided throughout the entire period of 2023, the cost would have increased by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.6564em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:0.0044em;">EUR 2.1 million (EUR 1.5 million in 2022; EUR 715 thousand in 2021). This variation could  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.6564em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0035em;">potentially qualify as capitalisable borrowing costs and minimise the impact on the result  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.6564em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0017em;">before tax. If the interest rate decreases the result before tax would not change due to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.6581em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0007em;">capitalisation of borrowing costs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.6581em;"><span class="stl_43 stl_08 stl_302" style="word-spacing:-0.0006em;">Management and Board of Directors will evaluate the potential cost and benefits of fixed in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.6581em;"><span class="stl_43 stl_08 stl_303" style="word-spacing:-0.0011em;">terested rate borrowings on an ongoing basis.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_42" style="word-spacing:0.0007em;">Capital management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0014em;">The Company’s objectives when managing capital are to ensure the Company’s ability to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1623em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0028em;">continue as a going concern and to maintain an optimal capital structure.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0003em;">In order to achieve this overall objective, the Company’s capital management, among  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0008em;">other things, aims to ensure that it meets financial covenants attached to the interest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0029em;">bearing loans and borrowings that define capital structure requirements. Breaches in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5623em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0041em;">meeting the financial covenants would permit the bank to immediately call loans and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6523em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0037em;">borrowings. There have been no breaches of the financial covenants of any interest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7439em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0027em;">bearing loans and borrowing in the current period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.001em;">In order to maintain or adjust the capital structure in the future, the Group may adjust the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0025em;">amount of dividends paid to shareholders, issue new shares and/or sell assets to reduce  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0639em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0027em;">debt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1639em;"><span class="stl_46 stl_08 stl_52" style="word-spacing:0.0037em;">distributions without DNB Bank ASA’s written consent.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4364em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0029em;">Fair value measurement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4864em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0027em;">The Group measures financial instruments such as derivatives at fair value at each bal-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.5664em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0004em;">ance sheet date. Fair value is the price that would be received to sell an asset or paid to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.6564em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0029em;">transfer a liability in an orderly transaction between market participants at the balance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:32.7464em;"><span class="stl_43 stl_08 stl_99" style="word-spacing:-0.0008em;">sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9064em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">The principal or the most advantageous market must be accessible by the Group. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.9881em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0003em;">fair value of an asset or a liability is measured using the assumptions that market partici-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.0681em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0019em;">pants would use when pricing the asset or liability, assuming that market participants act  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1681em;"><span class="stl_43 stl_08 stl_55" style="word-spacing:-0.0001em;">in their economic best interest.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.8998em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0015em;">In measuring the fair value of unlisted derivative financial instruments and other financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.8998em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0014em;">instruments for which there is no active market, fair value is determined using generally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.9023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0016em;">accepted valuation techniques. Market-based parameters such as market-based yield  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.9023em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0011em;">curves and forward exchange prices are used for the valuation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.9023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0026em;">The Group uses valuation techniques that are appropriate in the circumstances and for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.9023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0021em;">which sufficient data is available to measure fair value, maximizing the use of relevant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.9023em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0015em;">observable inputs and minimizing the use of unobservable inputs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.9023em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0001em;">Financial instruments for which fair value is measured or disclosed in the financial state-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.9039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0002em;">ments are categorised within the fair value hierarchy, described as following accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.9039em;"><span class="stl_43 stl_08 stl_55">hierarchy:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9039em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0003em;">Level 1: The fair value of financial instruments traded in active markets (such as publicly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.9039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.001em;">traded derivatives, and equity securities) is based on quoted market prices at the end of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.9039em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0035em;">the reporting period. The quoted market price used for financial assets held by the Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.9039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0013em;">is the current bid price. These instruments are included in level 1.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.9064em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.002em;">Level 2: The fair value of financial instruments that are not traded in an active market (e.g.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.9064em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0058em;">over-the counter derivatives) is determined using valuation techniques that maximise the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.9064em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0022em;">use of observable market data and rely as little as possible on entity-specific estimates.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.9064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.003em;">Valuation techniques applied are primarily based on marked-based inputs of the instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.9064em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:-0.0001em;">ments. If all significant inputs required to fair value an instrument are observable, the in-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.9064em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0007em;">strument is included in level 2.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.9064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0007em;">Level 3: If one or more of the significant inputs is not based on observable market data,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.9081em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0018em;">the instrument is included in level 3.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.9881em;"><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.004em;">The table below shows the fair value measurement hierarchy of the Group’s assets and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.0781em;"><span class="stl_43 stl_08 stl_44">liabilities:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_311 stl_08 stl_40">Gr</span><span class="stl_168 stl_08 stl_28" style="word-spacing:-0.0064em;">oup’s </span><span class="stl_39 stl_08 stl_41" style="word-spacing:-0.0016em;">Related Party Transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_46 stl_08 stl_52" style="word-spacing:0.0017em;">Members of the Cadeler Board, Cadeler’s executive management and Cadeler’s major  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0094em;">shareholder, BW Altor Pte. Lt</span><span class="stl_46 stl_08 stl_45" style="word-spacing:-0.0043em;">d. (“BW Altor”)</span><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0021em;">, are considered related parties as they are ei-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0018em;">ther members of the Cadeler Board or executive management of Cadeler or exercise  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3123em;"><span class="stl_46 stl_08 stl_57" style="word-spacing:0.0033em;">significant influence over Cadeler and the Cadeler Group’s operations. </span><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0068em;">For the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.4023em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0036em;">years 2022 and 2021, Swire Pacific </span><span class="stl_46 stl_08 stl_44" style="word-spacing:0.0075em;">Limited (“Swire Pacific”) </span><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0014em;">was considered a related  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.4823em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0012em;">party given its ownership of more than 5% in Cadeler, but for accounting purposes, with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.5623em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0004em;">effect from 1 January 2023, Swire Pacific is no longer considered a related party under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6523em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0025em;">IFRS due to its reduced ownership percentage and the fact that it is no longer repre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7339em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0034em;">sented on the Cadeler Board. In addition, Scorpio Holdings Limited </span><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0081em;">(“Scorpio Holdings”)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0028em;">is considered a related party given its current ownership of more than 5% in Cadeler. Re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_46 stl_08 stl_47" style="word-spacing:0.0013em;">lated parties also include such persons’ close family members, undertakings in which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9939em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0014em;">such persons have significant interests as well as other affiliates.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1539em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0017em;">As of December 2023, BW Altor owns 19.57% of the Cadeler shares, Scorpio Holdings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2339em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0024em;">Limited owns 12.09% of the Cadeler shares and Swire Pacific owns 8.51% of the Cadeler  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3139em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0004em;">Shares. For the financial years ended 31 December 2023, 2022 and 2021, there were no  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0032em;">material transactions between Cadeler or any company of the Cadeler Group and BW Al-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4864em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0016em;">tor, Scorpio Holdings and/or Swire Pacific (or their respective affiliates) other than the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.5764em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0002em;">transactions described below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_39 stl_08 stl_40" style="word-spacing:0.0039em;">Share lending agreement with BW Altor  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0007em;">In October 2022, Cadeler entered into a share lending agreement with BW Altor as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.9881em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0037em;">share lender for the purpose of facilitating delivery versus payment settlement of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.0681em;"><span class="stl_43 stl_08 stl_10">Cadeler</span><span class="stl_46 stl_08 stl_60" style="word-spacing:0.0024em;">’s </span><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0026em;">shares to be delivered to investors in connection with a private placement that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1581em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0001em;">took place in October 2022. As compensation for such share lending, BW Altor received  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2381em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.0002em;">a customary fee paid by Cadeler until the Cadeler Shares were redelivered and admitted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:9.9798em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0015em;">to trading on the OSE. The amount paid to BW Altor pursuant to such share lending  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0598em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">agreement amounted to EUR 85,000.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.8523em;"><span class="stl_39 stl_08 stl_29" style="word-spacing:-0.0024em;">Guarantees provided by BW Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.8223em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0014em;">BW Group has provided COSCO with four guarantees in respect of the sums payable by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.8223em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0016em;">Cadeler in accordance with the contract for the construction of certain newbuilt P-class  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.8223em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0019em;">and A-Class WTIVs in 2021, 2022 and 2023. Under this guarantee arrangement, certain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.8223em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0006em;">fees are payable by the Group to BW Group until the guarantees are discharged in full.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.4323em;"><span class="stl_39 stl_08 stl_33" style="word-spacing:-0.0064em;">Bunker supply from Hafnia Pools (affiliate of BW Group)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:20.4039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0006em;">In April 2022, Hafnia Pools Pte Ltd, which is an affiliate of BW Group, and Cadeler en-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.4039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0015em;">tered into a service level agreement pursuant to which Hafnia Pools Pte Ltd agreed to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.4039em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0006em;">supply marine bunker oil and </span><span class="stl_46 stl_08 stl_52" style="word-spacing:-0.0007em;">related products to Cadeler’s vessels in the port of Rotter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.4039em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0018em;">dam and other ports in the Rotterdam area at market rates. The agreement includes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.4039em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0013em;">standard terms and conditions, including related to late payments, termination, a cap on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:25.4039em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.001em;">the liability of Hafnia Pools Pte Ltd and indemnification for third-party claims raised by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.4039em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0011em;">suppliers of the fuel against Hafnia Pools Pte Ltd.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.6064em;"><span class="stl_39 stl_08 stl_51" style="word-spacing:-0.0024em;">Performance guarantees issued by Swire Offshore Holdings Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.5764em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0013em;">During the course of 2020, Swire Pacific Offshore Holdings Limited, through its subsidi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.5764em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.001em;">ary Swire Pacific Offshore Operations Pte. Ltd., issued four performance guarantees and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.5764em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0005em;">four bank guarantees in favour </span><span class="stl_46 stl_08 stl_54" style="word-spacing:-0.0032em;">of the Cadeler Group’s customers as security for perfor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:32.5764em;"><span class="stl_46 stl_08 stl_41" style="word-spacing:0.0005em;">mance of the Cadeler Group’s obligations under its customers’ contracts. These guaran-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.5764em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0027em;">tees covered a period up until April 2022. Following the sale of Swire Pacific Offshore  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.5764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0.0003em;">Holdings Limited by Swire Pacific in April 2022, Swire Pacific Offshore Holdings Limited is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.5764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.002em;">no longer considered to be a related party as it is no longer controlled by a significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.5781em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:-0.0005em;">shareholder of Cadeler, and the Cadeler Group put new performance guarantees in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.5781em;"><span class="stl_43 stl_08 stl_40">place.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_09" style="word-spacing:-0.0015em;">Related Party Transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:9.8998em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0013em;">In connection with the guarantees provided by Swire Pacific Offshore Holdings Limited,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.8998em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0003em;">Cadeler entered into a deed of recourse with Swire Pacific Offshore Operations Pte Ltd.,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.9023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">which has since terminated, pursuant to which:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.9023em;"><span class="stl_46 stl_08 stl_51" style="word-spacing:-0.0012em;">• Cadeler had an obligation to indemnify Swire Pacific Offshore Operations Pte Ltd. for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.9023em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0007em;">any liabilities incurred by Swire Pacific Offshore Operations Pte Ltd. in performing its ob-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:15.9023em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0004em;">ligations under the performance guarantees or in respect of any payments made under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:16.9023em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.0046em;">the bank guarantees; and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.9023em;"><span class="stl_46 stl_08 stl_51" style="word-spacing:-0.0015em;">• Cadeler had an obligation to pay Swire Pacific Offshore Operations Pte Ltd. an arm’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.9039em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0002em;">length fee for each guarantee issued and procured respectively by Swire Pacific Off-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.9039em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0008em;">shore Operations Pte Ltd. in favour </span><span class="stl_46 stl_08 stl_51" style="word-spacing:-0.0023em;">of Cadeler’s customers.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.1839em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:0.0034em;">Crewing agreement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.2339em;"><span class="stl_43 stl_08 stl_44" style="word-spacing:0.0026em;">In 2014, Cadeler entered into a crewing agreement with Swire Pacific Ship Management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.3139em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0013em;">LTD(Singapore </span><span class="stl_46 stl_08 stl_53" style="word-spacing:0.0004em;">branch) (“SPSM”), which at that time was a related company to Swire Pa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.4039em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0042em;">cific Offshore Operations Pte Ltd, </span><span class="stl_46 stl_08 stl_29" style="word-spacing:0.0001em;">Cadeler’s sole shareholder at that time. Pursuant to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4864em;"><span class="stl_43 stl_08 stl_30" style="word-spacing:-0.0025em;">this agreement, SPSM agreed to provide a crew for </span><span class="stl_46 stl_08 stl_53" style="word-spacing:-0.0004em;">Cadeler’s two vessels in accordance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.5664em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:0em;">with the standard terms set out in a BIMCO crewman agreement. The crew management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.6564em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0003em;">fee was 2% of the monthly manning costs, and severance costs amounted to USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:31.7464em;"><span class="stl_43 stl_08 stl_52">20,000.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.9064em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0em;">This agreement was subsequently terminated in November 2021 when Cadeler decided  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9864em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.002em;">to employ its own crew directly. As part of the termination agreement, the parties agreed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.0681em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0012em;">that the termination is without prejudice to any claims, liabilities or obligations that may  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.1581em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0016em;">have accrued prior to the date of termination. The expenses set out in the table below  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.2381em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0003em;">with respect to this crewing agreement for the financial year ended 31 December 2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.3281em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0002em;">related to the period prior to the effective date of such termination.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:10.0198em;"><span class="stl_168 stl_08 stl_15">T</span><span class="stl_311 stl_08 stl_20">r</span><span class="stl_168 stl_08 stl_100">ansi</span><span class="stl_311 stl_08 stl_104">t</span><span class="stl_168 stl_08 stl_20" style="word-spacing:-0.012em;">ional Se</span><span class="stl_311 stl_08 stl_244">r</span><span class="stl_168 stl_08 stl_101" style="word-spacing:0.015em;">vice Ag</span><span class="stl_311 stl_08 stl_15">r</span><span class="stl_168 stl_08 stl_20">eemen</span><span class="stl_311 stl_08 stl_15" style="word-spacing:-0.016em;">t </span><span class="stl_168 stl_08 stl_79">en</span><span class="stl_311 stl_08 stl_104">t</span><span class="stl_168 stl_08 stl_15">e</span><span class="stl_311 stl_08 stl_22">r</span><span class="stl_168 stl_08 stl_92" style="word-spacing:0.0017em;">ed in</span><span class="stl_311 stl_08 stl_104">t</span><span class="stl_168 stl_08 stl_57" style="word-spacing:-0.0031em;">o in connec</span><span class="stl_311 stl_08 stl_128">t</span><span class="stl_168 stl_08 stl_28" style="word-spacing:-0.0015em;">ion wi</span><span class="stl_311 stl_08 stl_104">t</span><span class="stl_168 stl_08 stl_57" style="word-spacing:-0.0097em;">h Cadele</span><span class="stl_311 stl_08 stl_22">r</span><span class="stl_168 stl_08 stl_125" style="word-spacing:-0.001em;">’s lis</span><span class="stl_311 stl_08 stl_22">t</span><span class="stl_168 stl_08 stl_136" style="word-spacing:0.0063em;">ing on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:11.0998em;"><span class="stl_39 stl_08 stl_57" style="word-spacing:-0.0025em;">the OSE  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_40" style="word-spacing:0.0023em;">In October 2020, Cadeler entered into a transitional service agreement with Swire Pacific  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.004em;">Offshore Operations Pte Ltd regarding services to be rendered to Cadeler during a tran-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:-0.001em;">sitional period following the initial public offering and admission to trading of the Cadeler  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4023em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0025em;">shares on the OSE. Such services included, inter alia, assistance with financial reporting,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:16.4823em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0034em;">tax, insurance, internal audit, IT, HR, procurement, technical and HSEQ support and ser-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:17.5623em;"><span class="stl_43 stl_08 stl_41" style="word-spacing:0.0015em;">vices. The term of the agreement was limited to one year and could be terminated by ei-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:18.6523em;"><span class="stl_46 stl_08 stl_44" style="word-spacing:0.0025em;">ther party at any time with three months’ prior written notice. The agreement terminated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:19.7439em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0021em;">in accordance with its terms in October 2021.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:21.9439em;"><span class="stl_39 stl_08 stl_28" style="word-spacing:-0.0029em;">Training courses provided by BW Maritime  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.9839em;"><span class="stl_43 stl_08 stl_54" style="word-spacing:-0.0003em;">BW Maritime has provided </span><span class="stl_46 stl_08 stl_42" style="word-spacing:0.0021em;">training courses for Cadeler’s onshore staff and traveling  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.0739em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:0.0002em;">costs reimbursements for board members  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.2739em;"><span class="stl_39 stl_08 stl_54" style="word-spacing:-0.0019em;">Administrative support provided by Scorpio Services Holding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:27.3139em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0018em;">The Group, due to the business combination with Eneti, holds an agreement with Scorpio  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.4064em;"><span class="stl_46 stl_08 stl_29" style="word-spacing:-0.0008em;">Services Holding (“SSH”) </span><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0008em;">for the provision of administrative staff, office space and ac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.4864em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0056em;">counting, legal compliance, financial and information technology services for which it is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.5664em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0038em;">due to reimburse to SSH the direct and indirect expenses incurred while providing such  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.6664em;"><span class="stl_43 stl_08 stl_40">services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.8564em;"><span class="stl_39 stl_08 stl_40" style="word-spacing:0.0053em;">Ultramax and Kamsarmax pools  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.8264em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0031em;">Through the business combination the Company acquired receivables positions from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:35.8264em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.003em;">Eneti transactions to Scorpio Group related parties for commercial management ser-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:36.8281em;"><span class="stl_46 stl_08 stl_42" style="word-spacing:0.0025em;">vices. These services involved securing employment for Eneti’s drybulk vessels in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:37.8281em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0002em;">spot market or on time charters. Please refer to the table under Scorpio Ultramax Pool  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:38.8281em;"><span class="stl_43 stl_08 stl_28" style="word-spacing:-0.0019em;">and the Scorpio Kamsarmax Pool for details. The pools are owned by Scorpio Holdings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:39.8281em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0037em;">which is considered a related party.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:9.9798em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0028em;">The following significant transactions took place between the Company and related par-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0015em;">ties within the BW Group and Swire Pacific Offshore Holdings Group at terms agreed be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_116" style="word-spacing:-0.0012em;">tween the parties:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3617em;top:14.0467em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0842em;top:14.0467em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8042em;top:14.0467em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:14.2548em;"><span class="stl_74 stl_08 stl_64">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:15.2967em;"><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0035em;">Sales and pu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0023em;">chases o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_129" style="word-spacing:0.01em;">goods and se</span><span class="stl_77 stl_08 stl_81">r</span><span class="stl_76 stl_08 stl_52">vices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:16.4667em;"><span class="stl_76 stl_08 stl_58">Cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">s </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_58" style="word-spacing:-0.0003em;">o gua</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">an</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_104" style="word-spacing:-0.01em;">ees </span><span class="stl_77 stl_08 stl_135">f</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.008em;">ees </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.0035em;">o BW </span><span class="stl_77 stl_08 stl_59">Gr</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.005em;">oup Limi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">ed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8217em;top:16.4667em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_101">,5</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5442em;top:16.4667em;"><span class="stl_76 stl_08 stl_102">(5,</span><span class="stl_77 stl_08 stl_15">307</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2642em;top:16.4667em;"><span class="stl_76 stl_08 stl_64">(1,85</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:17.6567em;"><span class="stl_76 stl_08 stl_58">Cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">s </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_12" style="word-spacing:-0.0042em;">o bunke</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.01em;">r </span><span class="stl_76 stl_08 stl_96">suppl</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y t</span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.011em;">o Ha</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_94" style="word-spacing:0.0066em;">nia Pools P</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_103" style="word-spacing:0.012em;">e L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:18.5767em;"><span class="stl_76 stl_08 stl_52">(Membe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">f </span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">BW </span><span class="stl_77 stl_08 stl_15">Gr</span><span class="stl_76 stl_08 stl_92">oup)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8217em;top:18.5667em;"><span class="stl_76 stl_08 stl_64">(1,59</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5442em;top:18.5667em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_101">,5</span><span class="stl_77 stl_08 stl_15">37</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:18.5667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:19.7583em;"><span class="stl_76 stl_08 stl_58">Cos</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o </span><span class="stl_77 stl_08 stl_125">tr</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.004em;">aining cou</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">ses </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.0015em;">o BW Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_57" style="word-spacing:0.0013em;">ime P</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20">e.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:20.6783em;"><span class="stl_76 stl_08 stl_81">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8942em;top:20.6783em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">2</span><span class="stl_76 stl_08 stl_15">6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:20.6783em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:20.6783em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:21.8583em;"><span class="stl_76 stl_08 stl_58">Cos</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_38" style="word-spacing:-0.0039em;">o adminis</span><span class="stl_77 stl_08 stl_33">tr</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0047em;">ive expenses </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.006em;">o Sco</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_20">pio  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:22.7883em;"><span class="stl_76 stl_08 stl_100">Se</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_99" style="word-spacing:-0.0008em;">vices Holding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8942em;top:22.7783em;"><span class="stl_76 stl_08 stl_15">(1</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:22.7783em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:22.7783em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:23.9683em;"><span class="stl_76 stl_08 stl_58">Cos</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o sha</span><span class="stl_77 stl_08 stl_105">r</span><span class="stl_76 stl_08 stl_09" style="word-spacing:-0.0035em;">e lending </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_125" style="word-spacing:-0.007em;">ees </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_40" style="word-spacing:-0.0055em;">o BW Al</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_15">P</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.001em;">e. L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">d.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:23.9683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6142em;top:23.9683em;"><span class="stl_76 stl_08 stl_15">(85)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:23.9683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:25.1583em;"><span class="stl_76 stl_08 stl_58">Cos</span><span class="stl_77 stl_08 stl_79" style="word-spacing:-0.006em;">t r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o </span><span class="stl_77 stl_08 stl_125">tr</span><span class="stl_76 stl_08 stl_64" style="word-spacing:-0.0039em;">avel expenses </span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_109">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_15">boa</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_108" style="word-spacing:-0.0147em;">d mee</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">ings </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">o  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:26.0783em;"><span class="stl_76 stl_08 stl_16" style="word-spacing:0.0053em;">BW Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_57" style="word-spacing:0.0013em;">ime P</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.001em;">e. L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:26.0683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0642em;top:26.0683em;"><span class="stl_76 stl_08 stl_15">(</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:26.0683em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:27.2583em;"><span class="stl_76 stl_08 stl_58">Cos</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">s </span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_57">ela</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171" style="word-spacing:-0.008em;">ed </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_78" style="word-spacing:-0.002em;">o pe</span><span class="stl_77 stl_08 stl_33">rf</span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_44" style="word-spacing:-0.0127em;">mance gua</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">an</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.002em;">ees </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:-0.0003em;">o Swi</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">e Pa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:28.1808em;"><span class="stl_76 stl_08 stl_101">ci</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_78" style="word-spacing:0em;">ic O</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_96">sho</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0001em;">e Holdings </span><span class="stl_77 stl_08 stl_53">Gr</span><span class="stl_76 stl_08 stl_100">oup  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:28.1808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1642em;top:28.1808em;"><span class="stl_76 stl_08 stl_15">(15</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8842em;top:28.1808em;"><span class="stl_76 stl_08 stl_15">(684)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:29.3608em;"><span class="stl_76 stl_08 stl_15">C</span><span class="stl_77 stl_08 stl_79">r</span><span class="stl_76 stl_08 stl_57" style="word-spacing:-0.0077em;">ew hi</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_44" style="word-spacing:-0.0061em;">e expenses paid </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o </span><span class="stl_77 stl_08 stl_131">t</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.009em;">he Swi</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.006em;">e Paci</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_78" style="word-spacing:0em;">ic O</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_96">sho</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:30.2908em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">Holdings </span><span class="stl_77 stl_08 stl_53">Gr</span><span class="stl_76 stl_08 stl_100">oup  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:30.2808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1642em;top:30.2808em;"><span class="stl_76 stl_08 stl_15">(115)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8142em;top:30.2808em;"><span class="stl_76 stl_08 stl_38">(11,461)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:31.4708em;"><span class="stl_76 stl_08 stl_47" style="word-spacing:-0.0028em;">Receivables </span><span class="stl_77 stl_08 stl_81">fr</span><span class="stl_76 stl_08 stl_312" style="word-spacing:0.0125em;">om Sco</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_44" style="word-spacing:-0.0067em;">pio Kamsa</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_97" style="word-spacing:0.0093em;">max Pools a</span><span class="stl_77 stl_08 stl_173" style="word-spacing:-0.014em;">t r</span><span class="stl_76 stl_08 stl_79">e-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:32.3908em;"><span class="stl_76 stl_08 stl_100">po</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.016em;">ed pe</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:32.3808em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">3</span><span class="stl_76 stl_08 stl_15">6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:32.3808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:32.3808em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:33.5708em;"><span class="stl_76 stl_08 stl_47" style="word-spacing:-0.0028em;">Receivables </span><span class="stl_77 stl_08 stl_81">fr</span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0033em;">om Ul</span><span class="stl_77 stl_08 stl_96">tr</span><span class="stl_76 stl_08 stl_129" style="word-spacing:-0.0002em;">amax Pools a</span><span class="stl_77 stl_08 stl_173" style="word-spacing:-0.014em;">t r</span><span class="stl_76 stl_08 stl_92">epo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_70" style="word-spacing:-0.0073em;">ed pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8442em;top:33.5708em;"><span class="stl_76 stl_08 stl_15">456  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:33.5708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:33.5708em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:34.7608em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_20" style="word-spacing:-0.011em;">o Ha</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_94" style="word-spacing:0.0066em;">nia Pools P</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_103" style="word-spacing:0.012em;">e L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:0.248em;">d a</span><span class="stl_77 stl_08 stl_128" style="word-spacing:-0.012em;">t r</span><span class="stl_76 stl_08 stl_144">epo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0087em;">ed pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:34.7608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4642em;top:34.7608em;"><span class="stl_76 stl_08 stl_15">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3542em;top:34.7608em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:35.9525em;"><span class="stl_76 stl_08 stl_55">Managemen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t f</span><span class="stl_76 stl_08 stl_27" style="word-spacing:-0.0147em;">ees paid </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.005em;">o </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.01em;">he Swi</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.006em;">e Paci</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_78" style="word-spacing:0em;">ic O</span><span class="stl_77 stl_08 stl_15">ff</span><span class="stl_76 stl_08 stl_96">sho</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:36.8725em;"><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.003em;">Holdings </span><span class="stl_77 stl_08 stl_53">Gr</span><span class="stl_76 stl_08 stl_100">oup  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:36.8625em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:36.8625em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8842em;top:36.8625em;"><span class="stl_76 stl_08 stl_15">(19</span><span class="stl_77 stl_08 stl_15">7</span><span class="stl_76 stl_08 stl_15">)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:38.0525em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_110" style="word-spacing:-0.0003em;">o Swi</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0.006em;">e Paci</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.0092em;">ic O</span><span class="stl_77 stl_08 stl_171">ff</span><span class="stl_76 stl_08 stl_16">sho</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0001em;">e Holdings </span><span class="stl_77 stl_08 stl_53">Gr</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">oup a</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.004em;">t  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.49em;top:38.9725em;"><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_92">epo</span><span class="stl_77 stl_08 stl_103">rt</span><span class="stl_76 stl_08 stl_136" style="word-spacing:0.0033em;">ed pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9142em;top:38.9725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6342em;top:38.9725em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7342em;top:38.9725em;"><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:10.3423em;"><span class="stl_74 stl_08 stl_113">EUR’</span><span class="stl_98 stl_08 stl_20">000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2483em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9683em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:73.6883em;top:10.1542em;"><span class="stl_67 stl_08 stl_68">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:11.4867em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.003em;">o Sco</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_44" style="word-spacing:-0.0067em;">pio Comme</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_136" style="word-spacing:0.0013em;">cial Managemen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_22">a</span><span class="stl_77 stl_08 stl_104" style="word-spacing:-0.02em;">t r</span><span class="stl_76 stl_08 stl_79">e-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:12.4867em;"><span class="stl_76 stl_08 stl_100">po</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.016em;">ed pe</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.6283em;top:12.4867em;"><span class="stl_76 stl_08 stl_15">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:12.4867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:12.4867em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:13.7567em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.003em;">o Sco</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0065em;">pio Se</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0093em;">vice Managemen</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">t </span><span class="stl_76 stl_08 stl_22">a</span><span class="stl_77 stl_08 stl_104" style="word-spacing:-0.02em;">t r</span><span class="stl_76 stl_08 stl_92">epo</span><span class="stl_77 stl_08 stl_103">rt</span><span class="stl_76 stl_08 stl_79">ed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.7567em;"><span class="stl_76 stl_08 stl_79">pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.6283em;top:14.7667em;"><span class="stl_76 stl_08 stl_15">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:14.7667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:14.7667em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:16.0267em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.003em;">o Sco</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_59" style="word-spacing:0.0019em;">pio Se</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_99" style="word-spacing:-0.0007em;">vices Holding a</span><span class="stl_77 stl_08 stl_104" style="word-spacing:-0.005em;">t r</span><span class="stl_76 stl_08 stl_144">epo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_176" style="word-spacing:-0.0173em;">ed pe-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:17.0267em;"><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7283em;top:17.0367em;"><span class="stl_76 stl_08 stl_15">141  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:17.0367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:17.0367em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:18.3067em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.003em;">o Sco</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.009em;">pio UK a</span><span class="stl_77 stl_08 stl_128" style="word-spacing:-0.012em;">t r</span><span class="stl_76 stl_08 stl_144">epo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_79" style="word-spacing:-0.016em;">ed pe</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.6283em;top:18.3067em;"><span class="stl_76 stl_08 stl_15">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.5183em;top:18.3067em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:18.3067em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:19.5783em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_40" style="word-spacing:-0.0055em;">o BW Al</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_81">o</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_15">P</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.001em;">e. L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_80" style="word-spacing:0.005em;">d. a</span><span class="stl_77 stl_08 stl_128" style="word-spacing:-0.012em;">t r</span><span class="stl_76 stl_08 stl_144">epo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_70" style="word-spacing:-0.0073em;">ed pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7983em;top:19.5783em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.8983em;top:19.5783em;"><span class="stl_76 stl_08 stl_15">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:19.5783em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:20.8483em;"><span class="stl_76 stl_08 stl_15">Pa</span><span class="stl_77 stl_08 stl_96">y</span><span class="stl_76 stl_08 stl_33" style="word-spacing:-0.005em;">ables </span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.0005em;">o BW Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_15">i</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_57" style="word-spacing:0.0013em;">ime P</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_143" style="word-spacing:0.013em;">e. L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79" style="word-spacing:0.248em;">d a</span><span class="stl_77 stl_08 stl_128" style="word-spacing:-0.012em;">t r</span><span class="stl_76 stl_08 stl_144">epo</span><span class="stl_77 stl_08 stl_33">rt</span><span class="stl_76 stl_08 stl_103" style="word-spacing:0.012em;">ed pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_80">iod  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1783em;top:20.8483em;"><span class="stl_76 stl_08 stl_15">1</span><span class="stl_77 stl_08 stl_15">0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.3483em;top:20.8483em;"><span class="stl_77 stl_08 stl_15">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:75.2383em;top:20.8483em;"><span class="stl_76 stl_08 stl_15">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:22.7939em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0006em;">Related party transactions over the reported period are primarily linked to guarantee fees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:23.8739em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0002em;">issued by the BW Group Limited, bunker supply by Hafnia Pools (member of the BW  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:24.9639em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0013em;">Group), costs related to training expenses by the BW Maritime and administrative ex-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:26.0539em;"><span class="stl_43 stl_08 stl_31" style="word-spacing:-0.0034em;">penses to Scorpio Services Holding.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:28.2164em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0024em;">In addition, Cadeler has not had significant transactions with the members of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:29.2964em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.003em;">Cadeler Board and the executive management apart from remuneration and expenses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:30.3764em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0014em;">Cadeler has not provided or granted any loans or guarantees to its directors or executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:31.4764em;"><span class="stl_43 stl_08 stl_92">management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:33.6264em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0027em;">For information on remuneration paid to members of the Cadeler Board and executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:34.7264em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:0.0002em;">management, refer to Note 9.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_62" style="word-spacing:0.0019em;">Group Information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0198em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0026em;">The consolidated financial statements of the Group include the following subsidiaries,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0998em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0022em;">which are fully owned by the Parent Company:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.4567em;"><span class="stl_67 stl_08 stl_38">Entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:14.4567em;"><span class="stl_67 stl_08 stl_17">Country  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.7067em;"><span class="stl_111 stl_08 stl_59" style="word-spacing:-0.0024em;">Vessel owning entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:16.9767em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0065em;">Wind O</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_127" style="word-spacing:0.011em;">ca L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:16.9767em;"><span class="stl_76 stl_08 stl_15">C</span><span class="stl_77 stl_08 stl_103">y</span><span class="stl_76 stl_08 stl_79">p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">us  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:18.2467em;"><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0053em;">Wind Osp</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:18.2467em;"><span class="stl_76 stl_08 stl_15">C</span><span class="stl_77 stl_08 stl_103">y</span><span class="stl_76 stl_08 stl_79">p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">us  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:19.5167em;"><span class="stl_76 stl_08 stl_40" style="word-spacing:0.003em;">Wind N1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_15">6</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">3 </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:19.5167em;"><span class="stl_76 stl_08 stl_15">C</span><span class="stl_77 stl_08 stl_103">y</span><span class="stl_76 stl_08 stl_79">p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">us  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:20.7883em;"><span class="stl_76 stl_08 stl_40" style="word-spacing:0.003em;">Wind N1</span><span class="stl_77 stl_08 stl_15">0</span><span class="stl_76 stl_08 stl_101" style="word-spacing:0.004em;">64 L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:20.7883em;"><span class="stl_76 stl_08 stl_15">C</span><span class="stl_77 stl_08 stl_103">y</span><span class="stl_76 stl_08 stl_79">p</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_79">us  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:22.0583em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0em;">acks 1 L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:22.0583em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:23.3283em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0em;">acks 4 L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:23.3283em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:24.5983em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_100" style="word-spacing:0em;">acks 5 L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:24.5983em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:25.8683em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_102" style="word-spacing:-0.0013em;">acks </span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">3 J</span><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0042em;">apan LLC  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:25.8683em;"><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_51">apan  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:27.1383em;"><span class="stl_111 stl_08 stl_113" style="word-spacing:0.0014em;">Trading and Operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:28.4208em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_64" style="word-spacing:-0.0019em;">acks UK L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:28.4208em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:29.6908em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_64" style="word-spacing:-0.0019em;">acks UK L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_59" style="word-spacing:0.001em;">d Taiwan B</span><span class="stl_77 stl_08 stl_22">r</span><span class="stl_76 stl_08 stl_15">anch  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:29.6908em;"><span class="stl_76 stl_08 stl_25">Taiwan  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:30.9608em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_34" style="word-spacing:-0.0053em;">acks US Inc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:30.9608em;"><span class="stl_76 stl_08 stl_78">USA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:32.2308em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_64" style="word-spacing:-0.0024em;">acks Me</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0045em;">man Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0077em;">ine L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:32.2308em;"><span class="stl_76 stl_08 stl_15">Be</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_113">muda  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:33.5008em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_100" style="word-spacing:-0.002em;">acks C</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_09" style="word-spacing:0.001em;">ewing Se</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0004em;">vices L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:33.5008em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:34.7708em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_102" style="word-spacing:-0.0013em;">acks </span><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0046em;">apan LLC  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:34.7708em;"><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_51">apan  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:36.0425em;"><span class="stl_111 stl_08 stl_34" style="word-spacing:0.0039em;">Investment holding entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:37.3125em;"><span class="stl_76 stl_08 stl_18" style="word-spacing:0.0077em;">Wind MI L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:37.3125em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:38.5825em;"><span class="stl_76 stl_08 stl_20">Ene</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_136" style="word-spacing:-0.0007em;">i (Be</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0024em;">muda) L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:38.5825em;"><span class="stl_76 stl_08 stl_15">Be</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_113">muda  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:39.8525em;"><span class="stl_76 stl_08 stl_79">A</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92">lan</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0em;">is Inves</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_177">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_103" style="word-spacing:0.002em;">co L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:39.8525em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:14.5567em;"><span class="stl_67 stl_08 stl_38">Entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.9683em;top:14.5567em;"><span class="stl_67 stl_08 stl_17">Country  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:15.8067em;"><span class="stl_111 stl_08 stl_09" style="word-spacing:0.0043em;">Investment holding entities (continuation)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:17.0767em;"><span class="stl_76 stl_08 stl_79">A</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92">lan</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0008em;">is Equi</span><span class="stl_77 stl_08 stl_15">ty</span><span class="stl_76 stl_08 stl_81" style="word-spacing:0.004em;">co L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:17.0767em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:18.3467em;"><span class="stl_76 stl_08 stl_79">A</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_92">lan</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_78" style="word-spacing:0em;">is Midco L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:18.3467em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:19.6183em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0044em;">acks In</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15">na</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_18" style="word-spacing:0.0052em;">ional L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:19.6183em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3242em;top:20.8883em;"><span class="stl_111 stl_08 stl_34" style="word-spacing:-0.0002em;">Dormant entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:22.1683em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_102" style="word-spacing:-0.0013em;">acks </span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">2 </span><span class="stl_76 stl_08 stl_15">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:22.1683em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:23.4383em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_102" style="word-spacing:-0.0013em;">acks </span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">3 </span><span class="stl_76 stl_08 stl_15">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:23.4383em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:24.7083em;"><span class="stl_76 stl_08 stl_207">Sco</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:-0.001em;">pio SALT LLC  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:24.7083em;"><span class="stl_76 stl_08 stl_78">USA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:25.9783em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0011em;">Bulk Run-O</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">ff </span><span class="stl_76 stl_08 stl_25">Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:25.9783em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:27.2483em;"><span class="stl_76 stl_08 stl_15">C</span><span class="stl_77 stl_08 stl_79">r</span><span class="stl_76 stl_08 stl_78">aw</span><span class="stl_77 stl_08 stl_15">f</span><span class="stl_76 stl_08 stl_105">o</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_15" style="word-spacing:0.004em;">d Pa</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_103" style="word-spacing:0.008em;">h LLC  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:27.2483em;"><span class="stl_76 stl_08 stl_25">Delawa</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_104">e  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:28.5208em;"><span class="stl_76 stl_08 stl_136">Windpowe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0066em;">Alpha L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:28.5208em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:29.7908em;"><span class="stl_76 stl_08 stl_136">Windpowe</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_15">B</span><span class="stl_77 stl_08 stl_22">r</span><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0007em;">avo L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:29.7908em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:31.0608em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_102" style="word-spacing:-0.0013em;">acks </span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">7 </span><span class="stl_76 stl_08 stl_15">Limi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171">ed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:31.0608em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:32.3308em;"><span class="stl_76 stl_08 stl_113">Sea</span><span class="stl_77 stl_08 stl_15">j</span><span class="stl_76 stl_08 stl_38" style="word-spacing:-0.0009em;">acks 8 Limi</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_171">ed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:32.3308em;"><span class="stl_76 stl_08 stl_79">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:33.6008em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0025em;">SBI Achilles Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:33.6008em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:34.8708em;"><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0065em;">SBI An</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">a</span><span class="stl_77 stl_08 stl_173">r</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0026em;">es Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:34.8708em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:36.1425em;"><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0001em;">SBI Apollo Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:36.1425em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:37.4225em;"><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0073em;">SBI A</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0008em;">ies Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:37.4225em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:38.6925em;"><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0073em;">SBI A</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_70" style="word-spacing:0.0062em;">hena Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:38.6925em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8042em;top:39.9625em;"><span class="stl_76 stl_08 stl_58" style="word-spacing:0.0087em;">SBI Bole</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0035em;">o Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:39.9625em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.4767em;"><span class="stl_67 stl_08 stl_38">Entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:14.4767em;"><span class="stl_67 stl_08 stl_17">Country  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:15.7267em;"><span class="stl_111 stl_08 stl_113" style="word-spacing:0.0049em;">Dormant entities (continuation)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:16.9967em;"><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0107em;">SBI B</span><span class="stl_77 stl_08 stl_22">r</span><span class="stl_76 stl_08 stl_92" style="word-spacing:-0.0043em;">avo Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.012em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:16.9967em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:18.2667em;"><span class="stl_76 stl_08 stl_62" style="word-spacing:0.0078em;">SBI Capoei</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0025em;">a Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:18.2667em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:19.5383em;"><span class="stl_76 stl_08 stl_80" style="word-spacing:0.009em;">SBI Ca</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0019em;">ioca Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:19.5383em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:20.8083em;"><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">SBI Cha</span><span class="stl_77 stl_08 stl_79">rt</span><span class="stl_76 stl_08 stl_79">e</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_18" style="word-spacing:0.0052em;">ing and T</span><span class="stl_77 stl_08 stl_109">r</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0004em;">ading L</span><span class="stl_77 stl_08 stl_72">t</span><span class="stl_76 stl_08 stl_72">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:20.8083em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:22.0883em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0027em;">SBI Conga Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:22.0883em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:23.3583em;"><span class="stl_76 stl_08 stl_91" style="word-spacing:0.0074em;">SBI Couga</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.007em;">r </span><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0012em;">Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:23.3583em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:24.6283em;"><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0127em;">SBI C</span><span class="stl_77 stl_08 stl_79">r</span><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0014em;">onos Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:24.6283em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:25.8983em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0002em;">SBI Echo Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:25.8983em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:27.1683em;"><span class="stl_76 stl_08 stl_81" style="word-spacing:0.014em;">SBI </span><span class="stl_77 stl_08 stl_15">G</span><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0015em;">emini Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:27.1683em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:28.4408em;"><span class="stl_76 stl_08 stl_100" style="word-spacing:0.006em;">SBI He</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0025em;">a Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:28.4408em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:29.7108em;"><span class="stl_76 stl_08 stl_100" style="word-spacing:0.006em;">SBI He</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0008em;">cules Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:29.7108em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:30.9808em;"><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0085em;">SBI He</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_129" style="word-spacing:0.0021em;">mes Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:30.9808em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:32.2508em;"><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0107em;">SBI H</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_79">d</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_10" style="word-spacing:0.0007em;">a Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.012em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:32.2508em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:33.5208em;"><span class="stl_76 stl_08 stl_110" style="word-spacing:0.0107em;">SBI H</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_79">pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_62" style="word-spacing:0.0019em;">ion Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:33.5208em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:34.7908em;"><span class="stl_76 stl_08 stl_81" style="word-spacing:0.014em;">SBI </span><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_40">agua</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.009em;">r </span><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0012em;">Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:34.7908em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:36.0625em;"><span class="stl_76 stl_08 stl_81" style="word-spacing:0.014em;">SBI </span><span class="stl_77 stl_08 stl_15">J</span><span class="stl_76 stl_08 stl_59" style="word-spacing:0.0009em;">ive Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_197">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:36.0625em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:37.3425em;"><span class="stl_76 stl_08 stl_09" style="word-spacing:0.0037em;">SBI Lambada Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:37.3425em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:38.6125em;"><span class="stl_76 stl_08 stl_12" style="word-spacing:0.0002em;">SBI Leo Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_173">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:38.6125em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:39.8825em;"><span class="stl_76 stl_08 stl_17" style="word-spacing:0.0076em;">SBI Lib</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_10" style="word-spacing:0.0007em;">a Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.01em;">y </span><span class="stl_76 stl_08 stl_81">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:39.8825em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:14.4367em;"><span class="stl_67 stl_08 stl_38">Entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0083em;top:14.4367em;"><span class="stl_67 stl_08 stl_17">Country  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3742em;top:15.6867em;"><span class="stl_111 stl_08 stl_113" style="word-spacing:0.0049em;">Dormant entities (continuation)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:16.9567em;"><span class="stl_76 stl_08 stl_156" style="word-spacing:0.0133em;">SBI L</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_10" style="word-spacing:0.0011em;">nx Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:16.9567em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:18.2267em;"><span class="stl_76 stl_08 stl_81" style="word-spacing:0.016em;">SBI L</span><span class="stl_77 stl_08 stl_53">yr</span><span class="stl_76 stl_08 stl_10" style="word-spacing:0.0007em;">a Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:18.2267em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:19.4967em;"><span class="stl_76 stl_08 stl_58" style="word-spacing:0.0087em;">SBI Maca</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_99" style="word-spacing:0.0007em;">ena Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:19.4967em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:20.7683em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0039em;">SBI Maia Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:20.7683em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:22.0383em;"><span class="stl_76 stl_08 stl_100" style="word-spacing:0.006em;">SBI Mazu</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0011em;">ka Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:22.0383em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:23.3083em;"><span class="stl_76 stl_08 stl_158" style="word-spacing:0.0127em;">SBI O</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0003em;">ion Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:23.3083em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:24.5883em;"><span class="stl_76 stl_08 stl_80" style="word-spacing:0.009em;">SBI Pa</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_20">apa</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_113" style="word-spacing:-0.0041em;">a Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:24.5883em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:25.8583em;"><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0017em;">SBI Pegasus Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:25.8583em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:27.1283em;"><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">SBI Pe</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0004em;">seus Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:27.1283em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:28.4008em;"><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0044em;">SBI Phoebe Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:28.4008em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:29.6708em;"><span class="stl_76 stl_08 stl_100" style="word-spacing:0.0057em;">SBI Phoenix Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:29.6708em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:30.9408em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0033em;">SBI Pisces Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:30.9408em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:32.2108em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0025em;">SBI Poseidon Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:32.2108em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:33.4808em;"><span class="stl_76 stl_08 stl_38" style="word-spacing:0.0045em;">SBI Reggae Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:33.4808em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:34.7508em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0027em;">SBI Rock Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:34.7508em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:36.0225em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0035em;">SBI Rumba Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:36.0225em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:37.2925em;"><span class="stl_76 stl_08 stl_62" style="word-spacing:0.0045em;">SBI Samba Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:37.2925em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:38.5625em;"><span class="stl_76 stl_08 stl_64" style="word-spacing:0.0029em;">SBI Samson Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:38.5625em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8542em;top:39.8425em;"><span class="stl_76 stl_08 stl_86" style="word-spacing:0.0097em;">SBI Sous</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0005em;">a Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4883em;top:39.8425em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:14.9067em;"><span class="stl_67 stl_08 stl_38">Entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1442em;top:14.9067em;"><span class="stl_67 stl_08 stl_17">Country  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.51em;top:16.1567em;"><span class="stl_111 stl_08 stl_113" style="word-spacing:0.0078em;">Dormant entities (continuation)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:17.4267em;"><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0063em;">SBI Suba</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_78" style="word-spacing:0.0051em;">u Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:17.4267em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:18.6967em;"><span class="stl_76 stl_08 stl_62" style="word-spacing:0.0076em;">SBI Swing Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:18.6967em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:19.9683em;"><span class="stl_76 stl_08 stl_25" style="word-spacing:-0.0002em;">SBI Tango Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:19.9683em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:21.2383em;"><span class="stl_76 stl_08 stl_25" style="word-spacing:0.0044em;">SBI Tau</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_102" style="word-spacing:0.0026em;">us Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:21.2383em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:22.5083em;"><span class="stl_76 stl_08 stl_113" style="word-spacing:0.0055em;">SBI Te</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">h</span><span class="stl_77 stl_08 stl_15">y</span><span class="stl_76 stl_08 stl_38" style="word-spacing:-0.0013em;">s Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:22.5083em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:23.7783em;"><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0026em;">SBI Thalia Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.012em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:23.7783em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:25.0483em;"><span class="stl_76 stl_08 stl_101" style="word-spacing:0.008em;">SBI U</span><span class="stl_77 stl_08 stl_104">r</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0004em;">sa Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.01em;">y </span><span class="stl_76 stl_08 stl_81">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:25.0483em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:26.3183em;"><span class="stl_76 stl_08 stl_164" style="word-spacing:0.0115em;">SBI Vi</span><span class="stl_77 stl_08 stl_171">r</span><span class="stl_76 stl_08 stl_10" style="word-spacing:-0.0044em;">go Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_103">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:26.3183em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:27.5883em;"><span class="stl_76 stl_08 stl_56" style="word-spacing:0.0016em;">SBI Zeus Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:-0.01em;">y </span><span class="stl_76 stl_08 stl_81">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:27.5883em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.99em;top:28.8708em;"><span class="stl_76 stl_08 stl_106" style="word-spacing:0.0043em;">SBI Zumba Shipping Compan</span><span class="stl_77 stl_08 stl_15" style="word-spacing:0.002em;">y </span><span class="stl_76 stl_08 stl_105">L</span><span class="stl_77 stl_08 stl_15">t</span><span class="stl_76 stl_08 stl_15">d  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6242em;top:28.8708em;"><span class="stl_76 stl_08 stl_80">Ma</span><span class="stl_77 stl_08 stl_128">r</span><span class="stl_76 stl_08 stl_42" style="word-spacing:-0.0022em;">shall Islands  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 29  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:4.9461em;"><span class="stl_259 stl_08 stl_129" style="word-spacing:0.0009em;">Events After Reporting Period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:10.0098em;"><span class="stl_39 stl_08 stl_55" style="word-spacing:0.0092em;">Increased funding commitment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:11.0598em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0003em;">On 7 February 2024, the Group</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.158em;top:11.0598em;"><span class="stl_43 stl_08 stl_53" style="word-spacing:-0.0018em;">has secured additional capital, increasing the Holdco Fa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:12.1523em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0023em;">cility from EUR 50 million to EUR 80 million. The purpose of the Holdco Facility is, among  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.2323em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:-0.0006em;">others, partial funding of the wind installation activities of the Group and general corpo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:14.3223em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:-0.0085em;">rate purposes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:17.6023em;"><span class="stl_39 stl_08 stl_53" style="word-spacing:-0.003em;">Private placement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:18.6523em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:0em;">The Company conducted a successful private placement, which was completed on 15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:19.7339em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0034em;">February 2024, resulting in the issuance of 39.5 million shares at a price of NOK 44.50 per  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:20.8139em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0005em;">share. Overall, the Company raised approximately EUR 154 million (USD 166 million) be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:21.9039em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0003em;">fore transaction costs. The proceeds from the private placement will fund two main ob-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:22.9839em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0033em;">jectives. Firstly, they will fully finance the equity portion of Cadeler's planned third A-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.0639em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0034em;">Class Wind Foundation Installation Vessel newbuild, accounting for approximately 35%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:25.1539em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0033em;">of its total expected vessel cost. Secondly, the funds will be allocated towards acquiring  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:26.2339em;"><span class="stl_43 stl_08 stl_51" style="word-spacing:0.001em;">mission equipment and building working capital. This will enable Cadeler to capitalise on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:27.3139em;"><span class="stl_43 stl_08 stl_20" style="word-spacing:-0.0032em;">selected near-term commercial opportunities, including utilising turbine installation ves-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.4064em;"><span class="stl_43 stl_08 stl_42" style="word-spacing:0.0048em;">sels for T&amp;I foundation scopes, accelerating the realisation of commercial synergies, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:29.4864em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0041em;">seizing other opportunities resulting from supply chain bottlenecks and project delays in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:30.5764em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0057em;">the coming years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.8564em;"><span class="stl_39 stl_08 stl_40" style="word-spacing:0.0112em;">Increased funding utilisation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:34.9064em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0004em;">On 22 March 2024, the Group utilised EUR 50 million of the EUR 100 million term loan  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:35.9881em;"><span class="stl_43 stl_08 stl_45" style="word-spacing:-0.0031em;">available from the New Debt Facility, as the Wind Orca main crane upgrade nears com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:37.0681em;"><span class="stl_43 stl_08 stl_52" style="word-spacing:0.0018em;">pletion. Additionally, the Group is in the process of requesting the utilisation of the re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:38.1581em;"><span class="stl_43 stl_08 stl_29" style="word-spacing:-0.0012em;">maining EUR 50 million. This utilisation is related to the Wind Osprey main crane up-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:39.2381em;"><span class="stl_43 stl_08 stl_92" style="word-spacing:0.0031em;">grade, also in its final stages.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:3.8798em;"><span class="stl_39 stl_08 stl_10" style="word-spacing:-0.0005em;">Note 30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:4.9461em;"><span class="stl_259 stl_08 stl_129" style="word-spacing:0.0022em;">Authorisation of Financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:7.2861em;"><span class="stl_259 stl_08 stl_106">Statements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:12.1523em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0009em;">These financial statements were authorised for issue in accordance with a resolution of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:13.2323em;"><span class="stl_43 stl_08 stl_47" style="word-spacing:0.0038em;">the Board of Directors and Executive Management of Cadeler A/S on 26 March 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:14.3123em;"><span class="stl_43 stl_08 stl_57" style="word-spacing:0.0023em;">and will be recommend for approval by the shareholders of the Company at the annual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9042em;top:15.4123em;"><span class="stl_43 stl_08 stl_33" style="word-spacing:-0.0021em;">general meeting to be held on 23 April 2024.  </span></div> Denmark   Denmark