529900X41C0BSLK67H70 2023-01-01 2023-12-31 529900X41C0BSLK67H70 2022-01-01 2022-12-31 529900X41C0BSLK67H70 2022-12-31 529900X41C0BSLK67H70 2021-12-31 529900X41C0BSLK67H70 2023-12-31 529900X41C0BSLK67H70 2022-12-31 ifrs-full:IssuedCapitalMember 529900X41C0BSLK67H70 2022-12-31 ifrs-full:OtherReservesMember 529900X41C0BSLK67H70 2022-12-31 ifrs-full:RetainedEarningsMember 529900X41C0BSLK67H70 2022-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900X41C0BSLK67H70 2022-12-31 ifrs-full:NoncontrollingInterestsMember 529900X41C0BSLK67H70 2021-12-31 ifrs-full:IssuedCapitalMember 529900X41C0BSLK67H70 2021-12-31 ifrs-full:OtherReservesMember 529900X41C0BSLK67H70 2021-12-31 ifrs-full:RetainedEarningsMember 529900X41C0BSLK67H70 2021-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900X41C0BSLK67H70 2021-12-31 ifrs-full:NoncontrollingInterestsMember 529900X41C0BSLK67H70 2023-01-01 2023-12-31 ifrs-full:IssuedCapitalMember 529900X41C0BSLK67H70 2023-01-01 2023-12-31 ifrs-full:OtherReservesMember 529900X41C0BSLK67H70 2023-01-01 2023-12-31 ifrs-full:RetainedEarningsMember 529900X41C0BSLK67H70 2023-01-01 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900X41C0BSLK67H70 2023-01-01 2023-12-31 ifrs-full:NoncontrollingInterestsMember 529900X41C0BSLK67H70 2022-01-01 2022-12-31 ifrs-full:IssuedCapitalMember 529900X41C0BSLK67H70 2022-01-01 2022-12-31 ifrs-full:OtherReservesMember 529900X41C0BSLK67H70 2022-01-01 2022-12-31 ifrs-full:RetainedEarningsMember 529900X41C0BSLK67H70 2022-01-01 2022-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900X41C0BSLK67H70 2022-01-01 2022-12-31 ifrs-full:NoncontrollingInterestsMember 529900X41C0BSLK67H70 2023-12-31 ifrs-full:IssuedCapitalMember 529900X41C0BSLK67H70 2023-12-31 ifrs-full:OtherReservesMember 529900X41C0BSLK67H70 2023-12-31 ifrs-full:RetainedEarningsMember 529900X41C0BSLK67H70 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900X41C0BSLK67H70 2023-12-31 ifrs-full:NoncontrollingInterestsMember iso4217:DKK iso4217:DKK xbrli:shares We connect companies with the world and ensure smooth and efficient storage and transport of their goods. By air, sea and road. 150785000000 235665000000 106967000000 183516000000 43818000000 52149000000 4838000000 5559000000 15983000000 16315000000 22997000000 30275000000 5274000000 5071000000 17723000000 25204000000 0 1117000000 473000000 606000000 1706000000 1472000000 16490000000 23221000000 4083000000 5550000000 12407000000 17671000000 12315000000 17568000000 92000000 103000000 57.7 77.3 57.1 76.2 12407000000 17671000000 -1626000000 1260000000 -10000000 9000000 5000000 -9000000 -6000000 2000000 -398000000 -395000000 -75000000 -54000000 -1958000000 935000000 10449000000 18606000000 10363000000 18500000000 86000000 106000000 10449000000 18606000000 22997000000 30275000000 267000000 202000000 -704000000 520000000 -826000000 -2840000000 263000000 664000000 473000000 323000000 851000000 727000000 698000000 745000000 5589000000 5178000000 16458000000 26846000000 345000000 280000000 2030000000 1514000000 1258000000 824000000 685000000 0 228000000 -4000000 -2030000000 -966000000 14428000000 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13997000000 0 19000000 20294000000 20313000000 0 20313000000 0 3000000 1791000000 1794000000 0 1794000000 0 2000000 616000000 618000000 0 618000000 0 0 0 0 0 0 21000000 -21000000 0 0 1000000 1000000 0 0 19000000 19000000 0 19000000 0 0 43000000 43000000 0 43000000 0 0 -9000000 -9000000 5000000 -4000000 0 0 8000000 8000000 0 8000000 0 -8000000 -13171000000 -13179000000 -45000000 -13224000000 -21000000 4000000 -21067000000 -21084000000 -59000000 -21143000000 219000000 -718000000 69202000000 68703000000 263000000 68966000000 219000000 919000000 70381000000 71519000000 222000000 71741000000 <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Chapt<span class="_ _0"/>er 1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Basis of<span class="_ _8"/> <span class="_ _3"/><span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>epar<span class="_ _3"/>ation</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The 2023 Annual Report of DSV A<span class="_ _4"/>/S is pr<span class="_ _0"/>e<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">par<span class="_ _0"/>ed on a going c<span class="_ _0"/>onc<span class="_ _0"/>ern basis in acc<span class="_ _0"/>or<span class="_ _3"/>dance </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with the IFRS Acc<span class="_ _0"/>ounting S<span class="_ _0"/>tandar<span class="_ _3"/>ds as issued<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by the International Ac<span class="_ _0"/>c<span class="_ _0"/>ounting S<span class="_ _0"/>tandar<span class="_ _3"/>ds<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Boar<span class="_ _0"/>d (IASB) and in ac<span class="_ _0"/>c<span class="_ _0"/>or<span class="_ _0"/>danc<span class="_ _0"/>e with IFRS </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Acc<span class="_ _0"/>ounting S<span class="_ _0"/>tandar<span class="_ _3"/>ds as adopted by the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Eur<span class="_ _0"/>opean Union and further r<span class="_ _0"/>equir<span class="_ _3"/>ements<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">f<span class="_ _0"/>or list<span class="_ _0"/>ed c<span class="_ _0"/>ompanies in the Danish Financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">St<span class="_ _0"/>at<span class="_ _0"/>ements Ac<span class="_ _4"/>t<span class="_ _8"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The consolidat<span class="_ _0"/>ed financial st<span class="_ _0"/>at<span class="_ _0"/>ements ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _0"/>esent<span class="_ _0"/>ed in Danish kr<span class="_ _0"/>oner (DKK) and <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">r<span class="_ _0"/>ounded t<span class="_ _0"/>o the near<span class="_ _3"/>est million.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Introduction</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Annual Report of DSV A/S comprises the consolidated financial st<span class="_ _0"/>ate-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments of DSV A<span class="_ _4"/>/S and its subsidiaries.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Board of Dir<span class="_ _0"/>ectors and Executiv<span class="_ _0"/>e Board c<span class="_ _0"/>onsider<span class="_ _0"/>ed and appr<span class="_ _0"/>oved the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023 Annual Report of DSV A/S on 1 February 2024. The Annual Report </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">will be submitted t<span class="_ _0"/>o the shareholders of DSV A/S for appr<span class="_ _0"/>oval at the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Annual General Mee<span class="_ _0"/>ting on 14 Mar<span class="_ _0"/>ch 2024.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Basis of measurement</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Annual Report is pr<span class="_ _0"/>epared under the his<span class="_ _0"/>torical c<span class="_ _0"/>ost c<span class="_ _0"/>onvention with </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the exc<span class="_ _0"/>eption of derivative financial instruments and ac<span class="_ _0"/>quisition opening </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">balances, which ar<span class="_ _0"/>e measur<span class="_ _0"/>ed at f<span class="_ _0"/>air value. Non-curr<span class="_ _0"/>ent assets held f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sale are me<span class="_ _0"/>asured at the low<span class="_ _0"/>er of their carrying amount and f<span class="_ _0"/>air value less </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs t<span class="_ _0"/>o sell. The acc<span class="_ _0"/>ounting policies described in the not<span class="_ _0"/>es to the c<span class="_ _0"/>onsol-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">idated financial st<span class="_ _0"/>atements have been applied c<span class="_ _0"/>onsistently f<span class="_ _0"/>or the finan-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cial year and f<span class="_ _0"/>or the com <span class="_ _9"/>par<span class="_ _0"/>ative figures.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Changes in accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">All amendments to the IFRS Ac<span class="_ _0"/>counting S<span class="_ _0"/>tandar<span class="_ _0"/>ds effective f<span class="_ _0"/>or the finan-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cial year 2023 have been implemented as basis f<span class="_ _0"/>or pr<span class="_ _0"/>eparing the c<span class="_ _0"/>onsoli-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">dated financial st<span class="_ _0"/>atements and no<span class="_ _0"/>tes t<span class="_ _0"/>o the financial stat<span class="_ _0"/>ements.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">None of the implementations have had any mat<span class="_ _0"/>erial impact on the state-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">ments or not<span class="_ _0"/>es present<span class="_ _0"/>ed.</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In preparing the c<span class="_ _0"/>onsolidated financial s<span class="_ _0"/>tat<span class="_ _0"/>ements, Management makes </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">various acc<span class="_ _0"/>ounting judgements and estimates that aff<span class="_ _0"/>ect the reported </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">amounts and disclosures in the financial s<span class="_ _0"/>tat<span class="_ _0"/>ements and notes t<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stat<span class="_ _0"/>ements. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">These are based on pr<span class="_ _0"/>of<span class="_ _0"/>essional e<span class="_ _0"/>xperience, hist<span class="_ _0"/>orical data and o<span class="_ _0"/>ther </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">factors available t<span class="_ _0"/>o Management. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">By nature, a degr<span class="_ _0"/>ee of unc<span class="_ _0"/>ertainty is involved when carrying out these </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">judgements and estimates, henc<span class="_ _0"/>e actual results may deviat<span class="_ _0"/>e from the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">assessments made at the r<span class="_ _0"/>eporting date. Judgements and estimates ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">continuously evaluat<span class="_ _0"/>ed, and the effects of any changes ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the relev<span class="_ _0"/>ant period. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The primary financial statements it<span class="_ _0"/>ems f<span class="_ _0"/>or which significant </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>ounting judgements and estimates ar<span class="_ _0"/>e applied ar<span class="_ _0"/>e list<span class="_ _0"/>ed below: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Contract assets and ac<span class="_ _0"/>crued cost of services (<span class="fc7">not<span class="_ _0"/>e 3.4<span class="fc1">)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Pr<span class="_ _0"/>ovisions (<span class="fc7">not<span class="_ _0"/>e 3.8<span class="fc1">)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>T<span class="_ _d"/>ax on profit f<span class="_ _0"/>or the year and def<span class="_ _0"/>err<span class="_ _0"/>ed tax (<span class="fc7">no<span class="_ _0"/>te 5.1 <span class="fc1">and</span> no<span class="_ _0"/>te 5.2<span class="fc1">)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Additional description of management judgements and estimates made </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are pr<span class="_ _0"/>ovided in the r<span class="_ _0"/>elevant no<span class="_ _0"/>tes.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Climate-r<span class="_ _0"/>elated risks in the financial st<span class="_ _0"/>atements</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In preparing the c<span class="_ _0"/>onsolidated financial s<span class="_ _0"/>tat<span class="_ _0"/>ements, Management assesses </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">how climate-r<span class="_ _0"/>elated risks may aff<span class="_ _0"/>ect the consolidated financial st<span class="_ _0"/>ate-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments and the measur<span class="_ _0"/>es that have been, or will be, put in place t<span class="_ _0"/>o miti-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gate them. Management assesses that climat<span class="_ _0"/>e-r<span class="_ _0"/>elated risks do not hav<span class="_ _0"/>e a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">significant impact on the 2023 primary financial statements. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">While climate-r<span class="_ _0"/>elated risks do no<span class="_ _0"/>t curr<span class="_ _0"/>ently impact the primary financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stat<span class="_ _0"/>ements significantly, w<span class="_ _0"/>e ar<span class="_ _0"/>e closely monitoring changes and develop-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments in these risks. Our assessment of climate-r<span class="_ _0"/>elated risks is included </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in the not<span class="_ _0"/>es to the financial st<span class="_ _0"/>atements r<span class="_ _0"/>egar<span class="_ _0"/>ding the primary financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stat<span class="_ _0"/>ement items that ar<span class="_ _0"/>e assessed t<span class="_ _0"/>o be pot<span class="_ _0"/>entially exposed t<span class="_ _0"/>o cli-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mate-r<span class="_ _0"/>elated risks in the futur<span class="_ _0"/>e. These ar<span class="_ _0"/>e:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Impairment testing (<span class="fc7">no<span class="_ _0"/>te 3.1<span class="fc1">)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Pr<span class="_ _0"/>operty, plant and equipment (<span class="fc7">not<span class="_ _0"/>e 3.3<span class="fc1">)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Basis of consolidation</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The consolidat<span class="_ _0"/>ed financial stat<span class="_ _0"/>ements include the Par<span class="_ _0"/>ent C<span class="_ _0"/>ompany (DSV </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _4"/>/S) and all subsidiaries over which DSV A<span class="_ _4"/>/S exer<span class="_ _0"/>cises c<span class="_ _0"/>ontr<span class="_ _0"/>ol. Entities </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">over which the Gr<span class="_ _0"/>oup has direct or indir<span class="_ _0"/>ect significant influence ar<span class="_ _0"/>e ac-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">count<span class="_ _0"/>ed for as as<span class="_ _0"/>sociates and measur<span class="_ _0"/>ed using the equity method. Invest-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments with negative net asset values ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised at DKK 0.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The consolidat<span class="_ _0"/>ed financial stat<span class="_ _0"/>ements ar<span class="_ _0"/>e prepar<span class="_ _0"/>ed based on unif<span class="_ _0"/>orm </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>ounting policies in all Group entities. C<span class="_ _0"/>onsolidation of Gr<span class="_ _0"/>oup entities is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">performed after elimination of all intr<span class="_ _0"/>a-gr<span class="_ _0"/>oup transactions, balances, in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">come and e<span class="_ _0"/>xpenses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gr<span class="_ _0"/>oup composition</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group holds int<span class="_ _0"/>er<span class="_ _0"/>ests in 455 entities and was c<span class="_ _0"/>omposed as f<span class="_ _0"/>ollows at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">31 December 2023:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:76.625px;"><span style="position: absolute; display: inline-block; left: 176.781px; top: 0.0019531px; width: 33.4688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Region</span><span style="position: absolute; display: inline-block; left: 0px; top: 8.47266px; width: 47.8125px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Entities <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 24.0645px; width: 48.1113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(Number)</span><span style="position: absolute; display: inline-block; left: 128.906px; top: 24.0645px; width: 225.75px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">EMEA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Americas<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">A<span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>PA<span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>C<span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>l</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 46.002px; width: 356.883px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Subsidiaries<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.4315px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>288<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>59<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>99<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>446</span><span style="position: absolute; display: inline-block; left: 0px; top: 65.377px; width: 356.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Associates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.113px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Foreign cur<span class="_ _0"/>rency</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Functional currency</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A functional currency is determined f<span class="_ _0"/>or each Gr<span class="_ _0"/>oup entity. The functional </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">curr<span class="_ _0"/>ency is the currency used in the primary financial environment in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">which the individual Group entity oper<span class="_ _0"/>ates.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On initial rec<span class="_ _0"/>ognition, f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency transactions are tr<span class="_ _0"/>anslated int<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">functional currency at the exchange r<span class="_ _0"/>ate at the tr<span class="_ _0"/>ansaction dates. For<span class="_ _0"/>eign </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">curr<span class="_ _0"/>ency translation differ<span class="_ _0"/>enc<span class="_ _0"/>es between the e<span class="_ _0"/>xchange r<span class="_ _0"/>ates at the tr<span class="_ _0"/>ans<span class="ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">action date and the date of payment ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the st<span class="_ _0"/>atement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">profit or los<span class="_ _0"/>s under financials. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Monetary items denominat<span class="_ _0"/>ed in a f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency are tr<span class="_ _0"/>anslated at the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange r<span class="_ _0"/>at<span class="_ _0"/>e at the reporting dat<span class="_ _0"/>e. The differ<span class="_ _0"/>enc<span class="_ _0"/>e between the e<span class="_ _0"/>x-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change rat<span class="_ _0"/>e at the r<span class="_ _0"/>eporting date and the transaction date or the e<span class="_ _0"/>x-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change rat<span class="_ _0"/>e used in the latest annual r<span class="_ _0"/>eport is r<span class="_ _0"/>ecognised in the st<span class="_ _0"/>atement </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of profit or los<span class="_ _0"/>s under financials. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation diff<span class="_ _0"/>erenc<span class="_ _0"/>es arising on the tr<span class="_ _0"/>anslation of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">non-monetary items, such as inves<span class="_ _0"/>tments in associates, ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">directly in other c<span class="_ _0"/>ompr<span class="_ _0"/>ehensive income.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rec<span class="_ _0"/>ognition in the consolidat<span class="_ _0"/>ed financial stat<span class="_ _0"/>ements </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When preparing the c<span class="_ _0"/>onsolidated financial s<span class="_ _0"/>tat<span class="_ _0"/>ements, the stat<span class="_ _0"/>ement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">profit or los<span class="_ _0"/>s of entities with a functional currency other than DKK ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">translat<span class="_ _0"/>ed at the average e<span class="_ _0"/>xchange r<span class="_ _0"/>ate f<span class="_ _0"/>or the period, and st<span class="_ _0"/>atement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial position items ar<span class="_ _0"/>e tr<span class="_ _0"/>anslated at the closing r<span class="_ _0"/>ate at the end of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reporting period.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign ex<span class="_ _0"/>change differ<span class="_ _0"/>enc<span class="_ _0"/>es arising on translation of the equity of f<span class="_ _0"/>or-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eign entities and on translation of r<span class="_ _0"/>ec<span class="_ _0"/>eivables consider<span class="_ _0"/>ed part of net in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vestment ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised dir<span class="_ _0"/>ectly in other compr<span class="_ _0"/>ehensive inc<span class="_ _0"/>ome. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign ex<span class="_ _0"/>change differ<span class="_ _0"/>enc<span class="_ _0"/>es arising on the translation of st<span class="_ _0"/>atement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">profit or los<span class="_ _0"/>s from the av<span class="_ _0"/>erage e<span class="_ _0"/>xchange r<span class="_ _0"/>ate f<span class="_ _0"/>or the period to the e<span class="_ _0"/>x<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change rat<span class="_ _0"/>e at the r<span class="_ _0"/>eporting date ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in other c<span class="_ _0"/>ompr<span class="_ _0"/>ehensive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income. Adjustments ar<span class="_ _0"/>e pr<span class="_ _0"/>esented within the tr<span class="_ _0"/>anslation r<span class="_ _0"/>eserve in equit<span class="_ _4"/>y.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>esentation of the Annual R<span class="_ _0"/>eport</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Stat<span class="_ _0"/>ement of cash flows</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The stat<span class="_ _0"/>ement of cash flows is pr<span class="_ _0"/>epar<span class="_ _0"/>ed using the indirect method based </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on operating pr<span class="_ _0"/>ofit bef<span class="_ _0"/>or<span class="_ _0"/>e depr<span class="_ _0"/>eciation and amortisation (EBITDA) befor<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">special items. The st<span class="_ _0"/>atement of cash flows c<span class="_ _0"/>annot be derived dir<span class="_ _0"/>ectly from </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">the stat<span class="_ _0"/>ement of financial position and the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss.</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Applying materiality in financial r<span class="_ _0"/>eporting</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In preparing the Annual R<span class="_ _0"/>eport<span class="_ _4"/>, Management seeks to achieve a high in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">formation v<span class="_ _0"/>alue by presenting the inf<span class="_ _0"/>ormation in a w<span class="_ _0"/>ay that supports the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">understanding of the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s per<span class="_ _4"/>formanc<span class="_ _0"/>e in the r<span class="_ _0"/>eporting period. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">This objective is achieved by presenting f<span class="_ _0"/>air transactional aggr<span class="_ _0"/>egation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">levels on items and o<span class="_ _0"/>ther financial inf<span class="_ _0"/>ormation, emphasising information </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that is consider<span class="_ _0"/>ed of material import<span class="_ _0"/>ance t<span class="_ _0"/>o the user<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Disclosures that ar<span class="_ _0"/>e c<span class="_ _0"/>onsider<span class="_ _0"/>ed immaterial t<span class="_ _0"/>o the decision making of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">primary users of these financial statements ar<span class="_ _0"/>e omitt<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>esentation of financial s<span class="_ _0"/>tat<span class="_ _0"/>ement items and subt<span class="_ _0"/>ot<span class="_ _0"/>als</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The present<span class="_ _0"/>ation of financial stat<span class="_ _0"/>ement items and sub<span class="_ _0"/>to<span class="_ _0"/>tals is based on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">separat<span class="_ _0"/>e classification of mat<span class="_ _0"/>erial groups of similar it<span class="_ _0"/>ems. In the stat<span class="_ _0"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment of profit or los<span class="_ _0"/>s, income and e<span class="_ _0"/>xpense items ar<span class="_ _0"/>e classified based on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the ‘nature of e<span class="_ _0"/>xpense<span class="_ _0"/>’ method in acc<span class="_ _0"/>or<span class="_ _0"/>dance with IAS 1. Furthermor<span class="_ _0"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the use of special items is applied t<span class="_ _0"/>o impr<span class="_ _0"/>ove the transpar<span class="_ _0"/>ency and un-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">derstanding of the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s financial statements by separ<span class="_ _0"/>ating the cor<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">performanc<span class="_ _0"/>e of the Group fr<span class="_ _0"/>om e<span class="_ _0"/>xc<span class="_ _0"/>eptional items. For a definition and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>onciliation of Gr<span class="_ _0"/>oup r<span class="_ _0"/>esults bef<span class="_ _0"/>ore and aft<span class="_ _0"/>er special items, please r<span class="_ _0"/>ef<span class="_ _0"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to <span class="fc7 ls3 ws0">note 2.7<span class="fc1"> Special it<span class="_ _0"/>ems.</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">New accounting r<span class="_ _0"/>egulations</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The IASB has issued a number of new standar<span class="_ _0"/>ds and amendments no<span class="_ _0"/>t yet </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in effect or adopted by the EU and ther<span class="_ _0"/>ef<span class="_ _0"/>or<span class="_ _0"/>e not r<span class="_ _0"/>elevant f<span class="_ _0"/>or the pr<span class="_ _0"/>epara-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion of the 2023 consolidat<span class="_ _0"/>ed financial stat<span class="_ _0"/>ements. DSV expects to im-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plement the standar<span class="_ _0"/>ds and amendments when they tak<span class="_ _0"/>e effect<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">None of the new standar<span class="_ _0"/>ds issued ar<span class="_ _0"/>e curr<span class="_ _0"/>ently expected t<span class="_ _0"/>o have signifi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cant impact on the Group<span class="_ _0"/>’<span class="_ _3"/>s financial statements when implement<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Operating segments ar<span class="_ _0"/>e defined by the oper<span class="_ _0"/>ational and management </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">structure of DSV<span class="_ _0"/>, which is derived fr<span class="_ _0"/>om the types of ser<span class="_ _4"/>vices we deliv<span class="_ _0"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and our geographical pr<span class="_ _0"/>esenc<span class="_ _0"/>e on the global marke<span class="_ _0"/>t<span class="_ _4"/>. As such, our operat-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ing segments reflect our Divisional and Gr<span class="_ _0"/>oup r<span class="_ _0"/>eporting used for manage-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment decision making.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue c<span class="_ _0"/>omprises sale of services and other operating inc<span class="_ _0"/>ome. Sale of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ser<span class="_ _4"/>vices c<span class="_ _0"/>omprises fr<span class="_ _0"/>eight forwar<span class="_ _0"/>ding services, contr<span class="_ _0"/>act logistics, sale of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">property pr<span class="_ _0"/>ojects and other relat<span class="_ _0"/>ed services render<span class="_ _0"/>ed. Other oper<span class="_ _0"/>ating </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income includes r<span class="_ _0"/>ental inc<span class="_ _0"/>ome fr<span class="_ _0"/>om terminal and building leases, gains </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">from disposal of non-cur<span class="_ _0"/>r<span class="_ _0"/>ent assets and income fr<span class="_ _0"/>om insur<span class="_ _0"/>ance c<span class="_ _0"/>ontr<span class="_ _0"/>acts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue fr<span class="_ _0"/>om services r<span class="_ _0"/>endered is r<span class="_ _0"/>ec<span class="_ _0"/>ognised in acc<span class="_ _0"/>or<span class="_ _0"/>dance with the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">over-time r<span class="_ _0"/>ec<span class="_ _0"/>ognition principle f<span class="_ _0"/>ollowing the satisfaction of various mile-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stones as the perf<span class="_ _0"/>ormance obligations ar<span class="_ _0"/>e fulfilled t<span class="_ _0"/>owar<span class="_ _0"/>ds the customer<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Our main ser<span class="_ _4"/>vices c<span class="_ _0"/>omprise the f<span class="_ _0"/>ollowing:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Air services </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Air ser<span class="_ _4"/>vices c<span class="_ _0"/>omprise air fr<span class="_ _0"/>eight logistics. Air ser<span class="_ _4"/>vices ar<span class="_ _0"/>e r<span class="_ _0"/>eported within </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the Air &amp; Sea operating segment. Air ser<span class="_ _4"/>vices ar<span class="_ _0"/>e characterised by short </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">delivery times, as most air transports ar<span class="_ _0"/>e complet<span class="_ _0"/>ed within a f<span class="_ _0"/>ew days. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sea services</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sea services comprise sea fr<span class="_ _0"/>eight logistics. Sea services are r<span class="_ _0"/>eported </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">within the Air &amp; Sea operating segment. Sea ser<span class="_ _4"/>vices ar<span class="_ _0"/>e characterised by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">longer delivery times, averaging one month depending on destination. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Road services</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Road services comprise r<span class="_ _0"/>oad fr<span class="_ _0"/>eight logistics. Road services ar<span class="_ _0"/>e r<span class="_ _0"/>eported </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">within the Road oper<span class="_ _0"/>ating segment<span class="_ _4"/>. Road services ar<span class="_ _0"/>e characterised by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">short delivery times, as most road tr<span class="_ _0"/>ansports are c<span class="_ _0"/>ompleted within a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">few days. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Solutions services</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Solutions ser<span class="_ _4"/>vices c<span class="_ _0"/>omprise contr<span class="_ _0"/>act logistics, incl. warehousing and in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ventory management. Solutions ser<span class="_ _4"/>vices are r<span class="_ _0"/>eported within the Solu-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tions operating segment. Solutions ser<span class="_ _4"/>vices ar<span class="_ _0"/>e characterised by very </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">short delivery times, happening almost instanta <span class="_ _9"/>neously<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rec<span class="_ _0"/>ognition principles</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue fr<span class="_ _0"/>om services r<span class="_ _0"/>endered ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised based on the price speci-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fied in the contr<span class="_ _0"/>act with the customer<span class="_ _0"/>. R<span class="_ _0"/>evenue is measur<span class="_ _0"/>ed ex<span class="_ _0"/>cluding </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _3"/>A<span class="_ _3"/>T and other tax<span class="_ _0"/>es collected on behalf of thir<span class="_ _0"/>d parties, and any discounts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are offse<span class="_ _0"/>t against the r<span class="_ _0"/>evenue. Incr<span class="_ _0"/>emental cos<span class="_ _0"/>ts of obtaining a c<span class="_ _0"/>ontract </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with a customer ar<span class="_ _0"/>e no<span class="_ _0"/>t rec<span class="_ _0"/>ognised as an asset but as a c<span class="_ _0"/>ost when in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">curr<span class="_ _0"/>ed, due to the short delivery times. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>rade r<span class="_ _0"/>ec<span class="_ _0"/>eivables ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised as services invoiced t<span class="_ _0"/>o the cust<span class="_ _0"/>omer<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>rade r<span class="_ _0"/>ec<span class="_ _0"/>eivables ar<span class="_ _0"/>e not adjust<span class="_ _0"/>ed f<span class="_ _0"/>or financing components due t<span class="_ _0"/>o short </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">credit t<span class="_ _0"/>erms, typically ranging fr<span class="_ _0"/>om 14 t<span class="_ _0"/>o 60 days, rendering the financ-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ing component insignificant. Where services r<span class="_ _0"/>ender<span class="_ _0"/>ed have yet to be in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">voiced and invoic<span class="_ _0"/>es on services rec<span class="_ _0"/>eived fr<span class="_ _0"/>om hauliers still have to be </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>eived, c<span class="_ _0"/>ontract assets and accrued c<span class="_ _0"/>ost of services ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the reporting dat<span class="_ _0"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue allocat<span class="_ _0"/>ed to r<span class="_ _0"/>emaining perf<span class="_ _0"/>ormance obligations ar<span class="_ _0"/>e not disclosed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">following the pr<span class="_ _0"/>actical expedient of IFRS 15. R<span class="_ _0"/>evenue also comprises </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income fr<span class="_ _0"/>om sale of pr<span class="_ _0"/>operty projects in the form of sale of land and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">buildings acquir<span class="_ _0"/>ed, cons<span class="_ _0"/>tructed and held for sale in the or<span class="_ _0"/>dinary course </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of business. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue fr<span class="_ _0"/>om pr<span class="_ _0"/>operty projects is rec<span class="_ _0"/>ognised at a point in time in the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">operating segment t<span class="_ _0"/>o which it r<span class="_ _0"/>elates. R<span class="_ _0"/>evenue is r<span class="_ _0"/>ecognised based on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">price and perf<span class="_ _0"/>ormance obligations specified in the c<span class="_ _0"/>ontract with the cus-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tomer<span class="_ _3"/>. Deliver<span class="_ _4"/>y times on property projects ar<span class="_ _0"/>e typically 8-18 months.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If the property is leased back after comple<span class="_ _0"/>tion, the right-of-use asse<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">arising from the le<span class="_ _0"/>aseback is rec<span class="_ _0"/>ognised at the pr<span class="_ _0"/>oportion of the previous </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">carrying amount of the asset that r<span class="_ _0"/>elates t<span class="_ _0"/>o the right of use r<span class="_ _0"/>etained by DSV<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ser<span class="_ _4"/>vices and geogr<span class="_ _0"/>aphical segmentation of r<span class="_ _0"/>evenue is specified as f<span class="_ _0"/>ollows:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Direct cos<span class="_ _0"/>ts comprise c<span class="_ _0"/>osts paid to gener<span class="_ _0"/>ate the r<span class="_ _0"/>evenue. Dir<span class="_ _0"/>ect costs in<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">clude settlement of acc<span class="_ _0"/>ounts with haulage contr<span class="_ _0"/>actors, shipping companies, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">airlines, etc. Direct costs also include st<span class="_ _0"/>aff costs r<span class="_ _0"/>elating t<span class="_ _0"/>o hourly workers </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">used for fulfilling or<span class="_ _0"/>ders and o<span class="_ _0"/>ther dir<span class="_ _0"/>ect costs of operation, such as r<span class="_ _0"/>ent<span class="_ _0"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of logistics facilities and c<span class="_ _0"/>osts r<span class="_ _0"/>elating to pr<span class="_ _0"/>operty projects.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other external c<span class="_ _0"/>osts comprise c<span class="_ _0"/>osts r<span class="_ _0"/>elating t<span class="_ _0"/>o IT<span class="_ _0"/>, marke<span class="_ _0"/>ting, consultants, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other r<span class="_ _0"/>ent, training and education, office pr<span class="_ _0"/>emises, trav<span class="_ _0"/>elling, communi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cations as well as o<span class="_ _0"/>ther selling and administr<span class="_ _0"/>ative costs, less c<span class="_ _0"/>osts tr<span class="_ _0"/>ans-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fer<span class="_ _0"/>r<span class="_ _0"/>ed to dir<span class="_ _0"/>ect costs.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Staff c<span class="_ _0"/>osts comprise salaries and w<span class="_ _0"/>ages, pension costs, social security </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs, c<span class="_ _0"/>osts r<span class="_ _0"/>elating to shar<span class="_ _0"/>e options schemes and o<span class="_ _0"/>ther staff costs f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">salaried employees. Staff c<span class="_ _0"/>osts f<span class="_ _0"/>or hourly workers, r<span class="_ _0"/>ec<span class="_ _0"/>ognised as direct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs, ar<span class="_ _0"/>e e<span class="_ _0"/>xcluded.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Staff c<span class="_ _0"/>osts ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in the financial year in which the employee </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">renders the r<span class="_ _0"/>elat<span class="_ _0"/>ed service. Costs r<span class="_ _0"/>elated t<span class="_ _0"/>o long-term employee bene-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fits, e.g. share-based payments, ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised in the periods in which </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">they are earned.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ref<span class="_ _0"/>er<span class="_ _0"/>ence is made t<span class="_ _0"/>o <span class="fc7">not<span class="_ _0"/>e 3.7<span class="fc1"> f<span class="_ _0"/>or detailed inf<span class="_ _0"/>ormation r<span class="_ _0"/>egar<span class="_ _0"/>ding pensions </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and other post-employment benefit plans, <span class="fc7">no<span class="_ _0"/>te 6.3 <span class="fc1">f<span class="_ _0"/>or inf<span class="_ _0"/>ormation on </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">remuner<span class="_ _0"/>ation of the Executive Boar<span class="_ _0"/>d and the Boar<span class="_ _0"/>d of Dir<span class="_ _0"/>ectors and <span class="fc7">not<span class="_ _0"/>e </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">6.2<span class="fc1"> for de<span class="_ _0"/>tailed inf<span class="_ _0"/>ormation on the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s share option schemes.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Amortisation and depreciation f<span class="_ _0"/>or the year ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised based on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">amor <span class="_ _9"/>tisation and depreciation pr<span class="_ _0"/>ofiles of the underlying assets (r<span class="_ _0"/>ef<span class="_ _0"/>er<span class="_ _0"/>ence </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is made to <span class="fc7">no<span class="_ _0"/>tes 3.2, 3.3<span class="fc1"> and </span>3.6<span class="fc1">).</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Special items ar<span class="_ _0"/>e used in connection with the pr<span class="_ _0"/>esentation of pr<span class="_ _0"/>ofit or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loss f<span class="_ _0"/>or the year to distinguish c<span class="_ _0"/>onsolidated oper<span class="_ _0"/>ating pr<span class="_ _0"/>ofit fr<span class="_ _0"/>om exc<span class="_ _0"/>ep-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tional items, which by their natur<span class="_ _0"/>e ar<span class="_ _0"/>e not r<span class="_ _0"/>elat<span class="_ _0"/>ed to the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s ordinary </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">operations or investment in futur<span class="_ _0"/>e activities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Special items in these financial st<span class="_ _0"/>atements c<span class="_ _0"/>omprise r<span class="_ _0"/>estructuring costs, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">impairment costs, et<span class="_ _0"/>c., relating to mat<span class="_ _0"/>erial structural, pr<span class="_ _0"/>oc<span class="_ _0"/>edural or man-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">agerial reor<span class="_ _0"/>ganisations as w<span class="_ _0"/>ell as any r<span class="_ _0"/>elated gains or losses on disposals.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial income and e<span class="_ _0"/>xpenses include inter<span class="_ _0"/>est, share of associat<span class="_ _0"/>es<span class="_ _4"/>’ net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">result, for<span class="_ _0"/>eign e<span class="_ _0"/>xchange gains and losses, bank char<span class="_ _0"/>ges as well as amortisa<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion of financial assets and liabilities, including lease liabilities. Furthermor<span class="_ _0"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>alised and unre<span class="_ _0"/>alised gains and losses on derivative financial instruments </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that cannot be classified as hedging c<span class="_ _0"/>ontracts ar<span class="_ _0"/>e included.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The carrying amount of goodwill is test<span class="_ _0"/>ed f<span class="_ _0"/>or impairment at least annually </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">together with o<span class="_ _0"/>ther non-curr<span class="_ _0"/>ent assets of the Gr<span class="_ _0"/>oup.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impairment testing is perf<span class="_ _0"/>ormed f<span class="_ _0"/>or the lowest cash-gener<span class="_ _0"/>ating unit t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">which consolidat<span class="_ _0"/>ed goodwill is allocated, as defined by our divisional </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">management and operational structur<span class="_ _0"/>e. The cash-gener<span class="_ _0"/>ating units there-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by follow our divisional s<span class="_ _0"/>tructure: Air &amp; Sea, Road and Solutions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill is written down t<span class="_ _0"/>o its rec<span class="_ _0"/>over<span class="_ _0"/>able amount thr<span class="_ _0"/>ough the stat<span class="_ _0"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment of profit or los<span class="_ _0"/>s if lower than the car<span class="_ _0"/>rying amount<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The rec<span class="_ _0"/>over<span class="_ _0"/>able amount is determined as the pr<span class="_ _0"/>esent value of the disc<span class="_ _0"/>ounted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">future ne<span class="_ _0"/>t cash flow fr<span class="_ _0"/>om the cash-gener<span class="_ _0"/>ating unit to which the goodwill </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">relat<span class="_ _0"/>es. In calculating the pr<span class="_ _0"/>esent value, disc<span class="_ _0"/>ount rat<span class="_ _0"/>es ar<span class="_ _0"/>e applied r<span class="_ _0"/>eflecting<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the risk-free int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate with the addition of risks r<span class="_ _0"/>elating to the individual </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cash-generating units, such as geogr<span class="_ _0"/>aphical and financial e<span class="_ _0"/>xposur<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other non-current int<span class="_ _0"/>angible assets and pr<span class="_ _0"/>opert<span class="_ _4"/>y<span class="_ _0"/>, <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plant and equipment</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The carrying amount of other non-curr<span class="_ _0"/>ent asse<span class="_ _0"/>ts is test<span class="_ _0"/>ed f<span class="_ _0"/>or impai<span class="_ _0"/>rmen<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at least once a year in c<span class="_ _0"/>onnection with the impairment test <span class="_ _4"/>of g<span class="_ _4"/>oodw<span class="_ _4"/>ill.<span class="_ _4"/> If </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the tests show evidenc<span class="_ _0"/>e of impairment<span class="_ _4"/>, the asset is written down t<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>over<span class="_ _0"/>able amount thr<span class="_ _0"/>ough the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s. The rec<span class="_ _0"/>over<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">able amount is the higher of the fair v<span class="_ _0"/>al<span class="_ _0"/>ue <span class="_ _0"/>of<span class="_ _0"/> th<span class="_ _0"/>e a<span class="_ _0"/>ss<span class="_ _0"/>et<span class="_ _0"/> l<span class="_ _0"/>ess<span class="_ _0"/> t<span class="_ _0"/>he <span class="_ _0"/>e<span class="_ _0"/>xpe<span class="_ _0"/>cte<span class="_ _0"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs t<span class="_ _0"/>o sell and its value in use.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The value in use is calculated as the pr<span class="_ _0"/>esent value of e<span class="_ _0"/>xpected futur<span class="_ _0"/>e cash </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">flows from the as<span class="_ _0"/>set or the division of which the asset f<span class="_ _0"/>orms part<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies<span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Only goodwill arising from busines<span class="_ _0"/>s combinations is r<span class="_ _0"/>ecognised in the finan<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cial stat<span class="_ _0"/>ements. Goodwill is measur<span class="_ _0"/>ed as the differ<span class="_ _0"/>enc<span class="_ _0"/>e between the t<span class="_ _0"/>ot<span class="_ _0"/>al of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the fair value of the c<span class="_ _0"/>onsider<span class="_ _0"/>ation transf<span class="_ _0"/>err<span class="_ _0"/>ed, the value of non-c<span class="_ _0"/>ontr<span class="_ _0"/>olling </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inter<span class="_ _0"/>ests and any equity investments pr<span class="_ _0"/>eviously held in the acquir<span class="_ _0"/>ee, c<span class="_ _0"/>om<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pared t<span class="_ _0"/>o the f<span class="_ _0"/>air value of identifiable net assets on the dat<span class="_ _0"/>e of acquisition. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">Goodwill is not amortised, but is test<span class="_ _0"/>ed f<span class="_ _0"/>or impairment at least annually<span class="_ _0"/>.</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Customer r<span class="_ _3"/>elationships</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On initial rec<span class="_ _0"/>ognition, cust<span class="_ _0"/>omer relationships identified fr<span class="_ _0"/>om business </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">combinations ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the s<span class="_ _0"/>tatement of financial position at f<span class="_ _0"/>air </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">value. Subsequently, cust<span class="_ _0"/>omer r<span class="_ _0"/>elationships ar<span class="_ _0"/>e measur<span class="_ _0"/>ed at cost less </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">accumulat<span class="_ _0"/>ed amortisation and impairment losses. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Customer r<span class="_ _0"/>elationships ar<span class="_ _0"/>e amortised over a period of eight years using </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the diminishing balance method.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Softwar<span class="_ _0"/>e and software in pr<span class="_ _3"/>ogress</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Software bought or dev<span class="_ _0"/>eloped for int<span class="_ _0"/>ernal use is measur<span class="_ _0"/>ed at the lower of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost less ac<span class="_ _0"/>cumulated amortisation and impairment losses and the r<span class="_ _0"/>ecov<span class="_ _0"/>er<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">able amount<span class="_ _4"/>. Cost comprises payments f<span class="_ _0"/>or the softwar<span class="_ _0"/>e and other dir<span class="_ _0"/>ectly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">attributable cos<span class="_ _0"/>ts of preparing the softwar<span class="_ _0"/>e f<span class="_ _0"/>or its int<span class="_ _0"/>ended use. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">After commissioning, softwar<span class="_ _0"/>e is amortised on a straight-line basis over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">its expected useful lif<span class="_ _0"/>e. The amortisation period is 1-8 years.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:339.421875px;"><span style="position: absolute; display: inline-block; left: 552.188px; top: 0.0039062px; width: 408.533px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 348.815px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 479.672px; top: 22.5332px; width: 51.4805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Customer </span><span style="position: absolute; display: inline-block; left: 617.672px; top: 22.5332px; width: 59.8828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Software in </span><span style="position: absolute; display: inline-block; left: 857.234px; top: 22.5332px; width: 51.4805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Customer </span><span style="position: absolute; display: inline-block; left: 997.484px; top: 22.5332px; width: 59.8828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Software in </span><span style="position: absolute; display: inline-block; left: 0px; top: 36.3789px; width: 453.141px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Intangible assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 270.275px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Goodwill</span></span><span style="position: absolute; display: inline-block; left: 466.578px; top: 37.5332px; width: 135.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">relationships<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Softwar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e</span><span style="position: absolute; display: inline-block; left: 632.672px; top: 37.5332px; width: 199.049px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">progr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ess<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.66406px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>Goodwill</span><span style="position: absolute; display: inline-block; left: 844.016px; top: 37.5332px; width: 135.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">relationships<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Softwar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e</span><span style="position: absolute; display: inline-block; left: 1011.38px; top: 37.5332px; width: 114.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">progr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ess<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.66406px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 59.4707px; width: 1127.29px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Cost at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 328.482px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>76,293<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,574<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,180<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>342<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>80,389<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75,063<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,565<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,212<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>280<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>79,120</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.8457px; width: 1127.78px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions from busines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>s combinations/pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>evious period adjustments<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>640<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.6017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>640<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>370<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.6017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>370</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.2363px; width: 1127.61px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 401.28px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.2167px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>327<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>345<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>42<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>238<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>280</span><span style="position: absolute; display: inline-block; left: 0px; top: 117.611px; width: 1131.63px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Disposals <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 398.445px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(10)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(82)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(92)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(27)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(250)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(279)</span><span style="position: absolute; display: inline-block; left: 0px; top: 136.986px; width: 1127.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reclassifications<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 366.838px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>302<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.5625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(302)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>174<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(174)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.377px; width: 1127.55px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 317.408px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,159)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.9824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(7)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,169)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>860<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>36<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>898</span><span style="position: absolute; display: inline-block; left: 0px; top: 177.707px; width: 1127.21px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal cost at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 265.4px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">75,774<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,564<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,411<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>364<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>80,113<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.8261px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>76,293<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,574<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,180<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>342<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>80,389</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 202.799px; width: 1127.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal amortisation and impairment at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.912px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,981<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>734<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,715<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,719<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>740<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,459</span><span style="position: absolute; display: inline-block; left: 0px; top: 222.174px; width: 1127.55px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Amortisation and impairments for the year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 237.885px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>178<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>154<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>332<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>254<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>185<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>439</span><span style="position: absolute; display: inline-block; left: 0px; top: 241.564px; width: 1131.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Disposals <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 398.445px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(10)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(30)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(40)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(27)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(191)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(218)</span><span style="position: absolute; display: inline-block; left: 0px; top: 260.939px; width: 1127.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reclassification<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 371.889px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 280.314px; width: 1127.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 347.701px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35</span><span style="position: absolute; display: inline-block; left: 0px; top: 301.66px; width: 1127.24px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal amor<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>tisation and impairment at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 167.092px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,149<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>858<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">3,007<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">1,981<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>734<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,715</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 327.426px; width: 410.016px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Carrying amount at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 226.219px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 410.016px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">75,774</span><span style="position: absolute; display: inline-block; left: 452.812px; top: 327.426px; width: 50.9004px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 503.713px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">415</span><span style="position: absolute; display: inline-block; left: 527.15px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 577.535px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">553</span><span style="position: absolute; display: inline-block; left: 600.973px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 651.357px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">364</span><span style="position: absolute; display: inline-block; left: 674.795px; top: 327.426px; width: 31.3418px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 706.137px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">77,106</span><span style="position: absolute; display: inline-block; left: 748.934px; top: 327.426px; width: 39.3223px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 788.256px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">76,293</span><span style="position: absolute; display: inline-block; left: 831.053px; top: 327.426px; width: 50.9004px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 881.953px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">593</span><span style="position: absolute; display: inline-block; left: 905.391px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 955.775px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">446</span><span style="position: absolute; display: inline-block; left: 979.213px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 1029.6px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">342</span><span style="position: absolute; display: inline-block; left: 1053.04px; top: 327.426px; width: 31.3418px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 1084.38px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">77,674</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Land and buildings and other plant and oper<span class="_ _0"/>ating equipment ar<span class="_ _0"/>e measur<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at cost less ac<span class="_ _0"/>cumulated depr<span class="_ _0"/>eciation and impairment losses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The cost c<span class="_ _0"/>omprises the acquisition pric<span class="_ _0"/>e and other c<span class="_ _0"/>osts dir<span class="_ _0"/>ectly attribut-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">able to pr<span class="_ _0"/>eparing the asset f<span class="_ _0"/>or its int<span class="_ _0"/>ended use. The pr<span class="_ _0"/>esent value of esti-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mated c<span class="_ _0"/>osts f<span class="_ _0"/>or dismantling and disposing of assets as well as r<span class="_ _0"/>est<span class="_ _0"/>or<span class="_ _0"/>ation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs ar<span class="_ _0"/>e added t<span class="_ _0"/>o the cost if such c<span class="_ _0"/>osts ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised as pr<span class="_ _0"/>ovisions. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Material borr<span class="_ _0"/>owing c<span class="_ _0"/>osts dir<span class="_ _0"/>ectly attributable to the c<span class="_ _0"/>onstruction of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">individual asset ar<span class="_ _0"/>e also added to c<span class="_ _0"/>ost. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If the individual components of an asset hav<span class="_ _0"/>e differ<span class="_ _0"/>ent useful lives, each </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">component will be depr<span class="_ _0"/>eciated separ<span class="_ _0"/>at<span class="_ _0"/>ely.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The cost of self<span class="_ _0"/>-cons<span class="_ _0"/>tructed assets comprises dir<span class="_ _0"/>ect and indirect costs </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for mat<span class="_ _0"/>erials, components, subc<span class="_ _0"/>ontr<span class="_ _0"/>actors, wages and salaries. Costs f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">self-c<span class="_ _0"/>onstructed assets ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised as pr<span class="_ _0"/>operty, plant and equipment </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in progr<span class="_ _0"/>ess on an ongoing basis until the as<span class="_ _0"/>sets ar<span class="_ _0"/>e re<span class="_ _0"/>ady for use.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Subsequent costs, such as partial r<span class="_ _0"/>eplacement of pr<span class="_ _0"/>operty, plant and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">equipment (PPE), are included in the c<span class="_ _0"/>arrying amount of the asset in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">question when it is pr<span class="_ _0"/>obable that such costs will r<span class="_ _0"/>esult in futur<span class="_ _0"/>e ec<span class="_ _0"/>onomic </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">benefits. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The carrying amount of the r<span class="_ _0"/>eplaced parts is disposed fr<span class="_ _0"/>om the stat<span class="_ _0"/>ement </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of financial position and rec<span class="_ _0"/>ognised in the st<span class="_ _0"/>atement of pr<span class="_ _0"/>ofit or loss.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Depreciation is c<span class="_ _0"/>arried out on a str<span class="_ _0"/>aight-line basis over the expected use-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ful lives of the assets. The expected useful lives of the ov<span class="_ _0"/>erall asset c<span class="_ _0"/>ate-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gories are as f<span class="_ _0"/>ollows:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _9"/>• <span class="_ _54"> </span>T<span class="_ _3"/>erminals and administr<span class="_ _0"/>ation buildings:<span class="_ _bb"> </span><span class="lsc">50-60 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Other buildings and building elements:<span class="_ _193"> </span><span class="lsc">10-30 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>T<span class="_ _d"/>echnical plant and machiner<span class="_ _4"/>y:<span class="_ _12e"> </span><span class="lsc">6-10 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Other plant and operating equipment:<span class="_ _dd"> </span><span class="lsc">3-8 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Land is not depr<span class="_ _0"/>eciated</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The basis of depreciation t<span class="_ _0"/>akes int<span class="_ _0"/>o acc<span class="_ _0"/>ount the r<span class="_ _0"/>esidual value of assets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and is reduc<span class="_ _0"/>ed by any impairment losses. The r<span class="_ _0"/>esidual value is calculat<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on the date of ac<span class="_ _0"/>quisition and re<span class="_ _0"/>assessed once a year<span class="_ _3"/>. Depreciation will be </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">halted if the r<span class="_ _0"/>esidual value ex<span class="_ _0"/>ceeds the c<span class="_ _0"/>arrying amount of the asset<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Assets are tr<span class="_ _0"/>ansf<span class="_ _0"/>err<span class="_ _0"/>ed to asse<span class="_ _0"/>ts held for sale if it is highly pr<span class="_ _0"/>obable that </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">their carrying amount will be r<span class="_ _0"/>ecover<span class="_ _0"/>ed primarily thr<span class="_ _0"/>ough sale r<span class="_ _0"/>ather than </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">through c<span class="_ _0"/>ontinuing use.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contract assets and ac<span class="_ _0"/>crued costs of services include accrued r<span class="_ _0"/>evenue and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">accrued c<span class="_ _0"/>osts fr<span class="_ _0"/>om freight f<span class="_ _0"/>orwar<span class="_ _0"/>ding services, contr<span class="_ _0"/>act logi<span class="_ _0"/>s<span class="_ _0"/>tic<span class="_ _0"/>s <span class="_ _0"/>an<span class="_ _0"/>d o<span class="_ _0"/>t<span class="_ _0"/>he<span class="_ _0"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">relat<span class="_ _0"/>ed services in progr<span class="_ _0"/>ess. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contract assets ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised when a sales tr<span class="_ _0"/>ansaction fulfils the criteria </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for r<span class="_ _0"/>evenue r<span class="_ _0"/>ec<span class="_ _0"/>ognition, but the final invoice has ye<span class="_ _0"/>t to be issued t<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">customer f<span class="_ _0"/>or the services deliver<span class="_ _0"/>ed. Please r<span class="_ _0"/>efer t<span class="_ _0"/>o <span class="fc7">not<span class="_ _0"/>e 4.4<span class="fc1"> f<span class="_ _0"/>or disclosur<span class="_ _0"/>e </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of credit risk, as tr<span class="_ _0"/>ade r<span class="_ _0"/>eceiv<span class="_ _0"/>ables carry substantially the same char<span class="_ _0"/>acteris<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tics as contract assets.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accrued c<span class="_ _0"/>osts of services are estimat<span class="_ _0"/>ed and r<span class="_ _0"/>ecognised when supplier in<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">voices r<span class="_ _0"/>elating t<span class="_ _0"/>o rec<span class="_ _0"/>ognised r<span class="_ _0"/>evenue f<span class="_ _0"/>or the r<span class="_ _0"/>eporting period have yet to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be rec<span class="_ _0"/>eived.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inventories ar<span class="_ _0"/>e measur<span class="_ _0"/>ed at the low<span class="_ _0"/>er of cost and net r<span class="_ _0"/>ealisable value. The </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost of invent<span class="_ _0"/>ories comprises all c<span class="_ _0"/>osts of pur<span class="_ _0"/>chase, pr<span class="_ _0"/>ocessing and o<span class="_ _0"/>ther </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs incurr<span class="_ _0"/>ed in bringing the invent<span class="_ _0"/>ories to t<span class="_ _0"/>heir pr<span class="_ _0"/>ese<span class="_ _0"/>nt co<span class="_ _0"/>ndition. <span class="_ _0"/>Wr<span class="_ _0"/>ite-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">downs of inventories <span class="_ _0"/>to net r<span class="_ _0"/>ealisable value ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised<span class="_ _4"/> as direct costs in<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Whether a contr<span class="_ _0"/>act contains a lease is assessed at c<span class="_ _0"/>ontr<span class="_ _0"/>act inception. For<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">identified leases, a right-of-use (ROU) as<span class="_ _0"/>set and cor<span class="_ _0"/>responding lease <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liability are r<span class="_ _0"/>ecognised on the lease c<span class="_ _0"/>ommencement dat<span class="_ _0"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Upon initial rec<span class="_ _0"/>ognition, the ROU asset is measur<span class="_ _0"/>ed at c<span class="_ _0"/>ost cor<span class="_ _0"/>r<span class="_ _0"/>esponding to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the lease liability rec<span class="_ _0"/>ognised, adjusted f<span class="_ _0"/>or any lease pr<span class="_ _0"/>epayments or dir<span class="_ _0"/>ectly<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">relat<span class="_ _0"/>ed cos<span class="_ _0"/>ts, including dismantling and res<span class="_ _0"/>tor<span class="_ _0"/>ation costs. The lease liability is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">measur<span class="_ _0"/>ed at the present v<span class="_ _0"/>alue of lease payments of the leasing period dis<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">count<span class="_ _0"/>ed using the inter<span class="_ _0"/>est r<span class="_ _0"/>ate implicit in the lease c<span class="_ _0"/>ontract. In cases where </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the implicit inter<span class="_ _0"/>est r<span class="_ _0"/>ate canno<span class="_ _0"/>t be det<span class="_ _0"/>ermined, an appropriat<span class="_ _0"/>e incr<span class="_ _0"/>emental </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV borr<span class="_ _0"/>owing rat<span class="_ _0"/>e is used. In det<span class="_ _0"/>ermining the lease period extension, op<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tions are only included if it is r<span class="_ _0"/>easonably c<span class="_ _0"/>ertain they will be utilised.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At subsequent measur<span class="_ _0"/>ement, the ROU asset is measured les<span class="_ _0"/>s accumulat<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">depreciation and impairment los<span class="_ _0"/>ses and adjusted f<span class="_ _0"/>or any r<span class="_ _0"/>emeasur<span class="_ _0"/>ements </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of the lease liability. Depr<span class="_ _0"/>eciation f<span class="_ _0"/>ollows the str<span class="_ _0"/>aight-line method over the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lease term or the useful lif<span class="_ _0"/>e of the ROU asset, whichever is shortest<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The lease liability is measured at amortised cost using the eff<span class="_ _0"/>ective inter<span class="_ _0"/>est </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">method and adjusted f<span class="_ _0"/>or any r<span class="_ _0"/>emeasur<span class="_ _0"/>ements or modifications made t<span class="_ _0"/>o <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the contr<span class="_ _0"/>act<span class="_ _4"/>.<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ROU assets and lease liabilities ar<span class="_ _0"/>e not r<span class="_ _0"/>ec<span class="_ _0"/>ognised f<span class="_ _0"/>or low value lease assets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or leases with a lease term of 12 months or less. These ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised as an </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expense on a str<span class="_ _0"/>aight-line basis over the term of the lease. Any service </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">elements separable fr<span class="_ _0"/>om the lease c<span class="_ _0"/>ontract ar<span class="_ _0"/>e acc<span class="_ _0"/>ounted f<span class="_ _0"/>or f<span class="_ _0"/>ollowing the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">same principle. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Extension options ar<span class="_ _0"/>e only included in the lease term if e<span class="_ _0"/>xtension of the lease </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is re<span class="_ _0"/>asonably certain. The majority of extension and t<span class="_ _0"/>ermination options held </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are e<span class="_ _0"/>xer<span class="_ _0"/>cisable only by the Gr<span class="_ _0"/>oup and not by the r<span class="_ _0"/>espective lessor<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ROU assets classified as land and buildings mainly r<span class="_ _0"/>elate t<span class="_ _0"/>o leases of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">war<span class="_ _0"/>ehouses, terminals and offic<span class="_ _0"/>e buildings, wher<span class="_ _0"/>eas assets r<span class="_ _0"/>ecognised as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other plant and oper<span class="_ _0"/>ating equipment mainly r<span class="_ _0"/>elate t<span class="_ _0"/>o leases of trailers, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">trucks, company cars, f<span class="_ _0"/>orklifts, IT hardw<span class="_ _0"/>ar<span class="_ _0"/>e and other office equipment. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Land and building leases normally have a lease term of up t<span class="_ _0"/>o ten years, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">where<span class="_ _0"/>as leases of other plant and oper<span class="_ _0"/>ating equipment normally have a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lease term of up t<span class="_ _0"/>o five years. The leases may include ext<span class="_ _0"/>ension options </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with the intention of securing fle<span class="_ _0"/>xibility in the lease – however<span class="_ _3"/>, any leas-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ing period beyond the normal ten years expected at the initiation of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lease will normally be r<span class="_ _0"/>eflected in the contr<span class="_ _0"/>actual lease term agreed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pension obligations r<span class="_ _0"/>elating t<span class="_ _0"/>o defined contribution plans, under which the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Group pays r<span class="_ _0"/>egular pension c<span class="_ _0"/>ontributions to independent pension funds, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are r<span class="_ _0"/>ec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss f<span class="_ _0"/>or the period in which </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">they are earned. C<span class="_ _0"/>ontributions payable ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial position under other curr<span class="_ _0"/>ent liabilities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In regar<span class="_ _0"/>ds t<span class="_ _0"/>o defined benefit plans, an actuarial valuation of the present </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">value of futur<span class="_ _0"/>e benefits payable under the plan is made once a year<span class="_ _3"/>. The<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">present v<span class="_ _0"/>alue is calculated based on various assumptions, including the fu<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ture dev<span class="_ _0"/>elopment in wage/<span class="_ _0"/>salary levels, inter<span class="_ _0"/>est rat<span class="_ _0"/>es, inflation and mortal<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ity. The pr<span class="_ _0"/>esent value is only calculat<span class="_ _0"/>ed for benefits t<span class="_ _0"/>o which the employees </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">have become entitled during their employment with the Gr<span class="_ _0"/>oup. The actuar<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ial calculation of the pr<span class="_ _0"/>esent value less the f<span class="_ _0"/>air value of assets under the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plan is rec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of financial position under pensions and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other post-employment benefit plans. P<span class="_ _0"/>ension c<span class="_ _0"/>osts f<span class="_ _0"/>or the year are r<span class="_ _0"/>ec<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ognised in the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s based on actuarial estimates and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the financial outlook at the beginning of the year<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Differ<span class="_ _0"/>enc<span class="_ _0"/>es between the c<span class="_ _0"/>alculated development in pension plan assets and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liabilities and the re<span class="_ _0"/>alised values ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in other c<span class="_ _0"/>ompr<span class="_ _0"/>ehensive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income as actuarial gains or losses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Changes in benefits payable f<span class="_ _0"/>or employees’ past ser<span class="_ _4"/>vices to the company </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">result in an adjus<span class="_ _0"/>tment of the actuarial calculation of the present value, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">which is classified as past service costs. P<span class="_ _0"/>ast service costs ar<span class="_ _0"/>e char<span class="_ _0"/>ged t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s immediately if the employees have alr<span class="_ _0"/>eady </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">earned the right to the adjust<span class="_ _0"/>ed benefits. Otherwise, they will be recog-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised in the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s over the period in which the em-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ployees earn the right to the adjust<span class="_ _0"/>ed benefits.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>ovisions ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised when, due t<span class="_ _0"/>o an event occurring on or bef<span class="_ _0"/>or<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the reporting dat<span class="_ _0"/>e, the Group has a legal or c<span class="_ _0"/>onstructive obligation and it </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is probable that the Gr<span class="_ _0"/>oup will have t<span class="_ _0"/>o give up futur<span class="_ _0"/>e economic benefits </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to meet the obligation.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>ovisions ar<span class="_ _0"/>e measur<span class="_ _0"/>ed on the basis of Management’<span class="_ _0"/>s best estimat<span class="_ _0"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the anticipated e<span class="_ _0"/>xpenditure f<span class="_ _0"/>or settle <span class="_ _c6"/>ment of the relevant obligation and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are disc<span class="_ _0"/>ounted if deemed mat<span class="_ _0"/>erial.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Shar<span class="_ _0"/>e capital</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At year end, the shar<span class="_ _0"/>e capit<span class="_ _0"/>al of DSV A/S amounted to 219 million shar<span class="_ _0"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: 219 million shares) with a nominal v<span class="_ _0"/>alue of DKK 1 each. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Shares c<span class="_ _0"/>onsist of only one shar<span class="_ _0"/>e class and include no special rights, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pref<span class="_ _0"/>er<span class="_ _0"/>enc<span class="_ _0"/>es or r<span class="_ _0"/>estrictions. All shares ar<span class="_ _0"/>e fully paid up.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The financial liabilities of the Gr<span class="_ _0"/>oup are divided int<span class="_ _0"/>o f<span class="_ _0"/>our financing cate-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gories: overdraft and cr<span class="_ _0"/>edit f<span class="_ _0"/>acilities, issued bonds, lease liabilities and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other non-curr<span class="_ _0"/>ent financial liabilities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Over<span class="_ _0"/>draft and cr<span class="_ _0"/>edit facilities ar<span class="_ _0"/>e initially r<span class="_ _0"/>ec<span class="_ _0"/>ognised at fair value ne<span class="_ _0"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">transaction expenses. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Subsequently, the financial liability is measur<span class="_ _0"/>ed at amortised cost, corre-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sponding to the capit<span class="_ _0"/>alised value using the effective inter<span class="_ _0"/>est me<span class="_ _0"/>thod, so </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that the differ<span class="_ _0"/>enc<span class="_ _0"/>e between the pr<span class="_ _0"/>oc<span class="_ _0"/>eeds and the nominal value is r<span class="_ _0"/>ecog-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised in the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s over the term of the loan. L<span class="_ _0"/>ease </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liabilities are described in further det<span class="_ _0"/>ail in <span class="fc7">not<span class="_ _0"/>e 3.6<span class="fc1">.</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Derivative financial instruments ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised on the tr<span class="_ _0"/>ade date and ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">measur<span class="_ _0"/>ed at fair value. P<span class="_ _0"/>ositive and negative f<span class="_ _0"/>air values ar<span class="_ _0"/>e included in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other curr<span class="_ _0"/>ent r<span class="_ _0"/>e <span class="_ _9"/>ceivables or o<span class="_ _0"/>ther curr<span class="_ _0"/>ent payables in the stat<span class="_ _0"/>ement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial position. Positiv<span class="_ _0"/>e and negative fair values ar<span class="_ _0"/>e only offset if the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Group has a right and an int<span class="_ _0"/>ention t<span class="_ _0"/>o settle several financial ins<span class="_ _0"/>truments </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">net (by means of settlement of diff<span class="_ _0"/>er<span class="_ _0"/>ences). F<span class="_ _0"/>air value is determined </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">based on generally ac<span class="_ _0"/>cept<span class="_ _0"/>ed valuation methods using available observable </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">market dat<span class="_ _0"/>a.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When entering int<span class="_ _0"/>o contr<span class="_ _0"/>acts for financial instruments, an assessment is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">made of whether the instrument qualifies f<span class="_ _0"/>or hedge acc<span class="_ _0"/>ounting, including </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">whether the instrument hedges r<span class="_ _0"/>ecognised asse<span class="_ _0"/>ts and liabilities or net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">investments in f<span class="_ _0"/>or<span class="_ _0"/>eign entities. The effectiveness of r<span class="_ _0"/>ecognised financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">instruments is assessed on a monthly basis, and any in <span class="_ _9"/>effectiveness is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value changes classified as and fulfilling the crit<span class="_ _0"/>eria f<span class="_ _0"/>or rec<span class="_ _0"/>ognition as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a fair value hedge ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss to-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gether with changes in the value of the specific portion of the asset or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liability that has been hedged.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value changes in the part of the derivative which is classified as and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">qualifies for r<span class="_ _0"/>ec<span class="_ _0"/>ognition as a futur<span class="_ _0"/>e cash flow hedge and which eff<span class="_ _0"/>ectively </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hedges against changes in the value of the hedged item ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other c<span class="_ _0"/>omprehensive inc<span class="_ _0"/>ome as a separ<span class="_ _0"/>ate hedging r<span class="_ _0"/>eserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When the underlying hedged item is r<span class="_ _0"/>ealised, any gain or loss on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hedging transaction is transf<span class="_ _0"/>err<span class="_ _0"/>ed fr<span class="_ _0"/>om equity and r<span class="_ _0"/>ecognised t<span class="_ _0"/>ogether </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with the hedged item. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value changes that do no<span class="_ _0"/>t meet the criteria f<span class="_ _0"/>or tr<span class="_ _0"/>eatment as hedging </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">instruments ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised on an ongoing basis in the st<span class="_ _0"/>atement of pr<span class="_ _0"/>ofit </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or loss under financial items.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Curr<span class="_ _0"/>ent tax payables and r<span class="_ _0"/>ec<span class="_ _0"/>eivables ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial positi<span class="_ _4"/>on as tax calculat<span class="_ _0"/>ed on the taxable inc<span class="_ _0"/>ome f<span class="_ _0"/>or the year ad<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">just<span class="_ _0"/>ed f<span class="_ _0"/>or tax on t<span class="_ _0"/>axable inc<span class="_ _0"/>ome for pr<span class="_ _0"/>evious years and f<span class="_ _0"/>or pr<span class="_ _0"/>epaid tax. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _d"/>ax for the year c<span class="_ _0"/>omprises curr<span class="_ _0"/>ent and def<span class="_ _0"/>err<span class="_ _0"/>ed tax on pr<span class="_ _0"/>ofit or loss f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the year<span class="_ _3"/>, penalties related t<span class="_ _0"/>o pending tax disput<span class="_ _0"/>es and adjustments to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">previous ye<span class="_ _0"/>ars, including adjustments due to t<span class="_ _0"/>ax rulings. T<span class="_ _d"/>ax for the year </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is rec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss, unless the tax e<span class="_ _0"/>xpense </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">relat<span class="_ _0"/>es dir<span class="_ _0"/>ectly to items included in o<span class="_ _0"/>ther compr<span class="_ _0"/>ehensive inc<span class="_ _0"/>ome or equity.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Defer<span class="_ _0"/>r<span class="_ _0"/>ed tax is r<span class="_ _0"/>ecognised based on t<span class="_ _0"/>emporary diff<span class="_ _0"/>erenc<span class="_ _0"/>es betw<span class="_ _0"/>een the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">carrying amount and the tax value of assets and liabilities. No r<span class="_ _0"/>ec<span class="_ _0"/>ognition is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">made of defer<span class="_ _0"/>r<span class="_ _0"/>ed tax on tempor<span class="_ _0"/>ary differ<span class="_ _0"/>enc<span class="_ _0"/>es relating t<span class="_ _0"/>o amortisation or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">depreciation of goodwill, pr<span class="_ _0"/>operties and other it<span class="_ _0"/>ems if disallowed f<span class="_ _0"/>or t<span class="_ _0"/>ax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">purposes, exc<span class="_ _0"/>ept at the acquisition of entities, if such t<span class="_ _0"/>empor<span class="_ _0"/>ary differ<span class="_ _0"/>enc<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es arose on the dat<span class="_ _0"/>e of acquisition without aff<span class="_ _0"/>ecting the results or the <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">taxable inc<span class="_ _0"/>ome. In cases wher<span class="_ _0"/>e it is possible to c<span class="_ _0"/>alculate the tax v<span class="_ _0"/>alue<span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>ording t<span class="_ _0"/>o diff<span class="_ _0"/>erent t<span class="_ _0"/>axation rules, def<span class="_ _0"/>err<span class="_ _0"/>ed tax is measur<span class="_ _0"/>ed on the <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">basis of the planned use of the asset or the settlement of the liability.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Defer<span class="_ _0"/>r<span class="_ _0"/>ed tax assets, including the t<span class="_ _0"/>ax base of tax loss carryforwards, ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognised as other non-cur<span class="_ _0"/>rent as<span class="_ _0"/>sets at the expected value of their <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">utilisation, either by elimination in tax on futur<span class="_ _0"/>e earnings or by offsetting </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">defer<span class="_ _0"/>r<span class="_ _0"/>ed tax liabilities within the same legal tax entity and jurisdiction. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Defer<span class="_ _0"/>r<span class="_ _0"/>ed tax assets and t<span class="_ _0"/>ax liabilities are offse<span class="_ _0"/>t if the enterprise has a <span class="_ _0"/>leg<span class="_ _0"/>ally </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">enfor<span class="_ _0"/>c<span class="_ _0"/>eable right to se<span class="_ _0"/>t off current t<span class="_ _0"/>ax liabilities and tax assets<span class="_ _4"/> <span class="_ _4"/>or<span class="_ _4"/> <span class="_ _4"/>in<span class="_ _4"/>ten<span class="_ _4"/>d<span class="_ _4"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">either to settle cur<span class="_ _0"/>rent t<span class="_ _0"/>ax liabilities and tax assets on a ne<span class="_ _0"/>t basis or to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>alise the assets and liabilities simultaneously<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Defer<span class="_ _0"/>r<span class="_ _0"/>ed tax is adjust<span class="_ _0"/>ed for elimination of unr<span class="_ _0"/>ealised intr<span class="_ _0"/>a-gr<span class="_ _0"/>oup gains and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">losses. Def<span class="_ _0"/>err<span class="_ _0"/>ed tax is measur<span class="_ _0"/>ed on the basis of the tax rules and t<span class="_ _0"/>ax rat<span class="_ _0"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of the relev<span class="_ _0"/>ant countries that will be eff<span class="_ _0"/>ective under current legislation at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the reporting dat<span class="_ _0"/>e on which the defer<span class="_ _0"/>r<span class="_ _0"/>ed tax is expected t<span class="_ _0"/>o materialise as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">curr<span class="_ _0"/>ent tax.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When acc<span class="_ _0"/>ounting for busines<span class="_ _0"/>s combinations, the ac<span class="_ _0"/>quisition method is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">applied in acc<span class="_ _0"/>ordanc<span class="_ _0"/>e with IFRS 3.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Acquir<span class="_ _0"/>ees ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the c<span class="_ _0"/>onsolidated financial st<span class="_ _0"/>atements fr<span class="_ _0"/>om </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the date of ac<span class="_ _0"/>quisition. The date of ac<span class="_ _0"/>quisition is the date on which DSV </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">obtains c<span class="_ _0"/>ontr<span class="_ _0"/>ol of the company<span class="_ _0"/>. Entities disposed of ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">consolidat<span class="_ _0"/>ed financial stat<span class="_ _0"/>ements until the date of disposal. The dat<span class="_ _0"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">disposal is the date on which DSV surr<span class="_ _0"/>enders c<span class="_ _0"/>ontr<span class="_ _0"/>ol of the company<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV's share option schemes ar<span class="_ _0"/>e equity-settled, measur<span class="_ _0"/>ed at the gr<span class="_ _0"/>ant <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">date and r<span class="_ _0"/>ecognised in the s<span class="_ _0"/>tatement of pr<span class="_ _0"/>ofit or loss as s<span class="_ _0"/>taff costs over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the vesting period. The offsetting it<span class="_ _0"/>em is rec<span class="_ _0"/>ognised dir<span class="_ _0"/>ectly in equit<span class="_ _4"/>y.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The value of employee services rec<span class="_ _0"/>eived during the vesting period in <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange f<span class="_ _0"/>or shar<span class="_ _0"/>e options gr<span class="_ _0"/>anted c<span class="_ _0"/>orr<span class="_ _0"/>esponds to the f<span class="_ _0"/>air value of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">share options at the dat<span class="_ _0"/>e of gr<span class="_ _0"/>anting. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The fair value of the options gr<span class="_ _0"/>ant<span class="_ _0"/>ed is determined based on the Black &amp; </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Scholes valuation model. The assumptions used in the valuation tak<span class="_ _0"/>es into </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>ount the terms and c<span class="_ _0"/>onditions applicable to the options gr<span class="_ _0"/>anted and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management’<span class="_ _0"/>s expectations of the various par<span class="_ _0"/>amet<span class="_ _0"/>ers on which the <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">valuation model is based.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Upon initial rec<span class="_ _0"/>ognition, an estimat<span class="_ _0"/>e is made of the number of share options </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that the employees are e<span class="_ _0"/>xpected to earn. The es<span class="_ _0"/>timated number of shar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">options is adjusted subsequently t<span class="_ _0"/>o r<span class="_ _0"/>eflect the ac<span class="_ _4"/>tual number of share <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">options earned. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The estimated volatility is based on hist<span class="_ _0"/>orical data over the pr<span class="_ _0"/>ec<span class="_ _0"/>eding<span class="_ _4"/> three </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">years adjusted f<span class="_ _0"/>or any unusual cir<span class="_ _0"/>cumst<span class="_ _0"/>ances during the period. The </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">valuation of the shar<span class="_ _0"/>e options grant<span class="_ _0"/>ed in 2023 and 2022 i<span class="_ _0"/>s based<span class="_ _0"/> on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the following as<span class="_ _0"/>sumptions:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contingent liabilities comprise possible obligations which hav<span class="_ _0"/>e not yet </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">been confirmed, ar<span class="_ _0"/>e uncertain or c<span class="_ _0"/>annot be measur<span class="_ _0"/>ed r<span class="_ _0"/>eliably, b<span class="_ _0"/>ut <span class="_ _0"/>whic<span class="_ _0"/>h, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">if re<span class="_ _0"/>alised, may result in a dr<span class="_ _0"/>ain on the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s resour<span class="_ _0"/>ces. Oblig<span class="_ _4"/>atio<span class="_ _4"/>ns <span class="_ _4"/>are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognised in the financial stat<span class="_ _0"/>ements only t<span class="_ _0"/>o the extent that the crit<span class="_ _0"/>eria </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for r<span class="_ _0"/>ec<span class="_ _0"/>ognising a pr<span class="_ _0"/>ovision ar<span class="_ _0"/>e met<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reserves as present<span class="_ _0"/>ed in the stat<span class="_ _0"/>ement of changes in equity comprise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tre<span class="_ _0"/>asury share r<span class="_ _0"/>eserve, hedging reserve and translation r<span class="_ _0"/>eserve, as spe-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cified on the previous page.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>r<span class="_ _0"/>easury share r<span class="_ _0"/>eserve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises the nominal value of tr<span class="_ _0"/>easury shar<span class="_ _0"/>es. The differ<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ence betw<span class="_ _0"/>een the marke<span class="_ _0"/>t price paid and the nominal value plus dividends </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on tre<span class="_ _0"/>asury shares is r<span class="_ _0"/>ecognised dir<span class="_ _0"/>ectly as r<span class="_ _0"/>etained earnings in equity<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>r<span class="_ _0"/>easury shares ar<span class="_ _0"/>e bought t<span class="_ _0"/>o meet obligations under the Company’<span class="_ _0"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">incentive schemes and t<span class="_ _0"/>o adapt the capital structur<span class="_ _0"/>e. The r<span class="_ _0"/>eser<span class="_ _4"/>ve is a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">distributable r<span class="_ _0"/>eserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging r<span class="_ _0"/>eser<span class="_ _4"/>ve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises the f<span class="_ _0"/>air value of hedging instruments qualifying </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for hedge ac<span class="_ _0"/>counting. Hedge ac<span class="_ _0"/>counting c<span class="_ _0"/>eases when the hedging instru-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment matures or if a hedge is no longer eff<span class="_ _0"/>ective.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation r<span class="_ _0"/>eserve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation arising on the tr<span class="_ _0"/>anslation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of net investments and r<span class="_ _0"/>elated hedging in entities with a functional cur<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rency other than DKK. The reserve is dissolved upon disposal of entities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Definition of<span class="_ _8"/> <span class="_ _3"/><span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">k<span class="_ _3"/>ey figur<span class="_ _0"/>es<span class="_ _4"/> <span class="_ _0"/><span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and r<span class="_ _3"/>atios</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">K<span class="_ _0"/>ey figur<span class="_ _3"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Net inter<span class="_ _0"/>est- <span class="_ _b"> </span>= </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inter<span class="_ _0"/>est-bearing debt less int<span class="_ _0"/>er<span class="_ _0"/>est-bearing assets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bearing debt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and cash and cash equivalents</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(NIBD) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Net working <span class="_ _96"> </span>= </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rec<span class="_ _0"/>eivables and other curr<span class="_ _0"/>ent oper<span class="_ _0"/>ating assets less </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">capital (NWC) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">trade payables and o<span class="_ _0"/>ther payables and other <span class="_ _9"/>curr<span class="_ _0"/>ent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">operating liabilities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Invested c<span class="_ _0"/>apital <span class="_ _74"> </span>=</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _9"/>NWC + property, plant and equipment<span class="_ _4"/>, right-of-use </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">assets, intangible asse<span class="_ _0"/>ts including goodwill and custom-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">er relationships les<span class="_ _0"/>s long-term pr<span class="_ _0"/>ovisions</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Adjusted earnings <span class="_ _227"> </span>=</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _9"/>The DSV A<span class="_ _4"/>/S shareholders’ share of pr<span class="_ _0"/>ofit f<span class="_ _0"/>or the re-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">porting period adjusted f<span class="_ _0"/>or amortisation and impairment </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of goodwill and customer r<span class="_ _0"/>elationships, c<span class="_ _0"/>osts relat<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to shar<span class="_ _0"/>e-based payments and <span class="_ _9"/>special items. The tax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">effect of the adjustments has been tak<span class="_ _0"/>en into acc<span class="_ _0"/>ount</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Net financial <span class="_ _35"> </span>=</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial income less financial e<span class="_ _0"/>xpenses</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expenses </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Special items <span class="_ _80"> </span>=</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Exceptional it<span class="_ _0"/>ems of income or e<span class="_ _0"/>xpense which by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nature ar<span class="_ _0"/>e no<span class="_ _0"/>t relat<span class="_ _0"/>ed to the Gr<span class="_ _0"/>oup's or<span class="_ _0"/>dinary operation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or investments in futur<span class="_ _0"/>e activities. See <span class="fc7">note 2.7</span> f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">additional details on it<span class="_ _0"/>ems included</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Adjusted fr<span class="_ _0"/>ee <span class="_ _60"> </span>= </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fr<span class="_ _0"/>ee cash flow adjust<span class="_ _0"/>ed f<span class="_ _0"/>or net acquisition of sub-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cash flow</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sidiaries and activities, lease liabilit<span class="_ _4"/>y repayments, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">special items and normalisation of working capit<span class="_ _0"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in subsidiaries and activities acquired</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Key figur<span class="_ _0"/>es and r<span class="_ _0"/>atios ar<span class="_ _0"/>e disclosed in acc<span class="_ _0"/>ordanc<span class="_ _0"/>e with ‘Rec<span class="_ _0"/>ommendations </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">&amp; Ratios’ published by the Danish Finance Society, exc<span class="_ _0"/>ept f<span class="_ _0"/>or financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ratios mark<span class="_ _0"/>ed with (*), as these ar<span class="_ _0"/>e either derived or not included in the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rec<span class="_ _0"/>ommendations. Earnings per shar<span class="_ _0"/>e and diluted earnings per shar<span class="_ _0"/>e ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">disclosed in acc<span class="_ _0"/>ordanc<span class="_ _0"/>e with IAS 33. Envir<span class="_ _0"/>onmental, social and govern-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mental key figur<span class="_ _0"/>es and r<span class="_ _0"/>atios ar<span class="_ _0"/>e defined in the <span class="fc7">DSV Sustainability </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Report 2023<span class="fc1"> to which r<span class="_ _0"/>ef<span class="_ _0"/>er<span class="_ _0"/>ence is made.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial r<span class="_ _3"/>atios</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span class="_ _134"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gros<span class="_ _0"/>s profit * 100</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gros<span class="_ _0"/>s margin <span class="_ _49"> </span>=</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Operating pr<span class="_ _0"/>ofit (EBIT) befor<span class="_ _0"/>e special items * 100</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Operating mar<span class="_ _0"/>gin <span class="_ _ca"> </span>=</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Operating pr<span class="_ _0"/>ofit (EBIT) befor<span class="_ _0"/>e special items * 100</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Conversion r<span class="_ _0"/>atio <span class="_ _56"> </span>=</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gros<span class="_ _0"/>s profit</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _d"/>ax on profit f<span class="_ _0"/>or the year * 100</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Effective tax r<span class="_ _0"/>ate* <span class="_"> </span>=</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>ofit bef<span class="_ _0"/>ore t<span class="_ _0"/>ax</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Operating pr<span class="_ _0"/>ofit (EBIT) befor<span class="_ _0"/>e special items * 100</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Return on inves<span class="_ _0"/>ted <span class="_ _6"> </span>=</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _0"/>ver<span class="_ _0"/>age invested c<span class="_ _0"/>apital </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">capital (ROIC) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">befor<span class="_ _0"/>e t<span class="_ _0"/>ax</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>ofit attributable t<span class="_ _0"/>o the shareholders </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of DSV A<span class="_ _4"/>/S * 100</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Return on equity <span class="_ _df"> </span>=</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _0"/>ver<span class="_ _0"/>age equity excluding non-contr<span class="_ _0"/>olling int<span class="_ _0"/>er<span class="_ _0"/>ests </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Equity excluding non-c<span class="_ _0"/>ontrolling int<span class="_ _0"/>er<span class="_ _0"/>ests * 100</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Solvency ratio <span class="_ _29"> </span>=</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>ot<span class="_ _0"/>al assets</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Net inter<span class="_ _0"/>est-bearing deb<span class="_ _0"/>t</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gearing ratio* <span class="_ _157"> </span>=</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Operating pr<span class="_ _0"/>ofit bef<span class="_ _0"/>or<span class="_ _0"/>e amortisation, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">depreciation (EBITD<span class="_ _0"/>A) befor<span class="_ _0"/>e special it<span class="_ _0"/>ems</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Shar<span class="_ _0"/>e r<span class="_ _3"/>atios</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>ofit attributable t<span class="_ _0"/>o the shareholders of DSV A/S</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Earnings per shar<span class="_ _0"/>e <span class="_ _55"> </span>=</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _0"/>ver<span class="_ _0"/>age number of shares</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>ofit attributable t<span class="_ _0"/>o the shareholders of DSV A/S</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Diluted earnings <span class="_ _de"> </span>= </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _0"/>ver<span class="_ _0"/>age number of shares dilut<span class="_ _0"/>ed</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">per share</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Adjusted earnings</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Diluted adjust<span class="_ _0"/>ed <span class="_ _228"> </span>= </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _0"/>ver<span class="_ _0"/>age number of shares dilut<span class="_ _0"/>ed</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">earnings per shar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Number of shares <span class="_ _229"> </span>= </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _9"/>T<span class="_ _3"/>otal number of shar<span class="_ _0"/>es issued at the r<span class="_ _0"/>eporting date</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">issued </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _0"/>ver<span class="_ _0"/>age number <span class="_ _4c"> </span>= </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _0"/>ver<span class="_ _0"/>age number of shares is<span class="_ _0"/>sued adjusted f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of shares </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tre<span class="_ _0"/>asury shares </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">outstanding </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _0"/>ver<span class="_ _0"/>age number <span class="_ _56"> </span>=</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _9"/>Aver<span class="_ _0"/>age number of shar<span class="_ _0"/>es outstanding during </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of shares dilut<span class="_ _0"/>ed</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the reporting period including shar<span class="_ _0"/>e options, but </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">excluding out-of<span class="_ _0"/>-the-money options <span class="_ _9"/>measured </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">relativ<span class="_ _0"/>e to the aver<span class="_ _0"/>age share pric<span class="_ _0"/>e f<span class="_ _0"/>or the period</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Basis of<span class="_ _8"/> <span class="_ _3"/><span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>epar<span class="_ _3"/>ation</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The 2023 Annual Report of DSV A<span class="_ _4"/>/S is pr<span class="_ _0"/>e<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">par<span class="_ _0"/>ed on a going c<span class="_ _0"/>onc<span class="_ _0"/>ern basis in acc<span class="_ _0"/>or<span class="_ _3"/>dance </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with the IFRS Acc<span class="_ _0"/>ounting S<span class="_ _0"/>tandar<span class="_ _3"/>ds as issued<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by the International Ac<span class="_ _0"/>c<span class="_ _0"/>ounting S<span class="_ _0"/>tandar<span class="_ _3"/>ds<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Boar<span class="_ _0"/>d (IASB) and in ac<span class="_ _0"/>c<span class="_ _0"/>or<span class="_ _0"/>danc<span class="_ _0"/>e with IFRS </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Acc<span class="_ _0"/>ounting S<span class="_ _0"/>tandar<span class="_ _3"/>ds as adopted by the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Eur<span class="_ _0"/>opean Union and further r<span class="_ _0"/>equir<span class="_ _3"/>ements<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">f<span class="_ _0"/>or list<span class="_ _0"/>ed c<span class="_ _0"/>ompanies in the Danish Financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">St<span class="_ _0"/>at<span class="_ _0"/>ements Ac<span class="_ _4"/>t<span class="_ _8"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The consolidat<span class="_ _0"/>ed financial st<span class="_ _0"/>at<span class="_ _0"/>ements ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _0"/>esent<span class="_ _0"/>ed in Danish kr<span class="_ _0"/>oner (DKK) and <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">r<span class="_ _0"/>ounded t<span class="_ _0"/>o the near<span class="_ _3"/>est million.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Introduction</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Annual Report of DSV A/S comprises the consolidated financial st<span class="_ _0"/>ate-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments of DSV A<span class="_ _4"/>/S and its subsidiaries.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Board of Dir<span class="_ _0"/>ectors and Executiv<span class="_ _0"/>e Board c<span class="_ _0"/>onsider<span class="_ _0"/>ed and appr<span class="_ _0"/>oved the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023 Annual Report of DSV A/S on 1 February 2024. The Annual Report </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">will be submitted t<span class="_ _0"/>o the shareholders of DSV A/S for appr<span class="_ _0"/>oval at the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Annual General Mee<span class="_ _0"/>ting on 14 Mar<span class="_ _0"/>ch 2024.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Basis of measurement</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Annual Report is pr<span class="_ _0"/>epared under the his<span class="_ _0"/>torical c<span class="_ _0"/>ost c<span class="_ _0"/>onvention with </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the exc<span class="_ _0"/>eption of derivative financial instruments and ac<span class="_ _0"/>quisition opening </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">balances, which ar<span class="_ _0"/>e measur<span class="_ _0"/>ed at f<span class="_ _0"/>air value. Non-curr<span class="_ _0"/>ent assets held f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sale are me<span class="_ _0"/>asured at the low<span class="_ _0"/>er of their carrying amount and f<span class="_ _0"/>air value less </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs t<span class="_ _0"/>o sell. The acc<span class="_ _0"/>ounting policies described in the not<span class="_ _0"/>es to the c<span class="_ _0"/>onsol-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">idated financial st<span class="_ _0"/>atements have been applied c<span class="_ _0"/>onsistently f<span class="_ _0"/>or the finan-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cial year and f<span class="_ _0"/>or the com <span class="_ _9"/>par<span class="_ _0"/>ative figures.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Changes in accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">All amendments to the IFRS Ac<span class="_ _0"/>counting S<span class="_ _0"/>tandar<span class="_ _0"/>ds effective f<span class="_ _0"/>or the finan-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cial year 2023 have been implemented as basis f<span class="_ _0"/>or pr<span class="_ _0"/>eparing the c<span class="_ _0"/>onsoli-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">dated financial st<span class="_ _0"/>atements and no<span class="_ _0"/>tes t<span class="_ _0"/>o the financial stat<span class="_ _0"/>ements.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">None of the implementations have had any mat<span class="_ _0"/>erial impact on the state-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">ments or not<span class="_ _0"/>es present<span class="_ _0"/>ed.</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In preparing the c<span class="_ _0"/>onsolidated financial s<span class="_ _0"/>tat<span class="_ _0"/>ements, Management makes </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">various acc<span class="_ _0"/>ounting judgements and estimates that aff<span class="_ _0"/>ect the reported </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">amounts and disclosures in the financial s<span class="_ _0"/>tat<span class="_ _0"/>ements and notes t<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stat<span class="_ _0"/>ements. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">These are based on pr<span class="_ _0"/>of<span class="_ _0"/>essional e<span class="_ _0"/>xperience, hist<span class="_ _0"/>orical data and o<span class="_ _0"/>ther </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">factors available t<span class="_ _0"/>o Management. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">By nature, a degr<span class="_ _0"/>ee of unc<span class="_ _0"/>ertainty is involved when carrying out these </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">judgements and estimates, henc<span class="_ _0"/>e actual results may deviat<span class="_ _0"/>e from the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">assessments made at the r<span class="_ _0"/>eporting date. Judgements and estimates ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">continuously evaluat<span class="_ _0"/>ed, and the effects of any changes ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the relev<span class="_ _0"/>ant period. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The primary financial statements it<span class="_ _0"/>ems f<span class="_ _0"/>or which significant </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>ounting judgements and estimates ar<span class="_ _0"/>e applied ar<span class="_ _0"/>e list<span class="_ _0"/>ed below: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Contract assets and ac<span class="_ _0"/>crued cost of services (<span class="fc7">not<span class="_ _0"/>e 3.4<span class="fc1">)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Pr<span class="_ _0"/>ovisions (<span class="fc7">not<span class="_ _0"/>e 3.8<span class="fc1">)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>T<span class="_ _d"/>ax on profit f<span class="_ _0"/>or the year and def<span class="_ _0"/>err<span class="_ _0"/>ed tax (<span class="fc7">no<span class="_ _0"/>te 5.1 <span class="fc1">and</span> no<span class="_ _0"/>te 5.2<span class="fc1">)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Additional description of management judgements and estimates made </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are pr<span class="_ _0"/>ovided in the r<span class="_ _0"/>elevant no<span class="_ _0"/>tes.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Climate-r<span class="_ _0"/>elated risks in the financial st<span class="_ _0"/>atements</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In preparing the c<span class="_ _0"/>onsolidated financial s<span class="_ _0"/>tat<span class="_ _0"/>ements, Management assesses </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">how climate-r<span class="_ _0"/>elated risks may aff<span class="_ _0"/>ect the consolidated financial st<span class="_ _0"/>ate-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments and the measur<span class="_ _0"/>es that have been, or will be, put in place t<span class="_ _0"/>o miti-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gate them. Management assesses that climat<span class="_ _0"/>e-r<span class="_ _0"/>elated risks do not hav<span class="_ _0"/>e a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">significant impact on the 2023 primary financial statements. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">While climate-r<span class="_ _0"/>elated risks do no<span class="_ _0"/>t curr<span class="_ _0"/>ently impact the primary financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stat<span class="_ _0"/>ements significantly, w<span class="_ _0"/>e ar<span class="_ _0"/>e closely monitoring changes and develop-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments in these risks. Our assessment of climate-r<span class="_ _0"/>elated risks is included </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in the not<span class="_ _0"/>es to the financial st<span class="_ _0"/>atements r<span class="_ _0"/>egar<span class="_ _0"/>ding the primary financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stat<span class="_ _0"/>ement items that ar<span class="_ _0"/>e assessed t<span class="_ _0"/>o be pot<span class="_ _0"/>entially exposed t<span class="_ _0"/>o cli-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mate-r<span class="_ _0"/>elated risks in the futur<span class="_ _0"/>e. These ar<span class="_ _0"/>e:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Impairment testing (<span class="fc7">no<span class="_ _0"/>te 3.1<span class="fc1">)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Pr<span class="_ _0"/>operty, plant and equipment (<span class="fc7">not<span class="_ _0"/>e 3.3<span class="fc1">)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Basis of consolidation</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The consolidat<span class="_ _0"/>ed financial stat<span class="_ _0"/>ements include the Par<span class="_ _0"/>ent C<span class="_ _0"/>ompany (DSV </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _4"/>/S) and all subsidiaries over which DSV A<span class="_ _4"/>/S exer<span class="_ _0"/>cises c<span class="_ _0"/>ontr<span class="_ _0"/>ol. Entities </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">over which the Gr<span class="_ _0"/>oup has direct or indir<span class="_ _0"/>ect significant influence ar<span class="_ _0"/>e ac-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">count<span class="_ _0"/>ed for as as<span class="_ _0"/>sociates and measur<span class="_ _0"/>ed using the equity method. Invest-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments with negative net asset values ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised at DKK 0.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The consolidat<span class="_ _0"/>ed financial stat<span class="_ _0"/>ements ar<span class="_ _0"/>e prepar<span class="_ _0"/>ed based on unif<span class="_ _0"/>orm </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>ounting policies in all Group entities. C<span class="_ _0"/>onsolidation of Gr<span class="_ _0"/>oup entities is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">performed after elimination of all intr<span class="_ _0"/>a-gr<span class="_ _0"/>oup transactions, balances, in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">come and e<span class="_ _0"/>xpenses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gr<span class="_ _0"/>oup composition</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group holds int<span class="_ _0"/>er<span class="_ _0"/>ests in 455 entities and was c<span class="_ _0"/>omposed as f<span class="_ _0"/>ollows at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">31 December 2023:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:76.625px;"><span style="position: absolute; display: inline-block; left: 176.781px; top: 0.0019531px; width: 33.4688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Region</span><span style="position: absolute; display: inline-block; left: 0px; top: 8.47266px; width: 47.8125px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Entities <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 24.0645px; width: 48.1113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(Number)</span><span style="position: absolute; display: inline-block; left: 128.906px; top: 24.0645px; width: 225.75px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">EMEA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Americas<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">A<span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>PA<span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>C<span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>l</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 46.002px; width: 356.883px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Subsidiaries<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.4315px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>288<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>59<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>99<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>446</span><span style="position: absolute; display: inline-block; left: 0px; top: 65.377px; width: 356.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Associates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.113px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Foreign cur<span class="_ _0"/>rency</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Functional currency</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A functional currency is determined f<span class="_ _0"/>or each Gr<span class="_ _0"/>oup entity. The functional </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">curr<span class="_ _0"/>ency is the currency used in the primary financial environment in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">which the individual Group entity oper<span class="_ _0"/>ates.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On initial rec<span class="_ _0"/>ognition, f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency transactions are tr<span class="_ _0"/>anslated int<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">functional currency at the exchange r<span class="_ _0"/>ate at the tr<span class="_ _0"/>ansaction dates. For<span class="_ _0"/>eign </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">curr<span class="_ _0"/>ency translation differ<span class="_ _0"/>enc<span class="_ _0"/>es between the e<span class="_ _0"/>xchange r<span class="_ _0"/>ates at the tr<span class="_ _0"/>ans<span class="ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">action date and the date of payment ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the st<span class="_ _0"/>atement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">profit or los<span class="_ _0"/>s under financials. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Monetary items denominat<span class="_ _0"/>ed in a f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency are tr<span class="_ _0"/>anslated at the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange r<span class="_ _0"/>at<span class="_ _0"/>e at the reporting dat<span class="_ _0"/>e. The differ<span class="_ _0"/>enc<span class="_ _0"/>e between the e<span class="_ _0"/>x-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change rat<span class="_ _0"/>e at the r<span class="_ _0"/>eporting date and the transaction date or the e<span class="_ _0"/>x-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change rat<span class="_ _0"/>e used in the latest annual r<span class="_ _0"/>eport is r<span class="_ _0"/>ecognised in the st<span class="_ _0"/>atement </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of profit or los<span class="_ _0"/>s under financials. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation diff<span class="_ _0"/>erenc<span class="_ _0"/>es arising on the tr<span class="_ _0"/>anslation of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">non-monetary items, such as inves<span class="_ _0"/>tments in associates, ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">directly in other c<span class="_ _0"/>ompr<span class="_ _0"/>ehensive income.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rec<span class="_ _0"/>ognition in the consolidat<span class="_ _0"/>ed financial stat<span class="_ _0"/>ements </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When preparing the c<span class="_ _0"/>onsolidated financial s<span class="_ _0"/>tat<span class="_ _0"/>ements, the stat<span class="_ _0"/>ement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">profit or los<span class="_ _0"/>s of entities with a functional currency other than DKK ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">translat<span class="_ _0"/>ed at the average e<span class="_ _0"/>xchange r<span class="_ _0"/>ate f<span class="_ _0"/>or the period, and st<span class="_ _0"/>atement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial position items ar<span class="_ _0"/>e tr<span class="_ _0"/>anslated at the closing r<span class="_ _0"/>ate at the end of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reporting period.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign ex<span class="_ _0"/>change differ<span class="_ _0"/>enc<span class="_ _0"/>es arising on translation of the equity of f<span class="_ _0"/>or-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eign entities and on translation of r<span class="_ _0"/>ec<span class="_ _0"/>eivables consider<span class="_ _0"/>ed part of net in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vestment ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised dir<span class="_ _0"/>ectly in other compr<span class="_ _0"/>ehensive inc<span class="_ _0"/>ome. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign ex<span class="_ _0"/>change differ<span class="_ _0"/>enc<span class="_ _0"/>es arising on the translation of st<span class="_ _0"/>atement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">profit or los<span class="_ _0"/>s from the av<span class="_ _0"/>erage e<span class="_ _0"/>xchange r<span class="_ _0"/>ate f<span class="_ _0"/>or the period to the e<span class="_ _0"/>x<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change rat<span class="_ _0"/>e at the r<span class="_ _0"/>eporting date ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in other c<span class="_ _0"/>ompr<span class="_ _0"/>ehensive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income. Adjustments ar<span class="_ _0"/>e pr<span class="_ _0"/>esented within the tr<span class="_ _0"/>anslation r<span class="_ _0"/>eserve in equit<span class="_ _4"/>y.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>esentation of the Annual R<span class="_ _0"/>eport</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Stat<span class="_ _0"/>ement of cash flows</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The stat<span class="_ _0"/>ement of cash flows is pr<span class="_ _0"/>epar<span class="_ _0"/>ed using the indirect method based </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on operating pr<span class="_ _0"/>ofit bef<span class="_ _0"/>or<span class="_ _0"/>e depr<span class="_ _0"/>eciation and amortisation (EBITDA) befor<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">special items. The st<span class="_ _0"/>atement of cash flows c<span class="_ _0"/>annot be derived dir<span class="_ _0"/>ectly from </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">the stat<span class="_ _0"/>ement of financial position and the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss.</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Applying materiality in financial r<span class="_ _0"/>eporting</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In preparing the Annual R<span class="_ _0"/>eport<span class="_ _4"/>, Management seeks to achieve a high in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">formation v<span class="_ _0"/>alue by presenting the inf<span class="_ _0"/>ormation in a w<span class="_ _0"/>ay that supports the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">understanding of the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s per<span class="_ _4"/>formanc<span class="_ _0"/>e in the r<span class="_ _0"/>eporting period. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">This objective is achieved by presenting f<span class="_ _0"/>air transactional aggr<span class="_ _0"/>egation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">levels on items and o<span class="_ _0"/>ther financial inf<span class="_ _0"/>ormation, emphasising information </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that is consider<span class="_ _0"/>ed of material import<span class="_ _0"/>ance t<span class="_ _0"/>o the user<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Disclosures that ar<span class="_ _0"/>e c<span class="_ _0"/>onsider<span class="_ _0"/>ed immaterial t<span class="_ _0"/>o the decision making of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">primary users of these financial statements ar<span class="_ _0"/>e omitt<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>esentation of financial s<span class="_ _0"/>tat<span class="_ _0"/>ement items and subt<span class="_ _0"/>ot<span class="_ _0"/>als</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The present<span class="_ _0"/>ation of financial stat<span class="_ _0"/>ement items and sub<span class="_ _0"/>to<span class="_ _0"/>tals is based on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">separat<span class="_ _0"/>e classification of mat<span class="_ _0"/>erial groups of similar it<span class="_ _0"/>ems. In the stat<span class="_ _0"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment of profit or los<span class="_ _0"/>s, income and e<span class="_ _0"/>xpense items ar<span class="_ _0"/>e classified based on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the ‘nature of e<span class="_ _0"/>xpense<span class="_ _0"/>’ method in acc<span class="_ _0"/>or<span class="_ _0"/>dance with IAS 1. Furthermor<span class="_ _0"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the use of special items is applied t<span class="_ _0"/>o impr<span class="_ _0"/>ove the transpar<span class="_ _0"/>ency and un-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">derstanding of the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s financial statements by separ<span class="_ _0"/>ating the cor<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">performanc<span class="_ _0"/>e of the Group fr<span class="_ _0"/>om e<span class="_ _0"/>xc<span class="_ _0"/>eptional items. For a definition and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>onciliation of Gr<span class="_ _0"/>oup r<span class="_ _0"/>esults bef<span class="_ _0"/>ore and aft<span class="_ _0"/>er special items, please r<span class="_ _0"/>ef<span class="_ _0"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to <span class="fc7 ls3 ws0">note 2.7<span class="fc1"> Special it<span class="_ _0"/>ems.</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">New accounting r<span class="_ _0"/>egulations</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The IASB has issued a number of new standar<span class="_ _0"/>ds and amendments no<span class="_ _0"/>t yet </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in effect or adopted by the EU and ther<span class="_ _0"/>ef<span class="_ _0"/>or<span class="_ _0"/>e not r<span class="_ _0"/>elevant f<span class="_ _0"/>or the pr<span class="_ _0"/>epara-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion of the 2023 consolidat<span class="_ _0"/>ed financial stat<span class="_ _0"/>ements. DSV expects to im-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plement the standar<span class="_ _0"/>ds and amendments when they tak<span class="_ _0"/>e effect<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">None of the new standar<span class="_ _0"/>ds issued ar<span class="_ _0"/>e curr<span class="_ _0"/>ently expected t<span class="_ _0"/>o have signifi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cant impact on the Group<span class="_ _0"/>’<span class="_ _3"/>s financial statements when implement<span class="_ _0"/>ed.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The 2023 Annual Report of DSV A<span class="_ _4"/>/S is pr<span class="_ _0"/>e<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">par<span class="_ _0"/>ed on a going c<span class="_ _0"/>onc<span class="_ _0"/>ern basis in acc<span class="_ _0"/>or<span class="_ _3"/>dance </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with the IFRS Acc<span class="_ _0"/>ounting S<span class="_ _0"/>tandar<span class="_ _3"/>ds as issued<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by the International Ac<span class="_ _0"/>c<span class="_ _0"/>ounting S<span class="_ _0"/>tandar<span class="_ _3"/>ds<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Boar<span class="_ _0"/>d (IASB) and in ac<span class="_ _0"/>c<span class="_ _0"/>or<span class="_ _0"/>danc<span class="_ _0"/>e with IFRS </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Acc<span class="_ _0"/>ounting S<span class="_ _0"/>tandar<span class="_ _3"/>ds as adopted by the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Eur<span class="_ _0"/>opean Union and further r<span class="_ _0"/>equir<span class="_ _3"/>ements<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">f<span class="_ _0"/>or list<span class="_ _0"/>ed c<span class="_ _0"/>ompanies in the Danish Financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">St<span class="_ _0"/>at<span class="_ _0"/>ements Ac<span class="_ _4"/>t<span class="_ _8"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The consolidat<span class="_ _0"/>ed financial st<span class="_ _0"/>at<span class="_ _0"/>ements ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _0"/>esent<span class="_ _0"/>ed in Danish kr<span class="_ _0"/>oner (DKK) and <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">r<span class="_ _0"/>ounded t<span class="_ _0"/>o the near<span class="_ _3"/>est million.</span> DSV A/S A/S <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Board of Dir<span class="_ _0"/>ectors and Executiv<span class="_ _0"/>e Board c<span class="_ _0"/>onsider<span class="_ _0"/>ed and appr<span class="_ _0"/>oved the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023 Annual Report of DSV A/S on 1 February 2024. The Annual Report </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">will be submitted t<span class="_ _0"/>o the shareholders of DSV A/S for appr<span class="_ _0"/>oval at the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Annual General Mee<span class="_ _0"/>ting on 14 Mar<span class="_ _0"/>ch 2024.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Changes in accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">All amendments to the IFRS Ac<span class="_ _0"/>counting S<span class="_ _0"/>tandar<span class="_ _0"/>ds effective f<span class="_ _0"/>or the finan-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cial year 2023 have been implemented as basis f<span class="_ _0"/>or pr<span class="_ _0"/>eparing the c<span class="_ _0"/>onsoli-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">dated financial st<span class="_ _0"/>atements and no<span class="_ _0"/>tes t<span class="_ _0"/>o the financial stat<span class="_ _0"/>ements.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">None of the implementations have had any mat<span class="_ _0"/>erial impact on the state-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments or not<span class="_ _0"/>es present<span class="_ _0"/>ed.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Changes in accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">All amendments to the IFRS Ac<span class="_ _0"/>counting S<span class="_ _0"/>tandar<span class="_ _0"/>ds effective f<span class="_ _0"/>or the finan-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cial year 2023 have been implemented as basis f<span class="_ _0"/>or pr<span class="_ _0"/>eparing the c<span class="_ _0"/>onsoli-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">dated financial st<span class="_ _0"/>atements and no<span class="_ _0"/>tes t<span class="_ _0"/>o the financial stat<span class="_ _0"/>ements.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">None of the implementations have had any mat<span class="_ _0"/>erial impact on the state-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments or not<span class="_ _0"/>es present<span class="_ _0"/>ed.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In preparing the c<span class="_ _0"/>onsolidated financial s<span class="_ _0"/>tat<span class="_ _0"/>ements, Management makes </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">various acc<span class="_ _0"/>ounting judgements and estimates that aff<span class="_ _0"/>ect the reported </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">amounts and disclosures in the financial s<span class="_ _0"/>tat<span class="_ _0"/>ements and notes t<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stat<span class="_ _0"/>ements. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">These are based on pr<span class="_ _0"/>of<span class="_ _0"/>essional e<span class="_ _0"/>xperience, hist<span class="_ _0"/>orical data and o<span class="_ _0"/>ther </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">factors available t<span class="_ _0"/>o Management. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">By nature, a degr<span class="_ _0"/>ee of unc<span class="_ _0"/>ertainty is involved when carrying out these </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">judgements and estimates, henc<span class="_ _0"/>e actual results may deviat<span class="_ _0"/>e from the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">assessments made at the r<span class="_ _0"/>eporting date. Judgements and estimates ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">continuously evaluat<span class="_ _0"/>ed, and the effects of any changes ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the relev<span class="_ _0"/>ant period. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The primary financial statements it<span class="_ _0"/>ems f<span class="_ _0"/>or which significant </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>ounting judgements and estimates ar<span class="_ _0"/>e applied ar<span class="_ _0"/>e list<span class="_ _0"/>ed below: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Contract assets and ac<span class="_ _0"/>crued cost of services (<span class="fc7">not<span class="_ _0"/>e 3.4<span class="fc1">)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Pr<span class="_ _0"/>ovisions (<span class="fc7">not<span class="_ _0"/>e 3.8<span class="fc1">)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>T<span class="_ _d"/>ax on profit f<span class="_ _0"/>or the year and def<span class="_ _0"/>err<span class="_ _0"/>ed tax (<span class="fc7">no<span class="_ _0"/>te 5.1 <span class="fc1">and</span> no<span class="_ _0"/>te 5.2<span class="fc1">)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Additional description of management judgements and estimates made </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are pr<span class="_ _0"/>ovided in the r<span class="_ _0"/>elevant no<span class="_ _0"/>tes.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In the classification of special items, judgement is applied in ensuring that </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">only exc<span class="_ _0"/>eptional items no<span class="_ _0"/>t associated with the or<span class="_ _0"/>dinary oper<span class="_ _0"/>ations </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of the Group ar<span class="_ _0"/>e included.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For goodwill impairment t<span class="_ _0"/>esting, a number of estimates ar<span class="_ _0"/>e made on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">development in r<span class="_ _0"/>evenues, gr<span class="_ _0"/>oss profits, c<span class="_ _0"/>onversion r<span class="_ _0"/>atios, futur<span class="_ _0"/>e capital </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expenditur<span class="_ _0"/>es, discount r<span class="_ _0"/>at<span class="_ _0"/>es and growth expectations in the t<span class="_ _0"/>erminal pe-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">riod. These are based on an as<span class="_ _0"/>sessment of curr<span class="_ _0"/>ent and futur<span class="_ _0"/>e develop-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments in the three c<span class="_ _0"/>ash-generating units and on his<span class="_ _0"/>torical dat<span class="_ _0"/>a and as-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sumptions of future e<span class="_ _0"/>xpected marke<span class="_ _0"/>t developments, including expected </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">long-term aver<span class="_ _0"/>age marke<span class="_ _0"/>t growth r<span class="_ _0"/>ates. Data includes bo<span class="_ _0"/>th internal and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">external dat<span class="_ _0"/>a sour<span class="_ _0"/>ces.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Material value drivers aff<span class="_ _0"/>ecting the future net c<span class="_ _0"/>ash flows of the thr<span class="_ _0"/>ee </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cash-generating units ar<span class="_ _0"/>e:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Air &amp; Sea</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Air &amp; Sea division operat<span class="_ _0"/>es globally, so developments in the global </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">economy and world tr<span class="_ _0"/>ade ther<span class="_ _0"/>ef<span class="_ _0"/>ore hav<span class="_ _0"/>e a material impact on the <span class="_ _0"/>divi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sion’<span class="_ _3"/>s future net c<span class="_ _0"/>ash flow. Developments in gr<span class="_ _0"/>oss pr<span class="_ _0"/>ofit per shipmen<span class="_ _4"/>t<span class="_ _4"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost development and management initiatives in int<span class="_ _0"/>ernal pr<span class="_ _0"/>oductivit<span class="_ _4"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(number of shipments per employee) also affect the divisio<span class="_ _4"/>n’<span class="_ _3"/>s cash flow.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Road</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Road division mainly oper<span class="_ _0"/>ates on the EMEA and US marke<span class="_ _0"/>ts, which </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">means that the division’<span class="_ _3"/>s future ne<span class="_ _0"/>t cash flow is affected by the gr<span class="_ _0"/>owth </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rat<span class="_ _0"/>e in these r<span class="_ _0"/>egions. Developments in gr<span class="_ _0"/>oss pr<span class="_ _0"/>ofit per shipment<span class="_ _4"/>, including </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">truck and terminal utilisation r<span class="_ _0"/>ates, c<span class="_ _0"/>ost development and management </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">initiatives in internal pr<span class="_ _0"/>oductivity (number of shipments per employee) also<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">affect the division’<span class="_ _3"/>s cash flow.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Solutions</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Solutions division operat<span class="_ _0"/>es globally, so developments in the global </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">economy and world tr<span class="_ _0"/>ade ther<span class="_ _0"/>ef<span class="_ _0"/>ore hav<span class="_ _0"/>e a material impact on the divi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sion’<span class="_ _3"/>s future net c<span class="_ _0"/>ash flow. Developments in w<span class="_ _0"/>ar<span class="_ _0"/>ehouse lease costs and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs of r<span class="_ _0"/>elat<span class="_ _0"/>ed ser<span class="_ _4"/>vices, utilisation of w<span class="_ _0"/>arehouse f<span class="_ _0"/>acilities, c<span class="_ _0"/>ost develop-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment and management initiatives in internal pr<span class="_ _0"/>oductivity (number of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">order lines per employee) also aff<span class="_ _0"/>ect the division’<span class="_ _3"/>s cash flows.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Judgement is applied in determining the depr<span class="_ _0"/>eciation period and futur<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">residual v<span class="_ _0"/>alue of the assets r<span class="_ _0"/>ecognised and is gener<span class="_ _0"/>ally based on hist<span class="_ _0"/>orical </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">experienc<span class="_ _0"/>e. Reassessment is done annually t<span class="_ _0"/>o ascertain that<span class="_ _0"/> the depr<span class="_ _0"/>ecia<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion basis applied is still r<span class="_ _0"/>epresent<span class="_ _0"/>ative and r<span class="_ _0"/>eflects the expec<span class="_ _4"/>ted life and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">future r<span class="_ _0"/>esidual value of the as<span class="_ _0"/>sets.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In the prepar<span class="_ _0"/>ation of the c<span class="_ _0"/>onsolidated financial st<span class="_ _0"/>atements, significant </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">estimates ar<span class="_ _0"/>e applied in assessing services in pr<span class="_ _0"/>ogr<span class="_ _0"/>ess, including accrual of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income and pertaining dir<span class="_ _0"/>ect costs. These estimat<span class="_ _0"/>es ar<span class="_ _0"/>e based on experi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ence and c<span class="_ _0"/>ontinuous follow-up on services in pr<span class="_ _0"/>ogr<span class="_ _0"/>ess r<span class="_ _0"/>elative to sub-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sequent invoicing.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In acc<span class="_ _0"/>ounting for le<span class="_ _0"/>ase contr<span class="_ _0"/>acts, various judgements are applied in de-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">termining ROU asse<span class="_ _0"/>ts and lease liabilities. Judgements include assessment </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of lease periods, utilisation of extension and t<span class="_ _0"/>ermination options and ap-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plicable discount r<span class="_ _0"/>ates.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In determining pension obligations, Management mak<span class="_ _0"/>es use of valuations </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fr<span class="_ _0"/>om<span class="_ _0"/> e<span class="_ _0"/>xte<span class="_ _0"/>rna<span class="_ _0"/>l an<span class="_ _0"/>d independent actuaries as basis for the es<span class="_ _0"/>timates ap-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plied. The actuarial assumptions used in the valuations vary from country </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to c<span class="_ _0"/>ountry owing to national, economic and social c<span class="_ _0"/>onditions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management continually assesses pr<span class="_ _0"/>ovisions, including c<span class="_ _0"/>ontingencies and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the likely out<span class="_ _0"/>come of pending and po<span class="_ _0"/>tential legal pr<span class="_ _0"/>oceedings. The out-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">come of such pr<span class="_ _0"/>oceedings depends on futur<span class="_ _0"/>e events, which ar<span class="_ _0"/>e, by na-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ture, unc<span class="_ _0"/>ertain. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When considering pr<span class="_ _0"/>ovisions involving significant estimat<span class="_ _0"/>es, opinions and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">estimates by e<span class="_ _0"/>xternal legal experts as w<span class="_ _0"/>ell as existing case law ar<span class="_ _0"/>e applied </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in assessing the pr<span class="_ _0"/>obable outc<span class="_ _0"/>ome of material legal pr<span class="_ _0"/>oc<span class="_ _0"/>eedings, etc.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management applies significant estimat<span class="_ _0"/>es when rec<span class="_ _0"/>ognising and measuring </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">defer<span class="_ _0"/>r<span class="_ _0"/>ed tax assets and unc<span class="_ _0"/>ertain tax positions. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Defer<span class="_ _0"/>r<span class="_ _0"/>ed tax assets, including the t<span class="_ _0"/>ax base of tax loss carryforwards, ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognised if it is assessed that ther<span class="_ _0"/>e will be sufficient futur<span class="_ _0"/>e taxable in<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">come against which the t<span class="_ _0"/>emporary diff<span class="_ _0"/>erenc<span class="_ _0"/>es and unutilised tax losses c<span class="_ _0"/>an </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be utilised. This assessment is based on budgets and business plans f<span class="_ _0"/>or the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">following ye<span class="_ _0"/>ars, including planned business initiatives. Def<span class="_ _0"/>err<span class="_ _0"/>ed tax assets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are t<span class="_ _0"/>est<span class="_ _0"/>ed annually and are only r<span class="_ _0"/>ec<span class="_ _0"/>ognised if it is pr<span class="_ _0"/>obable that futur<span class="_ _0"/>e taxa<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ble profit will allow the def<span class="_ _0"/>er<span class="_ _0"/>red t<span class="_ _0"/>ax asset t<span class="_ _0"/>o be rec<span class="_ _0"/>over<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Uncertain tax positions include ongoing disput<span class="_ _0"/>es with tax authorities and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">have been pr<span class="_ _0"/>ovided for in ac<span class="_ _0"/>cor<span class="_ _0"/>danc<span class="_ _0"/>e with the acc<span class="_ _0"/>ounting policies. Man<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">agement believes that the pr<span class="_ _0"/>ovisions made are adequat<span class="_ _0"/>e. The actual obliga<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion<span class="_ _4"/>s may<span class="_ _4"/> devi<span class="_ _4"/>ate as th<span class="_ _4"/>ey d<span class="_ _4"/>epen<span class="_ _4"/>d on t<span class="_ _4"/>he result of litigations <span class="_ _0"/>and settlements </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with the relev<span class="_ _0"/>ant tax authorities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In applying the acquisition method of ac<span class="_ _0"/>counting, estimates ar<span class="_ _0"/>e an int<span class="_ _0"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gral part of assessing f<span class="_ _0"/>air values of sever<span class="_ _0"/>al identifiable assets acquir<span class="_ _0"/>ed and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liabilities assumed, as observable market prices ar<span class="_ _0"/>e typically not available.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _0"/>aluation t<span class="_ _0"/>echniques wher<span class="_ _0"/>e estimates ar<span class="_ _0"/>e applied typically r<span class="_ _0"/>elate t<span class="_ _0"/>o de-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">termining the pr<span class="_ _0"/>esent value of futur<span class="_ _0"/>e uncertain c<span class="_ _0"/>ash flows or assessing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other events in which the out<span class="_ _0"/>come is unc<span class="_ _0"/>ertain at the date of ac<span class="_ _0"/>quisition.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Mor<span class="_ _0"/>e significant estimates ar<span class="_ _0"/>e typically applied in ac<span class="_ _0"/>counting f<span class="_ _0"/>or pr<span class="_ _0"/>operty, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plant and equipment<span class="_ _4"/>, customer r<span class="_ _0"/>elationships, tr<span class="_ _0"/>ade rec<span class="_ _0"/>eivables, def<span class="_ _0"/>err<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax, debt and contingent liabilities. As a result of the unc<span class="_ _0"/>ertainties inher<span class="_ _0"/>ent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in fair value es<span class="_ _0"/>timation, measurement period adjus<span class="_ _0"/>tments may be applied.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management applies judgements in assessing the exist<span class="_ _0"/>ence of c<span class="_ _0"/>ontingent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liabilities on an ongoing basis and in this r<span class="_ _0"/>egard c<span class="_ _0"/>onsiders if the criteria </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for r<span class="_ _0"/>ec<span class="_ _0"/>ognising a pr<span class="_ _0"/>ovision ar<span class="_ _0"/>e met<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">These judgements may involve advice fr<span class="_ _0"/>om e<span class="_ _0"/>xternal experts, legal </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">advisors, etc.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As an international transport service provider<span class="_ _3"/>, the Group is r<span class="_ _0"/>egul<span class="_ _0"/>arly i<span class="_ _0"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">volved in tax and V<span class="_ _d"/>A<span class="_ _3"/>T disputes, legal proc<span class="_ _0"/>eedings or inquiries fr<span class="_ _0"/>om comp<span class="_ _0"/>e<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tition authorities. Management believes that the cases currently <span class="_ _4"/>iden<span class="_ _4"/>tifi<span class="_ _4"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">will have no material impact on the financial position of the Group.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A detailed disclosur<span class="_ _0"/>e of individual c<span class="_ _0"/>ontingent liabilities is consider<span class="_ _0"/>ed im-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">practicable and is ther<span class="_ _0"/>ef<span class="_ _0"/>ore no<span class="_ _0"/>t included in the not<span class="_ _0"/>es to the financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stat<span class="_ _0"/>ements.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Basis of consolidation</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The consolidat<span class="_ _0"/>ed financial stat<span class="_ _0"/>ements include the Par<span class="_ _0"/>ent C<span class="_ _0"/>ompany (DSV </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _4"/>/S) and all subsidiaries over which DSV A<span class="_ _4"/>/S exer<span class="_ _0"/>cises c<span class="_ _0"/>ontr<span class="_ _0"/>ol. Entities </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">over which the Gr<span class="_ _0"/>oup has direct or indir<span class="_ _0"/>ect significant influence ar<span class="_ _0"/>e ac-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">count<span class="_ _0"/>ed for as as<span class="_ _0"/>sociates and measur<span class="_ _0"/>ed using the equity method. Invest-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments with negative net asset values ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised at DKK 0.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The consolidat<span class="_ _0"/>ed financial stat<span class="_ _0"/>ements ar<span class="_ _0"/>e prepar<span class="_ _0"/>ed based on unif<span class="_ _0"/>orm </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>ounting policies in all Group entities. C<span class="_ _0"/>onsolidation of Gr<span class="_ _0"/>oup entities is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">performed after elimination of all intr<span class="_ _0"/>a-gr<span class="_ _0"/>oup transactions, balances, in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">come and e<span class="_ _0"/>xpenses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gr<span class="_ _0"/>oup composition</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group holds int<span class="_ _0"/>er<span class="_ _0"/>ests in 455 entities and was c<span class="_ _0"/>omposed as f<span class="_ _0"/>ollows at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">31 December 2023:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:76.625px;"><span style="position: absolute; display: inline-block; left: 176.781px; top: 0.0019531px; width: 33.4688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Region</span><span style="position: absolute; display: inline-block; left: 0px; top: 8.47266px; width: 47.8125px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Entities <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 24.0645px; width: 48.1113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(Number)</span><span style="position: absolute; display: inline-block; left: 128.906px; top: 24.0645px; width: 225.75px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">EMEA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Americas<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">A<span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>PA<span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>C<span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>l</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 46.002px; width: 356.883px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Subsidiaries<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.4315px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>288<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>59<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>99<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>446</span><span style="position: absolute; display: inline-block; left: 0px; top: 65.377px; width: 356.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Associates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.113px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Foreign cur<span class="_ _0"/>rency</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Functional currency</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A functional currency is determined f<span class="_ _0"/>or each Gr<span class="_ _0"/>oup entity. The functional </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">curr<span class="_ _0"/>ency is the currency used in the primary financial environment in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">which the individual Group entity oper<span class="_ _0"/>ates.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On initial rec<span class="_ _0"/>ognition, f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency transactions are tr<span class="_ _0"/>anslated int<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">functional currency at the exchange r<span class="_ _0"/>ate at the tr<span class="_ _0"/>ansaction dates. For<span class="_ _0"/>eign </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">curr<span class="_ _0"/>ency translation differ<span class="_ _0"/>enc<span class="_ _0"/>es between the e<span class="_ _0"/>xchange r<span class="_ _0"/>ates at the tr<span class="_ _0"/>ans<span class="ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">action date and the date of payment ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the st<span class="_ _0"/>atement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">profit or los<span class="_ _0"/>s under financials. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Monetary items denominat<span class="_ _0"/>ed in a f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency are tr<span class="_ _0"/>anslated at the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange r<span class="_ _0"/>at<span class="_ _0"/>e at the reporting dat<span class="_ _0"/>e. The differ<span class="_ _0"/>enc<span class="_ _0"/>e between the e<span class="_ _0"/>x-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change rat<span class="_ _0"/>e at the r<span class="_ _0"/>eporting date and the transaction date or the e<span class="_ _0"/>x-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change rat<span class="_ _0"/>e used in the latest annual r<span class="_ _0"/>eport is r<span class="_ _0"/>ecognised in the st<span class="_ _0"/>atement </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of profit or los<span class="_ _0"/>s under financials. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation diff<span class="_ _0"/>erenc<span class="_ _0"/>es arising on the tr<span class="_ _0"/>anslation of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">non-monetary items, such as inves<span class="_ _0"/>tments in associates, ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">directly in other c<span class="_ _0"/>ompr<span class="_ _0"/>ehensive income.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rec<span class="_ _0"/>ognition in the consolidat<span class="_ _0"/>ed financial stat<span class="_ _0"/>ements </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When preparing the c<span class="_ _0"/>onsolidated financial s<span class="_ _0"/>tat<span class="_ _0"/>ements, the stat<span class="_ _0"/>ement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">profit or los<span class="_ _0"/>s of entities with a functional currency other than DKK ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">translat<span class="_ _0"/>ed at the average e<span class="_ _0"/>xchange r<span class="_ _0"/>ate f<span class="_ _0"/>or the period, and st<span class="_ _0"/>atement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial position items ar<span class="_ _0"/>e tr<span class="_ _0"/>anslated at the closing r<span class="_ _0"/>ate at the end of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reporting period.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign ex<span class="_ _0"/>change differ<span class="_ _0"/>enc<span class="_ _0"/>es arising on translation of the equity of f<span class="_ _0"/>or-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eign entities and on translation of r<span class="_ _0"/>ec<span class="_ _0"/>eivables consider<span class="_ _0"/>ed part of net in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vestment ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised dir<span class="_ _0"/>ectly in other compr<span class="_ _0"/>ehensive inc<span class="_ _0"/>ome. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign ex<span class="_ _0"/>change differ<span class="_ _0"/>enc<span class="_ _0"/>es arising on the translation of st<span class="_ _0"/>atement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">profit or los<span class="_ _0"/>s from the av<span class="_ _0"/>erage e<span class="_ _0"/>xchange r<span class="_ _0"/>ate f<span class="_ _0"/>or the period to the e<span class="_ _0"/>x<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change rat<span class="_ _0"/>e at the r<span class="_ _0"/>eporting date ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in other c<span class="_ _0"/>ompr<span class="_ _0"/>ehensive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income. Adjustments ar<span class="_ _0"/>e pr<span class="_ _0"/>esented within the tr<span class="_ _0"/>anslation r<span class="_ _0"/>eserve in equit<span class="_ _4"/>y.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Foreign cur<span class="_ _0"/>rency</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Functional currency</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A functional currency is determined f<span class="_ _0"/>or each Gr<span class="_ _0"/>oup entity. The functional </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">curr<span class="_ _0"/>ency is the currency used in the primary financial environment in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">which the individual Group entity oper<span class="_ _0"/>ates.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On initial rec<span class="_ _0"/>ognition, f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency transactions are tr<span class="_ _0"/>anslated int<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">functional currency at the exchange r<span class="_ _0"/>ate at the tr<span class="_ _0"/>ansaction dates. For<span class="_ _0"/>eign </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">curr<span class="_ _0"/>ency translation differ<span class="_ _0"/>enc<span class="_ _0"/>es between the e<span class="_ _0"/>xchange r<span class="_ _0"/>ates at the tr<span class="_ _0"/>ans<span class="ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">action date and the date of payment ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the st<span class="_ _0"/>atement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">profit or los<span class="_ _0"/>s under financials. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Monetary items denominat<span class="_ _0"/>ed in a f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency are tr<span class="_ _0"/>anslated at the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange r<span class="_ _0"/>at<span class="_ _0"/>e at the reporting dat<span class="_ _0"/>e. The differ<span class="_ _0"/>enc<span class="_ _0"/>e between the e<span class="_ _0"/>x-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change rat<span class="_ _0"/>e at the r<span class="_ _0"/>eporting date and the transaction date or the e<span class="_ _0"/>x-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change rat<span class="_ _0"/>e used in the latest annual r<span class="_ _0"/>eport is r<span class="_ _0"/>ecognised in the st<span class="_ _0"/>atement </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of profit or los<span class="_ _0"/>s under financials. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation diff<span class="_ _0"/>erenc<span class="_ _0"/>es arising on the tr<span class="_ _0"/>anslation of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">non-monetary items, such as inves<span class="_ _0"/>tments in associates, ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">directly in other c<span class="_ _0"/>ompr<span class="_ _0"/>ehensive income.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rec<span class="_ _0"/>ognition in the consolidat<span class="_ _0"/>ed financial stat<span class="_ _0"/>ements </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When preparing the c<span class="_ _0"/>onsolidated financial s<span class="_ _0"/>tat<span class="_ _0"/>ements, the stat<span class="_ _0"/>ement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">profit or los<span class="_ _0"/>s of entities with a functional currency other than DKK ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">translat<span class="_ _0"/>ed at the average e<span class="_ _0"/>xchange r<span class="_ _0"/>ate f<span class="_ _0"/>or the period, and st<span class="_ _0"/>atement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial position items ar<span class="_ _0"/>e tr<span class="_ _0"/>anslated at the closing r<span class="_ _0"/>ate at the end of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reporting period.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign ex<span class="_ _0"/>change differ<span class="_ _0"/>enc<span class="_ _0"/>es arising on translation of the equity of f<span class="_ _0"/>or-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eign entities and on translation of r<span class="_ _0"/>ec<span class="_ _0"/>eivables consider<span class="_ _0"/>ed part of net in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vestment ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised dir<span class="_ _0"/>ectly in other compr<span class="_ _0"/>ehensive inc<span class="_ _0"/>ome. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign ex<span class="_ _0"/>change differ<span class="_ _0"/>enc<span class="_ _0"/>es arising on the translation of st<span class="_ _0"/>atement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">profit or los<span class="_ _0"/>s from the av<span class="_ _0"/>erage e<span class="_ _0"/>xchange r<span class="_ _0"/>ate f<span class="_ _0"/>or the period to the e<span class="_ _0"/>x<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change rat<span class="_ _0"/>e at the r<span class="_ _0"/>eporting date ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in other c<span class="_ _0"/>ompr<span class="_ _0"/>ehensive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income. Adjustments ar<span class="_ _0"/>e pr<span class="_ _0"/>esented within the tr<span class="_ _0"/>anslation r<span class="_ _0"/>eserve in equit<span class="_ _4"/>y.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>esentation of the Annual R<span class="_ _0"/>eport</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Stat<span class="_ _0"/>ement of cash flows</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The stat<span class="_ _0"/>ement of cash flows is pr<span class="_ _0"/>epar<span class="_ _0"/>ed using the indirect method based </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on operating pr<span class="_ _0"/>ofit bef<span class="_ _0"/>or<span class="_ _0"/>e depr<span class="_ _0"/>eciation and amortisation (EBITDA) befor<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">special items. The st<span class="_ _0"/>atement of cash flows c<span class="_ _0"/>annot be derived dir<span class="_ _0"/>ectly from </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the stat<span class="_ _0"/>ement of financial position and the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The profit or los<span class="_ _0"/>s and cash flow impact of leases rec<span class="_ _0"/>ognised f<span class="_ _0"/>or the year </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are specified below:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:276.029296875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 203.273px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Lease eff<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ects recognised in pr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ofit <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 15.0039px; width: 123.867px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">or loss and cash flow </span><span style="position: absolute; display: inline-block; left: 124px; top: 15.9414px; width: 169.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.885px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -95.148px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 38.1074px; width: 62.0977px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ofit or loss</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4707px; width: 356.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Income fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>om subleasing of ROU assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.2227px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>79<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8613px; width: 356.865px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Gain on sale and leaseback transactions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.2636px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>101<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>109</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2363px; width: 361.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Expenses relating t<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o short-term leases<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(591)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(563)</span><span style="position: absolute; display: inline-block; left: 0px; top: 115.611px; width: 361.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Expenses relating t<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o leases of low-value assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.4277px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(655)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(635)</span><span style="position: absolute; display: inline-block; left: 0px; top: 135.002px; width: 235.775px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Expenses relating t<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o variable lease payments not </span><span style="position: absolute; display: inline-block; left: 0px; top: 150.002px; width: 361.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">included in the measur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ement of lease liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(70)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(97)</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.377px; width: 361.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Depreciation of R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>OU assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(4,028)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3,761)</span><span style="position: absolute; display: inline-block; left: 0px; top: 188.752px; width: 361.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>xpenses on lease liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.4043px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(851)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(727)</span><span style="position: absolute; display: inline-block; left: 0px; top: 210.689px; width: 361.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ofit or loss for le<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ases<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.326px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(6,015)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(5,660)</span><span style="position: absolute; display: inline-block; left: 0px; top: 244.123px; width: 48.5098px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Cash flow</span><span style="position: absolute; display: inline-block; left: 0px; top: 264.783px; width: 356.936px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal cash outflow for leases<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 121.986px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,756<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,461</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Non-cash change</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>esentation of the Annual R<span class="_ _0"/>eport</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Stat<span class="_ _0"/>ement of cash flows</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The stat<span class="_ _0"/>ement of cash flows is pr<span class="_ _0"/>epar<span class="_ _0"/>ed using the indirect method based </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on operating pr<span class="_ _0"/>ofit bef<span class="_ _0"/>or<span class="_ _0"/>e depr<span class="_ _0"/>eciation and amortisation (EBITDA) befor<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">special items. The st<span class="_ _0"/>atement of cash flows c<span class="_ _0"/>annot be derived dir<span class="_ _0"/>ectly from </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the stat<span class="_ _0"/>ement of financial position and the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">New accounting r<span class="_ _0"/>egulations</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The IASB has issued a number of new standar<span class="_ _0"/>ds and amendments no<span class="_ _0"/>t yet </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in effect or adopted by the EU and ther<span class="_ _0"/>ef<span class="_ _0"/>or<span class="_ _0"/>e not r<span class="_ _0"/>elevant f<span class="_ _0"/>or the pr<span class="_ _0"/>epara-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion of the 2023 consolidat<span class="_ _0"/>ed financial stat<span class="_ _0"/>ements. DSV expects to im-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plement the standar<span class="_ _0"/>ds and amendments when they tak<span class="_ _0"/>e effect<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">None of the new standar<span class="_ _0"/>ds issued ar<span class="_ _0"/>e curr<span class="_ _0"/>ently expected t<span class="_ _0"/>o have signifi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cant impact on the Group<span class="_ _0"/>’<span class="_ _3"/>s financial statements when implement<span class="_ _0"/>ed.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Operating segments ar<span class="_ _0"/>e defined by the oper<span class="_ _0"/>ational and management </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">structure of DSV<span class="_ _0"/>, which is derived fr<span class="_ _0"/>om the types of ser<span class="_ _4"/>vices we deliv<span class="_ _0"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and our geographical pr<span class="_ _0"/>esenc<span class="_ _0"/>e on the global marke<span class="_ _0"/>t<span class="_ _4"/>. As such, our operat-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ing segments reflect our Divisional and Gr<span class="_ _0"/>oup r<span class="_ _0"/>eporting used for manage-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment decision making.</span> global Denmark Denmark <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2.1 Segment inf<span class="_ _3"/>ormation</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Operating segments ar<span class="_ _0"/>e defined by the oper<span class="_ _0"/>ational and management </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">structure of DSV<span class="_ _0"/>, which is derived fr<span class="_ _0"/>om the types of ser<span class="_ _4"/>vices we deliv<span class="_ _0"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and our geographical pr<span class="_ _0"/>esenc<span class="_ _0"/>e on the global marke<span class="_ _0"/>t<span class="_ _4"/>. As such, our operat-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ing segments reflect our Divisional and Gr<span class="_ _0"/>oup r<span class="_ _0"/>eporting used for manage-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment decision making.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Oper<span class="_ _0"/>ating segments</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Our business operations ar<span class="_ _0"/>e car<span class="_ _0"/>ried out by thr<span class="_ _0"/>ee divisions, forming the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">basis of our segment reporting.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Air &amp; Sea </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Air &amp; Sea division operat<span class="_ _0"/>es a global network specialising in tr<span class="_ _0"/>anspor<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tation of car<span class="_ _0"/>go by air and sea. The division off<span class="_ _0"/>ers both c<span class="_ _0"/>onventional </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">freight f<span class="_ _0"/>orwar<span class="_ _0"/>ding services and tailor<span class="_ _0"/>ed pr<span class="_ _0"/>oject cargo solutions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Road </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Road division off<span class="_ _0"/>ers r<span class="_ _0"/>oad freight services, including full load, part load </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and groupage. The division oper<span class="_ _0"/>at<span class="_ _0"/>es a Eur<span class="_ _0"/>opean network and furthermor<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">has operations in North America, South Africa and in the Middle E<span class="_ _0"/>ast.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Solutions </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Solutions division offers w<span class="_ _0"/>arehousing and logis<span class="_ _0"/>tics ser<span class="_ _4"/>vices globally<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The ser<span class="_ _4"/>vice portfolio includes fr<span class="_ _0"/>eight management, customs clearanc<span class="_ _0"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">order management and e-c<span class="_ _0"/>ommer<span class="_ _0"/>ce solutions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Measur<span class="_ _0"/>ement of earnings by segment</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Our operating segments ar<span class="_ _0"/>e measur<span class="_ _0"/>ed and r<span class="_ _0"/>eported down t<span class="_ _0"/>o operating </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">profit bef<span class="_ _0"/>or<span class="_ _0"/>e special it<span class="_ _0"/>ems. This r<span class="_ _0"/>eporting adheres t<span class="_ _0"/>o the acc<span class="_ _0"/>ounting poli-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cies disclosed in these consolidat<span class="_ _0"/>ed financial stat<span class="_ _0"/>ements. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Segment income and c<span class="_ _0"/>osts, as well as asse<span class="_ _0"/>ts and liabilities, comprise it<span class="_ _0"/>ems </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">directly attributable t<span class="_ _0"/>o the segment as well as it<span class="_ _0"/>ems that may be allocat-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ed to the segment on a r<span class="_ _0"/>eliable basis.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Income and c<span class="_ _0"/>osts r<span class="_ _0"/>elating to Gr<span class="_ _0"/>oup functions, investing activities, etc., are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">managed at Group lev<span class="_ _0"/>el. These items ar<span class="_ _0"/>e not included in the s<span class="_ _0"/>tatement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">segment information, but ar<span class="_ _0"/>e pr<span class="_ _0"/>esent<span class="_ _0"/>ed under ‘non- <span class="_ _9"/>allocated it<span class="_ _0"/>ems and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eliminations’.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial position of operating segments</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Assets and liabilities are included in the segment<span class="_ _0"/>al reporting t<span class="_ _0"/>o the extent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">they are used f<span class="_ _0"/>or the oper<span class="_ _0"/>ation of the segment<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Assets and liabilities that cannot be attributed t<span class="_ _0"/>o any of the thr<span class="_ _0"/>ee seg-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments on a reliable basis ar<span class="_ _0"/>e pr<span class="_ _0"/>esent<span class="_ _0"/>ed under ‘non-allocated it<span class="_ _0"/>ems and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eliminations’.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Geogr<span class="_ _0"/>aphical inf<span class="_ _0"/>ormation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV operat<span class="_ _0"/>es in most parts of the world and has activities in more than </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">80 countries, which ar<span class="_ _0"/>e divided into the f<span class="_ _0"/>ollowing geogr<span class="_ _0"/>aphical r<span class="_ _0"/>egions:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>EMEA<span class="_ _4"/>: Europe, Middle East and Afric<span class="_ _0"/>a</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Americas: Nor<span class="_ _4"/>th and South America</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>AP<span class="_ _3"/>AC<span class="_ _4"/>: Asia, Australia and the Pacific</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue and non-curr<span class="_ _0"/>ent asse<span class="_ _0"/>ts are alloc<span class="_ _0"/>ated t<span class="_ _0"/>o the geographic<span class="_ _0"/>al are<span class="_ _0"/>as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>ording t<span class="_ _0"/>o the country in which the individual c<span class="_ _0"/>onsolidated entity is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">based. Please r<span class="_ _0"/>efer t<span class="_ _0"/>o <span class="fc7">not<span class="_ _0"/>e 2.2<span class="fc1"> f<span class="_ _0"/>or r<span class="_ _0"/>egional segmentation of r<span class="_ _0"/>evenue. The </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">corpor<span class="_ _0"/>ate headquarters of DSV is loc<span class="_ _0"/>ated in Denmark, which is in the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">EMEA region. Our business is based on tr<span class="_ _0"/>ansactions in our global network </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rather than in individual c<span class="_ _0"/>ountries or r<span class="_ _0"/>egions. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Intersegment tr<span class="_ _0"/>ansactions are made on an arm<span class="_ _0"/>’<span class="_ _0"/>s length basis.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Major customer<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV is not r<span class="_ _0"/>eliant on any major cust<span class="_ _0"/>omers. No single customer e<span class="_ _0"/>xceeds </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5% of the consolidat<span class="_ _0"/>ed Group r<span class="_ _0"/>evenue.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:388.375px;"><span style="position: absolute; display: inline-block; left: 865.594px; top: 0.0019531px; width: 102.744px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Non-allocated it<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ems </span><span style="position: absolute; display: inline-block; left: 446.188px; top: 15.002px; width: 342.879px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Air &amp; Sea<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Road<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Solutions</span><span style="position: absolute; display: inline-block; left: 875.938px; top: 15.002px; width: 198.398px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">and eliminations<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2949px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 35.7852px; width: 231.211px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Segment inf<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ormation – divisions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)</span></span><span style="position: absolute; display: inline-block; left: 431.141px; top: 36.3477px; width: 696.422px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 41.6719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 41.6719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 41.6719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 41.6719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 41.6719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.873px; width: 185.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Condensed stat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ement of pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ofit or loss</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.252px; width: 1127.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revenue<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 381.69px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>92,438<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>172,868<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35,509<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>38,746<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>22,482<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>23,826<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>356<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9727px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>225<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>150,785<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>235,665</span><span style="position: absolute; display: inline-block; left: 0px; top: 97.627px; width: 1127.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Intersegment r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>evenue<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 332.279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>534<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,563<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,646<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,761<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>658<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.5625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>583<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3,838)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 30.2988px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(4,907)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.6017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.2716px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 118.973px; width: 1127.6px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Divisional rev<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>enue<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 319.881px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">92,972<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 19.7344px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>174,431<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>38,155<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>41,507<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>23,140<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 26.9473px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>24,409<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(3,482)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(4,682)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 22.8808px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>150,785<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 19.0429px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>235,665</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 144.049px; width: 1127.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Direct cos<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 364.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>67,002<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>139,807<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>30,295<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>33,596<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,630<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15,091<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3,960)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 30.2988px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(4,978)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 28.7637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>106,967<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>183,516</span><span style="position: absolute; display: inline-block; left: 0px; top: 165.395px; width: 1127.64px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Gross pr<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ofit<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 352.5px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">25,970<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>34,624<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>7,860<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>7,911<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>9,510<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>9,318<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>478<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 46.5px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>296<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 36.4277px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>43,818<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 26.9473px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>52,149</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 190.486px; width: 1127.69px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other external c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 330.369px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,574<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,244<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,428<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,425<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,782<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,759<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,946)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 30.2988px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,869)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,838<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,559</span><span style="position: absolute; display: inline-block; left: 0px; top: 209.861px; width: 1127.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Staff c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 377.831px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7,877<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8,471<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,574<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,543<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,418<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,254<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,114<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,047<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15,983<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16,315</span><span style="position: absolute; display: inline-block; left: 0px; top: 231.207px; width: 358.693px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Oper<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ating profit bef<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>or<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>e amortisation and depreciation (EBITDA) <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 246.207px; width: 1127.62px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">bef<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ore special it<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ems<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 309.334px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">14,519<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>21,909<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,858<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,943<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>5,310<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>5,305<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>310<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 46.5px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>118<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 36.4277px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>22,997<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 26.9473px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>30,275</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 271.299px; width: 1127.65px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Amortisation and depreciation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 282.967px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,156<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,251<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>849<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9727px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>903<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,955<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,604<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>314<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.5625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>313<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,274<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,071</span><span style="position: absolute; display: inline-block; left: 0px; top: 292.629px; width: 1127.95px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Oper<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ating profit (EBIT) before special it<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ems*<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 172.365px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">13,363<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>20,658<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,009<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,040<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,355<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,701<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 65.8301px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(4)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 34.3887px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(195)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>17,723<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>25,204</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 318.998px; width: 206.59px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Condensed stat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ement of financial position</span><span style="position: absolute; display: inline-block; left: 0px; top: 338.377px; width: 1127.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal gr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>oss investments<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.023px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,776<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,797<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,057<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.5625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>501<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,229<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,338<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>475<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9727px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>165<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8,537<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6,801</span><span style="position: absolute; display: inline-block; left: 0px; top: 357.752px; width: 1127.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 366.838px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>80,257<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>93,821<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>25,702<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>24,437<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>30,730<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>29,347<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>10,421<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11,440<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>147,110<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>159,045</span><span style="position: absolute; display: inline-block; left: 0px; top: 377.127px; width: 1127.79px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 356.203px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>50,336<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>67,546<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>19,057<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>17,547<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>24,658<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>23,357<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(15,907)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.3027px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(21,146)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>78,144<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>87,304</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">* <span class="_ _e2"> </span> <span class="_ _1"/>Refer<span class="_ _0"/>ence is made t<span class="_ _0"/>o the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss for r<span class="_ _0"/>ec<span class="_ _0"/>onciliation of operating pr<span class="_ _0"/>ofit (EBIT) befor<span class="_ _0"/>e special items to pr<span class="_ _0"/>ofit f<span class="_ _0"/>or the year<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:174.111328125px;"><span style="position: absolute; display: inline-block; left: 316.312px; top: 0.0019531px; width: 223.037px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revenue<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.3906px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Non-curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent assets**</span><span style="position: absolute; display: inline-block; left: 0px; top: 5.78516px; width: 154.787px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Geogr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>aphical inf<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ormation <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 20.7852px; width: 102.908px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">– major countries</span><span style="position: absolute; display: inline-block; left: 102.734px; top: 21.9395px; width: 42.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> (DKKm)</span><span style="position: absolute; display: inline-block; left: 300.156px; top: 21.3477px; width: 250.488px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 41.6719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 41.6719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.877px; width: 550.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">USA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.543px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>26,399<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>52,826<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,184<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,431</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.252px; width: 550.143px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.42px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>12,187<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>17,684<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,786<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,526</span><span style="position: absolute; display: inline-block; left: 0px; top: 82.6426px; width: 550.131px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.42px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11,534<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>17,071<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,297<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,159</span><span style="position: absolute; display: inline-block; left: 0px; top: 102.018px; width: 550.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.543px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6,714<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>10,415<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>469<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.5625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>465</span><span style="position: absolute; display: inline-block; left: 0px; top: 121.393px; width: 550.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 221.806px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,845<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9,761<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,054<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9727px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>896</span><span style="position: absolute; display: inline-block; left: 0px; top: 140.783px; width: 550.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 263.783px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>88,106<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>127,908<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,456<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,750</span><span style="position: absolute; display: inline-block; left: 0px; top: 162.113px; width: 550.5px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 253.588px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>150,785<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 19.7344px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>235,665<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>25,246<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>24,227</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:115.986328125px;"><span style="position: absolute; display: inline-block; left: 433.812px; top: 0.0019531px; width: 106.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Non-curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent assets**</span><span style="position: absolute; display: inline-block; left: 0px; top: 5.78516px; width: 151.893px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Geogr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>aphical inf<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ormation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 20.7852px; width: 57.7324px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> – regions</span><span style="position: absolute; display: inline-block; left: 57.4375px; top: 21.9395px; width: 44.918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> (DKKm) </span><span style="position: absolute; display: inline-block; left: 448.109px; top: 21.3477px; width: 101.391px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 41.6719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.877px; width: 550.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">EMEA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 412.522px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18,416<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18,179</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.252px; width: 550.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Americas<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 403.961px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,625<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,593</span><span style="position: absolute; display: inline-block; left: 0px; top: 82.6426px; width: 550.506px; white-space: pre; word-spacing: 0.936px; letter-spacing: -0.936px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">A<span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>PA<span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>C<span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; width: 423.517px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2,205<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,455</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.988px; width: 550.699px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 410.479px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>25,246<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>24,227</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">** <span class="_ _171"> </span>Non-curr<span class="_ _0"/>ent assets less tax asse<span class="_ _0"/>ts, customer r<span class="_ _0"/>elationships and goodwill.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2.2 R<span class="_ _0"/>evenue</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue c<span class="_ _0"/>omprises sale of services and other operating inc<span class="_ _0"/>ome. Sale of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ser<span class="_ _4"/>vices c<span class="_ _0"/>omprises fr<span class="_ _0"/>eight forwar<span class="_ _0"/>ding services, contr<span class="_ _0"/>act logistics, sale of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">property pr<span class="_ _0"/>ojects and other relat<span class="_ _0"/>ed services render<span class="_ _0"/>ed. Other oper<span class="_ _0"/>ating </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income includes r<span class="_ _0"/>ental inc<span class="_ _0"/>ome fr<span class="_ _0"/>om terminal and building leases, gains </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">from disposal of non-cur<span class="_ _0"/>r<span class="_ _0"/>ent assets and income fr<span class="_ _0"/>om insur<span class="_ _0"/>ance c<span class="_ _0"/>ontr<span class="_ _0"/>acts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue fr<span class="_ _0"/>om services r<span class="_ _0"/>endered is r<span class="_ _0"/>ec<span class="_ _0"/>ognised in acc<span class="_ _0"/>or<span class="_ _0"/>dance with the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">over-time r<span class="_ _0"/>ec<span class="_ _0"/>ognition principle f<span class="_ _0"/>ollowing the satisfaction of various mile-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stones as the perf<span class="_ _0"/>ormance obligations ar<span class="_ _0"/>e fulfilled t<span class="_ _0"/>owar<span class="_ _0"/>ds the customer<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Our main ser<span class="_ _4"/>vices c<span class="_ _0"/>omprise the f<span class="_ _0"/>ollowing:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Air services </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Air ser<span class="_ _4"/>vices c<span class="_ _0"/>omprise air fr<span class="_ _0"/>eight logistics. Air ser<span class="_ _4"/>vices ar<span class="_ _0"/>e r<span class="_ _0"/>eported within </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the Air &amp; Sea operating segment. Air ser<span class="_ _4"/>vices ar<span class="_ _0"/>e characterised by short </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">delivery times, as most air transports ar<span class="_ _0"/>e complet<span class="_ _0"/>ed within a f<span class="_ _0"/>ew days. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sea services</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sea services comprise sea fr<span class="_ _0"/>eight logistics. Sea services are r<span class="_ _0"/>eported </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">within the Air &amp; Sea operating segment. Sea ser<span class="_ _4"/>vices ar<span class="_ _0"/>e characterised by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">longer delivery times, averaging one month depending on destination. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Road services</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Road services comprise r<span class="_ _0"/>oad fr<span class="_ _0"/>eight logistics. Road services ar<span class="_ _0"/>e r<span class="_ _0"/>eported </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">within the Road oper<span class="_ _0"/>ating segment<span class="_ _4"/>. Road services ar<span class="_ _0"/>e characterised by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">short delivery times, as most road tr<span class="_ _0"/>ansports are c<span class="_ _0"/>ompleted within a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">few days. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Solutions services</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Solutions ser<span class="_ _4"/>vices c<span class="_ _0"/>omprise contr<span class="_ _0"/>act logistics, incl. warehousing and in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ventory management. Solutions ser<span class="_ _4"/>vices are r<span class="_ _0"/>eported within the Solu-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tions operating segment. Solutions ser<span class="_ _4"/>vices ar<span class="_ _0"/>e characterised by very </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">short delivery times, happening almost instanta <span class="_ _9"/>neously<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rec<span class="_ _0"/>ognition principles</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue fr<span class="_ _0"/>om services r<span class="_ _0"/>endered ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised based on the price speci-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fied in the contr<span class="_ _0"/>act with the customer<span class="_ _0"/>. R<span class="_ _0"/>evenue is measur<span class="_ _0"/>ed ex<span class="_ _0"/>cluding </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _3"/>A<span class="_ _3"/>T and other tax<span class="_ _0"/>es collected on behalf of thir<span class="_ _0"/>d parties, and any discounts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are offse<span class="_ _0"/>t against the r<span class="_ _0"/>evenue. Incr<span class="_ _0"/>emental cos<span class="_ _0"/>ts of obtaining a c<span class="_ _0"/>ontract </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with a customer ar<span class="_ _0"/>e no<span class="_ _0"/>t rec<span class="_ _0"/>ognised as an asset but as a c<span class="_ _0"/>ost when in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">curr<span class="_ _0"/>ed, due to the short delivery times. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>rade r<span class="_ _0"/>ec<span class="_ _0"/>eivables ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised as services invoiced t<span class="_ _0"/>o the cust<span class="_ _0"/>omer<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>rade r<span class="_ _0"/>ec<span class="_ _0"/>eivables ar<span class="_ _0"/>e not adjust<span class="_ _0"/>ed f<span class="_ _0"/>or financing components due t<span class="_ _0"/>o short </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">credit t<span class="_ _0"/>erms, typically ranging fr<span class="_ _0"/>om 14 t<span class="_ _0"/>o 60 days, rendering the financ-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ing component insignificant. Where services r<span class="_ _0"/>ender<span class="_ _0"/>ed have yet to be in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">voiced and invoic<span class="_ _0"/>es on services rec<span class="_ _0"/>eived fr<span class="_ _0"/>om hauliers still have to be </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>eived, c<span class="_ _0"/>ontract assets and accrued c<span class="_ _0"/>ost of services ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the reporting dat<span class="_ _0"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue allocat<span class="_ _0"/>ed to r<span class="_ _0"/>emaining perf<span class="_ _0"/>ormance obligations ar<span class="_ _0"/>e not disclosed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">following the pr<span class="_ _0"/>actical expedient of IFRS 15. R<span class="_ _0"/>evenue also comprises </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income fr<span class="_ _0"/>om sale of pr<span class="_ _0"/>operty projects in the form of sale of land and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">buildings acquir<span class="_ _0"/>ed, cons<span class="_ _0"/>tructed and held for sale in the or<span class="_ _0"/>dinary course </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of business. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue fr<span class="_ _0"/>om pr<span class="_ _0"/>operty projects is rec<span class="_ _0"/>ognised at a point in time in the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">operating segment t<span class="_ _0"/>o which it r<span class="_ _0"/>elates. R<span class="_ _0"/>evenue is r<span class="_ _0"/>ecognised based on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">price and perf<span class="_ _0"/>ormance obligations specified in the c<span class="_ _0"/>ontract with the cus-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tomer<span class="_ _3"/>. Deliver<span class="_ _4"/>y times on property projects ar<span class="_ _0"/>e typically 8-18 months.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If the property is leased back after comple<span class="_ _0"/>tion, the right-of-use asse<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">arising from the le<span class="_ _0"/>aseback is rec<span class="_ _0"/>ognised at the pr<span class="_ _0"/>oportion of the previous </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">carrying amount of the asset that r<span class="_ _0"/>elates t<span class="_ _0"/>o the right of use r<span class="_ _0"/>etained by DSV<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ser<span class="_ _4"/>vices and geogr<span class="_ _0"/>aphical segmentation of r<span class="_ _0"/>evenue is specified as f<span class="_ _0"/>ollows:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:183.064453125px;"><span style="position: absolute; display: inline-block; left: 262.125px; top: 0.0019531px; width: 433.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">EMEA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.7596px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Americas<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.113px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">A<span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>PA<span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>C<span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; width: 111.855px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>l</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 5.78516px; width: 156.422px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Ser<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>vices and geogr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>a <span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>phical <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 20.7852px; width: 146.725px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">segmentation of r<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>evenue</span><span style="position: absolute; display: inline-block; left: 146.938px; top: 21.9395px; width: 42.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> (DKKm)</span><span style="position: absolute; display: inline-block; left: 238.859px; top: 21.3477px; width: 503.01px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.877px; width: 741.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Air ser<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>vices<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 174.703px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>20,793<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>30,258<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15,189<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>28,083<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,622<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>32,250<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>50,604<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>90,591</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.2676px; width: 742.02px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sea services<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.959px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>20,607<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>41,386<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,243<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>28,494<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7,518<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,960<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>42,368<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>83,840</span><span style="position: absolute; display: inline-block; left: 0px; top: 82.6426px; width: 741.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Road services<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.975px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>34,624<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>37,453<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,531<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,054<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.3221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>38,155<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>41,507</span><span style="position: absolute; display: inline-block; left: 0px; top: 102.018px; width: 741.809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Solutions ser<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>vices<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 143.215px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15,062<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16,537<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,803<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,382<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,275<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,490<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>23,140<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>24,409</span><span style="position: absolute; display: inline-block; left: 0px; top: 123.363px; width: 741.92px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 200.004px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>91,086<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 13.3359px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>125,634<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 29.2558px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>37,766<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>65,013<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 29.8183px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>25,415<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>49,700<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 21.6973px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>154,267<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 13.3359px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>240,347</span><span style="position: absolute; display: inline-block; left: 0px; top: 149.721px; width: 746.092px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Non-allocated it<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ems and eliminations<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.688px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3,482)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(4,682)</span><span style="position: absolute; display: inline-block; left: 0px; top: 171.066px; width: 741.891px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal revenue<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 553.294px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">150,785<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 13.3359px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>235,665</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue is specified as f<span class="_ _0"/>ollows:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:75.8125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.842px; white-space: pre; word-spacing: 0.1275px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Rev<span style="word-spacing: 0.1275px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>enue<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.959px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 356.941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sale of ser<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>vices<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.959px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>149,916<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>234,669</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 356.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other operating inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ome<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.641px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>869<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>996</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.8164px; width: 356.801px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal <span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 213.07px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>150,785<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 12.7148px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>235,665</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sale of property pr<span class="_ _0"/>ojects presented within sale of services cons<span class="_ _0"/>titutes </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">less than 1% of to<span class="_ _0"/>tal r<span class="_ _0"/>evenue (2022: less than 1%). Inc<span class="_ _0"/>ome from insur<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ance c<span class="_ _0"/>ontracts pr<span class="_ _0"/>esented within other oper<span class="_ _0"/>ating inc<span class="_ _0"/>ome constitut<span class="_ _0"/>es less </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">than 1% of to<span class="_ _0"/>tal r<span class="_ _0"/>evenue (2022: less than 1%).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.4 <span class="_ _15e"/>Contr<span class="_ _3"/>ac<span class="_ _8"/>t assets and accrued </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost of ser<span class="_ _4"/>vices<span class="_ _4"/> <span class="_ _0"/> <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contract assets and ac<span class="_ _0"/>crued costs of services include accrued r<span class="_ _0"/>evenue and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">accrued c<span class="_ _0"/>osts fr<span class="_ _0"/>om freight f<span class="_ _0"/>orwar<span class="_ _0"/>ding services, contr<span class="_ _0"/>act logi<span class="_ _0"/>s<span class="_ _0"/>tic<span class="_ _0"/>s <span class="_ _0"/>an<span class="_ _0"/>d o<span class="_ _0"/>t<span class="_ _0"/>he<span class="_ _0"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">relat<span class="_ _0"/>ed services in progr<span class="_ _0"/>ess. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contract assets ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised when a sales tr<span class="_ _0"/>ansaction fulfils the criteria </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for r<span class="_ _0"/>evenue r<span class="_ _0"/>ec<span class="_ _0"/>ognition, but the final invoice has ye<span class="_ _0"/>t to be issued t<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">customer f<span class="_ _0"/>or the services deliver<span class="_ _0"/>ed. Please r<span class="_ _0"/>efer t<span class="_ _0"/>o <span class="fc7">not<span class="_ _0"/>e 4.4<span class="fc1"> f<span class="_ _0"/>or disclosur<span class="_ _0"/>e </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of credit risk, as tr<span class="_ _0"/>ade r<span class="_ _0"/>eceiv<span class="_ _0"/>ables carry substantially the same char<span class="_ _0"/>acteris<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tics as contract assets.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accrued c<span class="_ _0"/>osts of services are estimat<span class="_ _0"/>ed and r<span class="_ _0"/>ecognised when supplier in<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">voices r<span class="_ _0"/>elating t<span class="_ _0"/>o rec<span class="_ _0"/>ognised r<span class="_ _0"/>evenue f<span class="_ _0"/>or the r<span class="_ _0"/>eporting period have yet to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be rec<span class="_ _0"/>eived.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In the prepar<span class="_ _0"/>ation of the c<span class="_ _0"/>onsolidated financial st<span class="_ _0"/>atements, significant </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">estimates ar<span class="_ _0"/>e applied in assessing services in pr<span class="_ _0"/>ogr<span class="_ _0"/>ess, including accrual of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income and pertaining dir<span class="_ _0"/>ect costs. These estimat<span class="_ _0"/>es ar<span class="_ _0"/>e based on experi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ence and c<span class="_ _0"/>ontinuous follow-up on services in pr<span class="_ _0"/>ogr<span class="_ _0"/>ess r<span class="_ _0"/>elative to sub-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sequent invoicing.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2.2 R<span class="_ _0"/>evenue</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue c<span class="_ _0"/>omprises sale of services and other operating inc<span class="_ _0"/>ome. Sale of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ser<span class="_ _4"/>vices c<span class="_ _0"/>omprises fr<span class="_ _0"/>eight forwar<span class="_ _0"/>ding services, contr<span class="_ _0"/>act logistics, sale of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">property pr<span class="_ _0"/>ojects and other relat<span class="_ _0"/>ed services render<span class="_ _0"/>ed. Other oper<span class="_ _0"/>ating </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income includes r<span class="_ _0"/>ental inc<span class="_ _0"/>ome fr<span class="_ _0"/>om terminal and building leases, gains </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">from disposal of non-cur<span class="_ _0"/>r<span class="_ _0"/>ent assets and income fr<span class="_ _0"/>om insur<span class="_ _0"/>ance c<span class="_ _0"/>ontr<span class="_ _0"/>acts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue fr<span class="_ _0"/>om services r<span class="_ _0"/>endered is r<span class="_ _0"/>ec<span class="_ _0"/>ognised in acc<span class="_ _0"/>or<span class="_ _0"/>dance with the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">over-time r<span class="_ _0"/>ec<span class="_ _0"/>ognition principle f<span class="_ _0"/>ollowing the satisfaction of various mile-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stones as the perf<span class="_ _0"/>ormance obligations ar<span class="_ _0"/>e fulfilled t<span class="_ _0"/>owar<span class="_ _0"/>ds the customer<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Our main ser<span class="_ _4"/>vices c<span class="_ _0"/>omprise the f<span class="_ _0"/>ollowing:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Air services </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Air ser<span class="_ _4"/>vices c<span class="_ _0"/>omprise air fr<span class="_ _0"/>eight logistics. Air ser<span class="_ _4"/>vices ar<span class="_ _0"/>e r<span class="_ _0"/>eported within </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the Air &amp; Sea operating segment. Air ser<span class="_ _4"/>vices ar<span class="_ _0"/>e characterised by short </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">delivery times, as most air transports ar<span class="_ _0"/>e complet<span class="_ _0"/>ed within a f<span class="_ _0"/>ew days. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sea services</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sea services comprise sea fr<span class="_ _0"/>eight logistics. Sea services are r<span class="_ _0"/>eported </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">within the Air &amp; Sea operating segment. Sea ser<span class="_ _4"/>vices ar<span class="_ _0"/>e characterised by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">longer delivery times, averaging one month depending on destination. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Road services</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Road services comprise r<span class="_ _0"/>oad fr<span class="_ _0"/>eight logistics. Road services ar<span class="_ _0"/>e r<span class="_ _0"/>eported </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">within the Road oper<span class="_ _0"/>ating segment<span class="_ _4"/>. Road services ar<span class="_ _0"/>e characterised by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">short delivery times, as most road tr<span class="_ _0"/>ansports are c<span class="_ _0"/>ompleted within a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">few days. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Solutions services</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Solutions ser<span class="_ _4"/>vices c<span class="_ _0"/>omprise contr<span class="_ _0"/>act logistics, incl. warehousing and in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ventory management. Solutions ser<span class="_ _4"/>vices are r<span class="_ _0"/>eported within the Solu-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tions operating segment. Solutions ser<span class="_ _4"/>vices ar<span class="_ _0"/>e characterised by very </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">short delivery times, happening almost instanta <span class="_ _9"/>neously<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rec<span class="_ _0"/>ognition principles</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue fr<span class="_ _0"/>om services r<span class="_ _0"/>endered ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised based on the price speci-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fied in the contr<span class="_ _0"/>act with the customer<span class="_ _0"/>. R<span class="_ _0"/>evenue is measur<span class="_ _0"/>ed ex<span class="_ _0"/>cluding </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _3"/>A<span class="_ _3"/>T and other tax<span class="_ _0"/>es collected on behalf of thir<span class="_ _0"/>d parties, and any discounts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are offse<span class="_ _0"/>t against the r<span class="_ _0"/>evenue. Incr<span class="_ _0"/>emental cos<span class="_ _0"/>ts of obtaining a c<span class="_ _0"/>ontract </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with a customer ar<span class="_ _0"/>e no<span class="_ _0"/>t rec<span class="_ _0"/>ognised as an asset but as a c<span class="_ _0"/>ost when in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">curr<span class="_ _0"/>ed, due to the short delivery times. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>rade r<span class="_ _0"/>ec<span class="_ _0"/>eivables ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised as services invoiced t<span class="_ _0"/>o the cust<span class="_ _0"/>omer<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>rade r<span class="_ _0"/>ec<span class="_ _0"/>eivables ar<span class="_ _0"/>e not adjust<span class="_ _0"/>ed f<span class="_ _0"/>or financing components due t<span class="_ _0"/>o short </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">credit t<span class="_ _0"/>erms, typically ranging fr<span class="_ _0"/>om 14 t<span class="_ _0"/>o 60 days, rendering the financ-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ing component insignificant. Where services r<span class="_ _0"/>ender<span class="_ _0"/>ed have yet to be in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">voiced and invoic<span class="_ _0"/>es on services rec<span class="_ _0"/>eived fr<span class="_ _0"/>om hauliers still have to be </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>eived, c<span class="_ _0"/>ontract assets and accrued c<span class="_ _0"/>ost of services ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the reporting dat<span class="_ _0"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue allocat<span class="_ _0"/>ed to r<span class="_ _0"/>emaining perf<span class="_ _0"/>ormance obligations ar<span class="_ _0"/>e not disclosed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">following the pr<span class="_ _0"/>actical expedient of IFRS 15. R<span class="_ _0"/>evenue also comprises </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income fr<span class="_ _0"/>om sale of pr<span class="_ _0"/>operty projects in the form of sale of land and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">buildings acquir<span class="_ _0"/>ed, cons<span class="_ _0"/>tructed and held for sale in the or<span class="_ _0"/>dinary course </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of business. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue fr<span class="_ _0"/>om pr<span class="_ _0"/>operty projects is rec<span class="_ _0"/>ognised at a point in time in the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">operating segment t<span class="_ _0"/>o which it r<span class="_ _0"/>elates. R<span class="_ _0"/>evenue is r<span class="_ _0"/>ecognised based on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">price and perf<span class="_ _0"/>ormance obligations specified in the c<span class="_ _0"/>ontract with the cus-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tomer<span class="_ _3"/>. Deliver<span class="_ _4"/>y times on property projects ar<span class="_ _0"/>e typically 8-18 months.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If the property is leased back after comple<span class="_ _0"/>tion, the right-of-use asse<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">arising from the le<span class="_ _0"/>aseback is rec<span class="_ _0"/>ognised at the pr<span class="_ _0"/>oportion of the previous </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">carrying amount of the asset that r<span class="_ _0"/>elates t<span class="_ _0"/>o the right of use r<span class="_ _0"/>etained by DSV<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ser<span class="_ _4"/>vices and geogr<span class="_ _0"/>aphical segmentation of r<span class="_ _0"/>evenue is specified as f<span class="_ _0"/>ollows:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:183.064453125px;"><span style="position: absolute; display: inline-block; left: 262.125px; top: 0.0019531px; width: 433.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">EMEA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.7596px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Americas<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.113px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">A<span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>PA<span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>C<span style="word-spacing: 0.936px; letter-spacing: -0.936px; display: inline-block; margin-left: 0px; width: 111.855px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>l</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 5.78516px; width: 156.422px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Ser<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>vices and geogr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>a <span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>phical <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 20.7852px; width: 146.725px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">segmentation of r<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>evenue</span><span style="position: absolute; display: inline-block; left: 146.938px; top: 21.9395px; width: 42.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> (DKKm)</span><span style="position: absolute; display: inline-block; left: 238.859px; top: 21.3477px; width: 503.01px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.877px; width: 741.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Air ser<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>vices<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 174.703px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>20,793<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>30,258<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15,189<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>28,083<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,622<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>32,250<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>50,604<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>90,591</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.2676px; width: 742.02px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sea services<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.959px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>20,607<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>41,386<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,243<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>28,494<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7,518<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,960<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>42,368<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>83,840</span><span style="position: absolute; display: inline-block; left: 0px; top: 82.6426px; width: 741.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Road services<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.975px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>34,624<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>37,453<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,531<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,054<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.3221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>38,155<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>41,507</span><span style="position: absolute; display: inline-block; left: 0px; top: 102.018px; width: 741.809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Solutions ser<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>vices<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 143.215px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15,062<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16,537<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,803<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,382<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,275<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,490<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>23,140<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>24,409</span><span style="position: absolute; display: inline-block; left: 0px; top: 123.363px; width: 741.92px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 200.004px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>91,086<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 13.3359px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>125,634<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 29.2558px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>37,766<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>65,013<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 29.8183px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>25,415<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>49,700<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 21.6973px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>154,267<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 13.3359px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>240,347</span><span style="position: absolute; display: inline-block; left: 0px; top: 149.721px; width: 746.092px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Non-allocated it<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ems and eliminations<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.688px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3,482)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(4,682)</span><span style="position: absolute; display: inline-block; left: 0px; top: 171.066px; width: 741.891px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal revenue<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 553.294px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">150,785<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 13.3359px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>235,665</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue is specified as f<span class="_ _0"/>ollows:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:75.8125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.842px; white-space: pre; word-spacing: 0.1275px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Rev<span style="word-spacing: 0.1275px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>enue<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.959px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 356.941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sale of ser<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>vices<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.959px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>149,916<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>234,669</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 356.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other operating inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ome<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.641px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>869<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>996</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.8164px; width: 356.801px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal <span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 213.07px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>150,785<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 12.7148px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>235,665</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sale of property pr<span class="_ _0"/>ojects presented within sale of services cons<span class="_ _0"/>titutes </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">less than 1% of to<span class="_ _0"/>tal r<span class="_ _0"/>evenue (2022: less than 1%). Inc<span class="_ _0"/>ome from insur<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ance c<span class="_ _0"/>ontracts pr<span class="_ _0"/>esented within other oper<span class="_ _0"/>ating inc<span class="_ _0"/>ome constitut<span class="_ _0"/>es less </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">than 1% of to<span class="_ _0"/>tal r<span class="_ _0"/>evenue (2022: less than 1%).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue c<span class="_ _0"/>omprises sale of services and other operating inc<span class="_ _0"/>ome. Sale of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ser<span class="_ _4"/>vices c<span class="_ _0"/>omprises fr<span class="_ _0"/>eight forwar<span class="_ _0"/>ding services, contr<span class="_ _0"/>act logistics, sale of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">property pr<span class="_ _0"/>ojects and other relat<span class="_ _0"/>ed services render<span class="_ _0"/>ed. Other oper<span class="_ _0"/>ating </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income includes r<span class="_ _0"/>ental inc<span class="_ _0"/>ome fr<span class="_ _0"/>om terminal and building leases, gains </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">from disposal of non-cur<span class="_ _0"/>r<span class="_ _0"/>ent assets and income fr<span class="_ _0"/>om insur<span class="_ _0"/>ance c<span class="_ _0"/>ontr<span class="_ _0"/>acts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue fr<span class="_ _0"/>om services r<span class="_ _0"/>endered is r<span class="_ _0"/>ec<span class="_ _0"/>ognised in acc<span class="_ _0"/>or<span class="_ _0"/>dance with the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">over-time r<span class="_ _0"/>ec<span class="_ _0"/>ognition principle f<span class="_ _0"/>ollowing the satisfaction of various mile-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stones as the perf<span class="_ _0"/>ormance obligations ar<span class="_ _0"/>e fulfilled t<span class="_ _0"/>owar<span class="_ _0"/>ds the customer<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Our main ser<span class="_ _4"/>vices c<span class="_ _0"/>omprise the f<span class="_ _0"/>ollowing:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Air services </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Air ser<span class="_ _4"/>vices c<span class="_ _0"/>omprise air fr<span class="_ _0"/>eight logistics. Air ser<span class="_ _4"/>vices ar<span class="_ _0"/>e r<span class="_ _0"/>eported within </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the Air &amp; Sea operating segment. Air ser<span class="_ _4"/>vices ar<span class="_ _0"/>e characterised by short </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">delivery times, as most air transports ar<span class="_ _0"/>e complet<span class="_ _0"/>ed within a f<span class="_ _0"/>ew days. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sea services</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sea services comprise sea fr<span class="_ _0"/>eight logistics. Sea services are r<span class="_ _0"/>eported </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">within the Air &amp; Sea operating segment. Sea ser<span class="_ _4"/>vices ar<span class="_ _0"/>e characterised by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">longer delivery times, averaging one month depending on destination. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Road services</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Road services comprise r<span class="_ _0"/>oad fr<span class="_ _0"/>eight logistics. Road services ar<span class="_ _0"/>e r<span class="_ _0"/>eported </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">within the Road oper<span class="_ _0"/>ating segment<span class="_ _4"/>. Road services ar<span class="_ _0"/>e characterised by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">short delivery times, as most road tr<span class="_ _0"/>ansports are c<span class="_ _0"/>ompleted within a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">few days. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Solutions services</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Solutions ser<span class="_ _4"/>vices c<span class="_ _0"/>omprise contr<span class="_ _0"/>act logistics, incl. warehousing and in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ventory management. Solutions ser<span class="_ _4"/>vices are r<span class="_ _0"/>eported within the Solu-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tions operating segment. Solutions ser<span class="_ _4"/>vices ar<span class="_ _0"/>e characterised by very </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">short delivery times, happening almost instanta <span class="_ _9"/>neously<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rec<span class="_ _0"/>ognition principles</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue fr<span class="_ _0"/>om services r<span class="_ _0"/>endered ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised based on the price speci-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fied in the contr<span class="_ _0"/>act with the customer<span class="_ _0"/>. R<span class="_ _0"/>evenue is measur<span class="_ _0"/>ed ex<span class="_ _0"/>cluding </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _3"/>A<span class="_ _3"/>T and other tax<span class="_ _0"/>es collected on behalf of thir<span class="_ _0"/>d parties, and any discounts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are offse<span class="_ _0"/>t against the r<span class="_ _0"/>evenue. Incr<span class="_ _0"/>emental cos<span class="_ _0"/>ts of obtaining a c<span class="_ _0"/>ontract </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with a customer ar<span class="_ _0"/>e no<span class="_ _0"/>t rec<span class="_ _0"/>ognised as an asset but as a c<span class="_ _0"/>ost when in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">curr<span class="_ _0"/>ed, due to the short delivery times. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>rade r<span class="_ _0"/>ec<span class="_ _0"/>eivables ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised as services invoiced t<span class="_ _0"/>o the cust<span class="_ _0"/>omer<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>rade r<span class="_ _0"/>ec<span class="_ _0"/>eivables ar<span class="_ _0"/>e not adjust<span class="_ _0"/>ed f<span class="_ _0"/>or financing components due t<span class="_ _0"/>o short </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">credit t<span class="_ _0"/>erms, typically ranging fr<span class="_ _0"/>om 14 t<span class="_ _0"/>o 60 days, rendering the financ-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ing component insignificant. Where services r<span class="_ _0"/>ender<span class="_ _0"/>ed have yet to be in-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">voiced and invoic<span class="_ _0"/>es on services rec<span class="_ _0"/>eived fr<span class="_ _0"/>om hauliers still have to be </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>eived, c<span class="_ _0"/>ontract assets and accrued c<span class="_ _0"/>ost of services ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the reporting dat<span class="_ _0"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue allocat<span class="_ _0"/>ed to r<span class="_ _0"/>emaining perf<span class="_ _0"/>ormance obligations ar<span class="_ _0"/>e not disclosed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">following the pr<span class="_ _0"/>actical expedient of IFRS 15. R<span class="_ _0"/>evenue also comprises </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income fr<span class="_ _0"/>om sale of pr<span class="_ _0"/>operty projects in the form of sale of land and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">buildings acquir<span class="_ _0"/>ed, cons<span class="_ _0"/>tructed and held for sale in the or<span class="_ _0"/>dinary course </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of business. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue fr<span class="_ _0"/>om pr<span class="_ _0"/>operty projects is rec<span class="_ _0"/>ognised at a point in time in the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">operating segment t<span class="_ _0"/>o which it r<span class="_ _0"/>elates. R<span class="_ _0"/>evenue is r<span class="_ _0"/>ecognised based on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">price and perf<span class="_ _0"/>ormance obligations specified in the c<span class="_ _0"/>ontract with the cus-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tomer<span class="_ _3"/>. Deliver<span class="_ _4"/>y times on property projects ar<span class="_ _0"/>e typically 8-18 months.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If the property is leased back after comple<span class="_ _0"/>tion, the right-of-use asse<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">arising from the le<span class="_ _0"/>aseback is rec<span class="_ _0"/>ognised at the pr<span class="_ _0"/>oportion of the previous </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">carrying amount of the asset that r<span class="_ _0"/>elates t<span class="_ _0"/>o the right of use r<span class="_ _0"/>etained by DSV<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ser<span class="_ _4"/>vices and geogr<span class="_ _0"/>aphical segmentation of r<span class="_ _0"/>evenue is specified as f<span class="_ _0"/>ollows:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contract assets and ac<span class="_ _0"/>crued costs of services include accrued r<span class="_ _0"/>evenue and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">accrued c<span class="_ _0"/>osts fr<span class="_ _0"/>om freight f<span class="_ _0"/>orwar<span class="_ _0"/>ding services, contr<span class="_ _0"/>act logi<span class="_ _0"/>s<span class="_ _0"/>tic<span class="_ _0"/>s <span class="_ _0"/>an<span class="_ _0"/>d o<span class="_ _0"/>t<span class="_ _0"/>he<span class="_ _0"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">relat<span class="_ _0"/>ed services in progr<span class="_ _0"/>ess. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contract assets ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised when a sales tr<span class="_ _0"/>ansaction fulfils the criteria </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for r<span class="_ _0"/>evenue r<span class="_ _0"/>ec<span class="_ _0"/>ognition, but the final invoice has ye<span class="_ _0"/>t to be issued t<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">customer f<span class="_ _0"/>or the services deliver<span class="_ _0"/>ed. Please r<span class="_ _0"/>efer t<span class="_ _0"/>o <span class="fc7">not<span class="_ _0"/>e 4.4<span class="fc1"> f<span class="_ _0"/>or disclosur<span class="_ _0"/>e </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of credit risk, as tr<span class="_ _0"/>ade r<span class="_ _0"/>eceiv<span class="_ _0"/>ables carry substantially the same char<span class="_ _0"/>acteris<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tics as contract assets.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accrued c<span class="_ _0"/>osts of services are estimat<span class="_ _0"/>ed and r<span class="_ _0"/>ecognised when supplier in<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">voices r<span class="_ _0"/>elating t<span class="_ _0"/>o rec<span class="_ _0"/>ognised r<span class="_ _0"/>evenue f<span class="_ _0"/>or the r<span class="_ _0"/>eporting period have yet to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be rec<span class="_ _0"/>eived.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2.3 Dir<span class="_ _0"/>ec<span class="_ _4"/>t costs</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Direct cos<span class="_ _0"/>ts comprise c<span class="_ _0"/>osts paid to gener<span class="_ _0"/>ate the r<span class="_ _0"/>evenue. Dir<span class="_ _0"/>ect costs in<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">clude settlement of acc<span class="_ _0"/>ounts with haulage contr<span class="_ _0"/>actors, shipping companies, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">airlines, etc. Direct costs also include st<span class="_ _0"/>aff costs r<span class="_ _0"/>elating t<span class="_ _0"/>o hourly workers </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">used for fulfilling or<span class="_ _0"/>ders and o<span class="_ _0"/>ther dir<span class="_ _0"/>ect costs of operation, such as r<span class="_ _0"/>ent<span class="_ _0"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of logistics facilities and c<span class="_ _0"/>osts r<span class="_ _0"/>elating to pr<span class="_ _0"/>operty projects.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:95.1875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.689px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Direct costs<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm) <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.109px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 357.047px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Cost of carriers<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 178.582px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>92,286<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>169,068</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 356.883px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Staff c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>osts, hourly workers<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 128.935px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7,669<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7,647</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.8457px; width: 356.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other costs of oper<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 140.444px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7,012<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6,801</span><span style="position: absolute; display: inline-block; left: 0px; top: 83.1914px; width: 356.801px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 215.291px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>106,967<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 13.3359px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>183,516</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2.4 Other external c<span class="_ _0"/>osts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other external c<span class="_ _0"/>osts comprise c<span class="_ _0"/>osts r<span class="_ _0"/>elating t<span class="_ _0"/>o IT<span class="_ _0"/>, marke<span class="_ _0"/>ting, consultants, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other r<span class="_ _0"/>ent, training and education, office pr<span class="_ _0"/>emises, trav<span class="_ _0"/>elling, communi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cations as well as o<span class="_ _0"/>ther selling and administr<span class="_ _0"/>ative costs, less c<span class="_ _0"/>osts tr<span class="_ _0"/>ans-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fer<span class="_ _0"/>r<span class="_ _0"/>ed to dir<span class="_ _0"/>ect costs.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:75.8125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.906px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Other external costs<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm) <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0938px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 356.947px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other external c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.014px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11,850<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>12,360</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4863px; width: 361.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ransf<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>er<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>red t<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o dir<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ect costs<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 128.297px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(7,012)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(6,801)</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.8164px; width: 356.689px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal <span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 228.598px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>4,838<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>5,559</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2.5 St<span class="_ _0"/>aff costs</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Staff c<span class="_ _0"/>osts comprise salaries and w<span class="_ _0"/>ages, pension costs, social security </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs, c<span class="_ _0"/>osts r<span class="_ _0"/>elating to shar<span class="_ _0"/>e options schemes and o<span class="_ _0"/>ther staff costs f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">salaried employees. Staff c<span class="_ _0"/>osts f<span class="_ _0"/>or hourly workers, r<span class="_ _0"/>ec<span class="_ _0"/>ognised as direct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs, ar<span class="_ _0"/>e e<span class="_ _0"/>xcluded.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Staff c<span class="_ _0"/>osts ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in the financial year in which the employee </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">renders the r<span class="_ _0"/>elat<span class="_ _0"/>ed service. Costs r<span class="_ _0"/>elated t<span class="_ _0"/>o long-term employee bene-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fits, e.g. share-based payments, ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised in the periods in which </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">they are earned.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ref<span class="_ _0"/>er<span class="_ _0"/>ence is made t<span class="_ _0"/>o <span class="fc7">not<span class="_ _0"/>e 3.7<span class="fc1"> f<span class="_ _0"/>or detailed inf<span class="_ _0"/>ormation r<span class="_ _0"/>egar<span class="_ _0"/>ding pensions </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and other post-employment benefit plans, <span class="fc7">no<span class="_ _0"/>te 6.3 <span class="fc1">f<span class="_ _0"/>or inf<span class="_ _0"/>ormation on </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">remuner<span class="_ _0"/>ation of the Executive Boar<span class="_ _0"/>d and the Boar<span class="_ _0"/>d of Dir<span class="_ _0"/>ectors and <span class="fc7">not<span class="_ _0"/>e </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">6.2<span class="fc1"> for de<span class="_ _0"/>tailed inf<span class="_ _0"/>ormation on the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s share option schemes.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:220.421875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.689px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Staff c<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.641px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 356.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Salaries and wages, et<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>c.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 138.621px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>19,590<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>20,111</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 356.865px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defined contribution pension plans<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.027px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>728<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>745</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.8613px; width: 356.918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defined benefit pension plans<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.283px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>54<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>84</span><span style="position: absolute; display: inline-block; left: 0px; top: 81.2363px; width: 356.748px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other social security costs<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.49px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,013<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,820</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.611px; width: 356.865px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Share-based payments<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 157.857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>267<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>202</span><span style="position: absolute; display: inline-block; left: 0px; top: 121.957px; width: 357.117px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal <span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 220.869px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>23,652<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>23,962</span><span style="position: absolute; display: inline-block; left: 0px; top: 148.326px; width: 229.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Classification in the st<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>atement of pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ofit or loss:</span><span style="position: absolute; display: inline-block; left: 0px; top: 167.689px; width: 357.035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Hourly workers – r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ognised as direct cos<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ts <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7,669<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7,647</span><span style="position: absolute; display: inline-block; left: 0px; top: 187.08px; width: 356.982px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Salaried employees – rec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ognised as st<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>aff costs<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15,983<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16,315</span><span style="position: absolute; display: inline-block; left: 0px; top: 208.426px; width: 356.912px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 223.049px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>23,652<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 21.3105px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>23,962</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">W<span class="_ _0"/>eighted aver<span class="_ _0"/>age number of FTEs<span class="_ _183"> </span></span>74,839<span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span class="_ _b"> </span></span>76,583<span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Number of FTEs at year-end<span class="_ _d0"> </span>73,577<span class="_ _b"> </span>76,283</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Direct cos<span class="_ _0"/>ts comprise c<span class="_ _0"/>osts paid to gener<span class="_ _0"/>ate the r<span class="_ _0"/>evenue. Dir<span class="_ _0"/>ect costs in<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">clude settlement of acc<span class="_ _0"/>ounts with haulage contr<span class="_ _0"/>actors, shipping companies, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">airlines, etc. Direct costs also include st<span class="_ _0"/>aff costs r<span class="_ _0"/>elating t<span class="_ _0"/>o hourly workers </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">used for fulfilling or<span class="_ _0"/>ders and o<span class="_ _0"/>ther dir<span class="_ _0"/>ect costs of operation, such as r<span class="_ _0"/>ent<span class="_ _0"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of logistics facilities and c<span class="_ _0"/>osts r<span class="_ _0"/>elating to pr<span class="_ _0"/>operty projects.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other external c<span class="_ _0"/>osts comprise c<span class="_ _0"/>osts r<span class="_ _0"/>elating t<span class="_ _0"/>o IT<span class="_ _0"/>, marke<span class="_ _0"/>ting, consultants, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other r<span class="_ _0"/>ent, training and education, office pr<span class="_ _0"/>emises, trav<span class="_ _0"/>elling, communi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cations as well as o<span class="_ _0"/>ther selling and administr<span class="_ _0"/>ative costs, less c<span class="_ _0"/>osts tr<span class="_ _0"/>ans-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fer<span class="_ _0"/>r<span class="_ _0"/>ed to dir<span class="_ _0"/>ect costs.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Staff c<span class="_ _0"/>osts comprise salaries and w<span class="_ _0"/>ages, pension costs, social security </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs, c<span class="_ _0"/>osts r<span class="_ _0"/>elating to shar<span class="_ _0"/>e options schemes and o<span class="_ _0"/>ther staff costs f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">salaried employees. Staff c<span class="_ _0"/>osts f<span class="_ _0"/>or hourly workers, r<span class="_ _0"/>ec<span class="_ _0"/>ognised as direct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs, ar<span class="_ _0"/>e e<span class="_ _0"/>xcluded.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Staff c<span class="_ _0"/>osts ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in the financial year in which the employee </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">renders the r<span class="_ _0"/>elat<span class="_ _0"/>ed service. Costs r<span class="_ _0"/>elated t<span class="_ _0"/>o long-term employee bene-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fits, e.g. share-based payments, ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised in the periods in which </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">they are earned.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ref<span class="_ _0"/>er<span class="_ _0"/>ence is made t<span class="_ _0"/>o <span class="fc7">not<span class="_ _0"/>e 3.7<span class="fc1"> f<span class="_ _0"/>or detailed inf<span class="_ _0"/>ormation r<span class="_ _0"/>egar<span class="_ _0"/>ding pensions </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and other post-employment benefit plans, <span class="fc7">no<span class="_ _0"/>te 6.3 <span class="fc1">f<span class="_ _0"/>or inf<span class="_ _0"/>ormation on </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">remuner<span class="_ _0"/>ation of the Executive Boar<span class="_ _0"/>d and the Boar<span class="_ _0"/>d of Dir<span class="_ _0"/>ectors and <span class="fc7">not<span class="_ _0"/>e </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">6.2<span class="fc1"> for de<span class="_ _0"/>tailed inf<span class="_ _0"/>ormation on the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s share option schemes.</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revenue is specified as f<span class="_ _0"/>ollows:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:75.8125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.842px; white-space: pre; word-spacing: 0.1275px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Rev<span style="word-spacing: 0.1275px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>enue<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.959px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 356.941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sale of ser<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>vices<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.959px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>149,916<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>234,669</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 356.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other operating inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ome<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.641px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>869<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>996</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.8164px; width: 356.801px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal <span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 213.07px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>150,785<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 12.7148px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>235,665</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sale of property pr<span class="_ _0"/>ojects presented within sale of services cons<span class="_ _0"/>titutes </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">less than 1% of to<span class="_ _0"/>tal r<span class="_ _0"/>evenue (2022: less than 1%). Inc<span class="_ _0"/>ome from insur<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ance c<span class="_ _0"/>ontracts pr<span class="_ _0"/>esented within other oper<span class="_ _0"/>ating inc<span class="_ _0"/>ome constitut<span class="_ _0"/>es less </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">than 1% of to<span class="_ _0"/>tal r<span class="_ _0"/>evenue (2022: less than 1%).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2.6 Amor<span class="_ _4"/>tisation and depreciation</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Amortisation and depreciation f<span class="_ _0"/>or the year ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised based on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">amor <span class="_ _9"/>tisation and depreciation pr<span class="_ _0"/>ofiles of the underlying assets (r<span class="_ _0"/>ef<span class="_ _0"/>er<span class="_ _0"/>ence </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is made to <span class="fc7">no<span class="_ _0"/>tes 3.2, 3.3<span class="fc1"> and </span>3.6<span class="fc1">).</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:172.75px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 357.129px; white-space: pre; word-spacing: -2.89425px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Amortisation <span style="word-spacing: -2.89425px; letter-spacing: -0.1275px; display: inline-block; margin-left: 0px; width: 3.25781px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span>and <span style="word-spacing: -2.89425px; letter-spacing: -0.1275px; display: inline-block; margin-left: 0px; width: 2.60156px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span>depre ci ation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 357.1px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Customer r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>elationships<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 159.217px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>178<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>254</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 356.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Software<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 226.219px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>154<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>185</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.8613px; width: 356.947px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Buildings<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 228.598px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>341<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>341</span><span style="position: absolute; display: inline-block; left: 0px; top: 81.2363px; width: 356.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other plant and operating equipment<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.9395px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>610<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>530</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.611px; width: 356.812px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">ROU assets – land and buildings<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,888<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,549</span><span style="position: absolute; display: inline-block; left: 0px; top: 120.018px; width: 230.985px; white-space: pre; word-spacing: 0px; letter-spacing: -0.3px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">ROU assets – other plant and oper<span style="word-spacing: 0px; letter-spacing: -0.3px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ating equipment</span><span style="position: absolute; display: inline-block; left: 271.906px; top: 120.018px; width: 84.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">140<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>212</span><span style="position: absolute; display: inline-block; left: 0px; top: 139.408px; width: 115.073px; white-space: pre; word-spacing: 0px; letter-spacing: -0.3px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Net gain on sale of assets</span><span style="position: absolute; display: inline-block; left: 274.75px; top: 139.408px; width: 82.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(37)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 160.754px; width: 356.689px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal <span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 228.598px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>5,274<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>5,071</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2.5 St<span class="_ _0"/>aff costs</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Staff c<span class="_ _0"/>osts comprise salaries and w<span class="_ _0"/>ages, pension costs, social security </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs, c<span class="_ _0"/>osts r<span class="_ _0"/>elating to shar<span class="_ _0"/>e options schemes and o<span class="_ _0"/>ther staff costs f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">salaried employees. Staff c<span class="_ _0"/>osts f<span class="_ _0"/>or hourly workers, r<span class="_ _0"/>ec<span class="_ _0"/>ognised as direct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs, ar<span class="_ _0"/>e e<span class="_ _0"/>xcluded.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Staff c<span class="_ _0"/>osts ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in the financial year in which the employee </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">renders the r<span class="_ _0"/>elat<span class="_ _0"/>ed service. Costs r<span class="_ _0"/>elated t<span class="_ _0"/>o long-term employee bene-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fits, e.g. share-based payments, ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised in the periods in which </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">they are earned.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ref<span class="_ _0"/>er<span class="_ _0"/>ence is made t<span class="_ _0"/>o <span class="fc7">not<span class="_ _0"/>e 3.7<span class="fc1"> f<span class="_ _0"/>or detailed inf<span class="_ _0"/>ormation r<span class="_ _0"/>egar<span class="_ _0"/>ding pensions </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and other post-employment benefit plans, <span class="fc7">no<span class="_ _0"/>te 6.3 <span class="fc1">f<span class="_ _0"/>or inf<span class="_ _0"/>ormation on </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">remuner<span class="_ _0"/>ation of the Executive Boar<span class="_ _0"/>d and the Boar<span class="_ _0"/>d of Dir<span class="_ _0"/>ectors and <span class="fc7">not<span class="_ _0"/>e </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">6.2<span class="fc1"> for de<span class="_ _0"/>tailed inf<span class="_ _0"/>ormation on the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s share option schemes.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:220.421875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.689px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Staff c<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.641px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 356.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Salaries and wages, et<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>c.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 138.621px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>19,590<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>20,111</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 356.865px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defined contribution pension plans<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.027px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>728<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>745</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.8613px; width: 356.918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defined benefit pension plans<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.283px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>54<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>84</span><span style="position: absolute; display: inline-block; left: 0px; top: 81.2363px; width: 356.748px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other social security costs<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.49px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,013<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,820</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.611px; width: 356.865px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Share-based payments<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 157.857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>267<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>202</span><span style="position: absolute; display: inline-block; left: 0px; top: 121.957px; width: 357.117px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal <span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 220.869px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>23,652<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>23,962</span><span style="position: absolute; display: inline-block; left: 0px; top: 148.326px; width: 229.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Classification in the st<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>atement of pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ofit or loss:</span><span style="position: absolute; display: inline-block; left: 0px; top: 167.689px; width: 357.035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Hourly workers – r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ognised as direct cos<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ts <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7,669<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7,647</span><span style="position: absolute; display: inline-block; left: 0px; top: 187.08px; width: 356.982px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Salaried employees – rec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ognised as st<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>aff costs<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15,983<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16,315</span><span style="position: absolute; display: inline-block; left: 0px; top: 208.426px; width: 356.912px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 223.049px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>23,652<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 21.3105px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>23,962</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">W<span class="_ _0"/>eighted aver<span class="_ _0"/>age number of FTEs<span class="_ _183"> </span></span></span><span class="ls3"><span>74,839</span><span><span style="display:inherit;clear:left;"><span class="_ _b"> </span></span></span><span>76,583</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Number of FTEs at year-end<span class="_ _d0"> </span>73,577<span class="_ _b"> </span>76,283</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.7 P<span class="_ _3"/>ensions and other post-employment benefit plans</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pension obligations r<span class="_ _0"/>elating t<span class="_ _0"/>o defined contribution plans, under which the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Group pays r<span class="_ _0"/>egular pension c<span class="_ _0"/>ontributions to independent pension funds, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are r<span class="_ _0"/>ec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss f<span class="_ _0"/>or the period in which </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">they are earned. C<span class="_ _0"/>ontributions payable ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial position under other curr<span class="_ _0"/>ent liabilities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In regar<span class="_ _0"/>ds t<span class="_ _0"/>o defined benefit plans, an actuarial valuation of the present </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">value of futur<span class="_ _0"/>e benefits payable under the plan is made once a year<span class="_ _3"/>. The<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">present v<span class="_ _0"/>alue is calculated based on various assumptions, including the fu<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ture dev<span class="_ _0"/>elopment in wage/<span class="_ _0"/>salary levels, inter<span class="_ _0"/>est rat<span class="_ _0"/>es, inflation and mortal<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ity. The pr<span class="_ _0"/>esent value is only calculat<span class="_ _0"/>ed for benefits t<span class="_ _0"/>o which the employees </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">have become entitled during their employment with the Gr<span class="_ _0"/>oup. The actuar<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ial calculation of the pr<span class="_ _0"/>esent value less the f<span class="_ _0"/>air value of assets under the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plan is rec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of financial position under pensions and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other post-employment benefit plans. P<span class="_ _0"/>ension c<span class="_ _0"/>osts f<span class="_ _0"/>or the year are r<span class="_ _0"/>ec<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ognised in the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s based on actuarial estimates and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the financial outlook at the beginning of the year<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Differ<span class="_ _0"/>enc<span class="_ _0"/>es between the c<span class="_ _0"/>alculated development in pension plan assets and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liabilities and the re<span class="_ _0"/>alised values ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in other c<span class="_ _0"/>ompr<span class="_ _0"/>ehensive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income as actuarial gains or losses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Changes in benefits payable f<span class="_ _0"/>or employees’ past ser<span class="_ _4"/>vices to the company </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">result in an adjus<span class="_ _0"/>tment of the actuarial calculation of the present value, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">which is classified as past service costs. P<span class="_ _0"/>ast service costs ar<span class="_ _0"/>e char<span class="_ _0"/>ged t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s immediately if the employees have alr<span class="_ _0"/>eady </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">earned the right to the adjust<span class="_ _0"/>ed benefits. Otherwise, they will be recog-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised in the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s over the period in which the em-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ployees earn the right to the adjust<span class="_ _0"/>ed benefits.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In determining pension obligations, Management mak<span class="_ _0"/>es use of valuations </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fr<span class="_ _0"/>om<span class="_ _0"/> e<span class="_ _0"/>xte<span class="_ _0"/>rna<span class="_ _0"/>l an<span class="_ _0"/>d independent actuaries as basis for the es<span class="_ _0"/>timates ap-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plied. The actuarial assumptions used in the valuations vary from country </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to c<span class="_ _0"/>ountry owing to national, economic and social c<span class="_ _0"/>onditions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">P<span class="_ _0"/>ension obligations</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pension obligations at 31 Dec<span class="_ _0"/>ember ar<span class="_ _0"/>e specified as f<span class="_ _0"/>ollows:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:75.828125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.701px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">P<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ension obligations<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm) <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.986px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 356.672px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>esent value of defined benefit plans<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,983<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,112</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4863px; width: 356.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Fair value of pension plan assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,702<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,929</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.832px; width: 356.889px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">P<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ension obligations, net<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 126.814px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">1,281<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.7637px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,183</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Of these obligations, DKK 873 million r<span class="_ _0"/>elates t<span class="_ _0"/>o unfunded pension obliga-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tions (2022: DKK 856 million) and DKK 408 million r<span class="_ _0"/>elates t<span class="_ _0"/>o partly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">funded obligations (2022: DKK 327 million). The latter is primarily due t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the Swiss plans being ov<span class="_ _0"/>erfunded. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _d"/>otal pension costs f<span class="_ _0"/>or the year</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2023, net costs of DKK 602 million r<span class="_ _0"/>elating t<span class="_ _0"/>o the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _0"/>s pension </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plans wer<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the st<span class="_ _0"/>atement of pr<span class="_ _0"/>ofit or loss (2022: DKK 848 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million) and specif<span class="_ _4"/>y as f<span class="_ _0"/>ollows<span class="_ _4"/>:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:256.501953125px;"><span style="position: absolute; display: inline-block; left: 191.422px; top: 0.0019531px; width: 41.7129px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defined </span><span style="position: absolute; display: inline-block; left: 255.203px; top: 0.0019531px; width: 41.7129px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defined </span><span style="position: absolute; display: inline-block; left: 170.156px; top: 15.002px; width: 63.1934px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">contribution </span><span style="position: absolute; display: inline-block; left: 259.734px; top: 15.002px; width: 38.0566px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">benefit </span><span style="position: absolute; display: inline-block; left: 0px; top: 28.8477px; width: 154.477px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">P<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ension cost 2023<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm) </span></span><span style="position: absolute; display: inline-block; left: 205.031px; top: 30.002px; width: 25.2129px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">plans</span><span style="position: absolute; display: inline-block; left: 268.406px; top: 30.002px; width: 87.8027px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">plans<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.66406px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 51.9395px; width: 357.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Staff c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 155.52px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>728<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9727px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>54<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>782</span><span style="position: absolute; display: inline-block; left: 0px; top: 71.3145px; width: 361.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Special items<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 159.645px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(227)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 34.3887px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(227)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 90.7051px; width: 357.223px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Financial expenses<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.787px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>47<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>47</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.051px; width: 357.123px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal costs recognised <span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 81.4159px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">728<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(126)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 34.3887px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>602</span></span><span style="position: absolute; display: inline-block; left: 191.422px; top: 151.846px; width: 41.7129px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defined </span><span style="position: absolute; display: inline-block; left: 255.203px; top: 151.846px; width: 41.7129px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defined </span><span style="position: absolute; display: inline-block; left: 170.156px; top: 166.846px; width: 63.1934px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">contribution </span><span style="position: absolute; display: inline-block; left: 259.734px; top: 166.846px; width: 38.0566px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">benefit </span><span style="position: absolute; display: inline-block; left: 0px; top: 180.691px; width: 154.477px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">P<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ension cost 2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm) </span></span><span style="position: absolute; display: inline-block; left: 205.031px; top: 181.846px; width: 25.2129px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">plans</span><span style="position: absolute; display: inline-block; left: 268.406px; top: 181.846px; width: 87.8027px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">plans<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.66406px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 203.768px; width: 357.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Staff c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 155.52px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>745<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9727px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>84<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>829</span><span style="position: absolute; display: inline-block; left: 0px; top: 223.158px; width: 357.223px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Financial expenses<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.787px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>19<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>19</span><span style="position: absolute; display: inline-block; left: 0px; top: 244.504px; width: 357.516px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal costs recognised <span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 81.4159px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">745<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>103<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>848</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Defined benefit pension obligations</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Development in the pr<span class="_ _0"/>esent value of defined benefit pension obligations </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is specified as follows:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:517.078125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 146.818px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Defined benefit pension <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 15.0039px; width: 65.0391px; white-space: pre; word-spacing: 0.1275px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">obligations</span><span style="position: absolute; display: inline-block; left: 64.7812px; top: 15.9414px; width: 228.264px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> (DKKm) <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 218.772px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -95.148px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 356.742px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Obligations at 1 January <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 140.444px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,112<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,693</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4707px; width: 356.725px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent service cost<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 179.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>86<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>135</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8613px; width: 208.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Pas<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t ser<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>vice c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ost fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>om plan amendments, </span><span style="position: absolute; display: inline-block; left: 0px; top: 91.8613px; width: 357.053px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">curtailments and gains/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>losses on settlements<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(259)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.9491px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9</span><span style="position: absolute; display: inline-block; left: 0px; top: 505.082px; width: 257.906px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal obligations recognised<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 103.986px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 111.236px; width: 356.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Calculated inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est on obligations<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.393px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>174<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75</span><span style="position: absolute; display: inline-block; left: 257.906px; top: 505.082px; width: 34.9805px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">4,983</span><span style="position: absolute; display: inline-block; left: 0px; top: 130.611px; width: 217.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Actuarial gains/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>losses arising from changes </span><span style="position: absolute; display: inline-block; left: 292.887px; top: 505.082px; width: 28.7637px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.7637px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 145.611px; width: 361.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">in financial assumptions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.357px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>243<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,283)</span><span style="position: absolute; display: inline-block; left: 321.65px; top: 505.082px; width: 34.9805px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">4,112</span><span style="position: absolute; display: inline-block; left: 0px; top: 164.986px; width: 225.598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Actuarial gains/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>losses arising from changes in </span><span style="position: absolute; display: inline-block; left: 0px; top: 179.986px; width: 361.705px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">demographic assumptions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 157.857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(23)</span><span style="position: absolute; display: inline-block; left: 0px; top: 199.377px; width: 227.355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Actuarial gains/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>losses arising from experienc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e </span><span style="position: absolute; display: inline-block; left: 0px; top: 214.377px; width: 357.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">adjustments<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 213.92px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(14)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>39</span><span style="position: absolute; display: inline-block; left: 0px; top: 233.752px; width: 361.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Payments fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>om the plan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 157.353px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(87)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(521)</span><span style="position: absolute; display: inline-block; left: 0px; top: 253.127px; width: 356.748px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Settlement payments fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>om the plan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0938px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>596<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 272.518px; width: 357.047px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions from busines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>s combinations<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.535px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 291.893px; width: 361.078px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 172.365px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>125<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6482px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(12)</span><span style="position: absolute; display: inline-block; left: 0px; top: 313.238px; width: 356.924px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Obligations at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 103.986px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">4,983<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.7637px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>4,112</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 348.283px; width: 352.195px; white-space: pre; word-spacing: 0px; letter-spacing: -0.18px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Settlement payments fr<span style="word-spacing: 0px; letter-spacing: -0.18px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>om the plan, DKK 596 million r<span style="word-spacing: 0px; letter-spacing: -0.18px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>elate t<span style="word-spacing: 0px; letter-spacing: -0.18px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o DSV taking </span><span style="position: absolute; display: inline-block; left: 0px; top: 364.627px; width: 349.207px; white-space: pre; word-spacing: 0px; letter-spacing: -0.18px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">over pensioners fr<span style="word-spacing: 0px; letter-spacing: -0.18px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>om the pension fund formerly used by the ac<span style="word-spacing: 0px; letter-spacing: -0.18px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>quir<span style="word-spacing: 0px; letter-spacing: -0.18px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed GIL </span><span style="position: absolute; display: inline-block; left: 0px; top: 380.971px; width: 330.404px; white-space: pre; word-spacing: 0px; letter-spacing: -0.18px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">entities. The expected aver<span style="word-spacing: 0px; letter-spacing: -0.18px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>age duration of the obligations is 13 years.</span><span style="position: absolute; display: inline-block; left: 0px; top: 406.895px; width: 132.586px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Expec<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ted maturity of <span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 421.879px; width: 113.121px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">pension obligations</span><span style="position: absolute; display: inline-block; left: 112.891px; top: 422.457px; width: 180.287px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.707px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -95.148px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 444.971px; width: 356.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">0-1 year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 227.431px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>581<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>501</span><span style="position: absolute; display: inline-block; left: 0px; top: 464.361px; width: 356.707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">1-5 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.338px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,115<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>933</span><span style="position: absolute; display: inline-block; left: 0px; top: 483.736px; width: 356.947px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">&gt; 5 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.291px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,287<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,678</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">P<span class="_ _0"/>ension plan assets</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Development in the fair value of pension plan as<span class="_ _0"/>sets is specified as f<span class="_ _0"/>ollows:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:207.09375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.883px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">P<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ension plan assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm) <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 356.965px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Pension plan as<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>sets at 1 January <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.027px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,929<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,785</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 356.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Calculated inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est on plan asse<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.393px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>126<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9727px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>56</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.8457px; width: 160.09px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Return on plan asse<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ts excluding </span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8457px; width: 361.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">calculated int<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>er<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 178.582px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>102<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,288)</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2363px; width: 357.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Contributions to the plan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.541px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>121<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>163</span><span style="position: absolute; display: inline-block; left: 0px; top: 115.611px; width: 361.119px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Payments fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>om the plan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.065px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(254)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(411)</span><span style="position: absolute; display: inline-block; left: 0px; top: 134.986px; width: 356.748px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Settlement payments fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>om the plan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0938px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>819<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 154.377px; width: 361.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Asset ceiling<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 206.455px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(268)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(374)</span><span style="position: absolute; display: inline-block; left: 0px; top: 173.752px; width: 361.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 172.365px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>127<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.9491px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2)</span><span style="position: absolute; display: inline-block; left: 0px; top: 195.098px; width: 356.572px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">P<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ension plan assets at <span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>31 December <span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">3,702<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,929</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Actuarial loss included in statement of c<span class="_ _0"/>omprehensiv<span class="_ _0"/>e income amounts t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DKK 398 million. DSV expects to contribut<span class="_ _0"/>e DKK 67 million to defined </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">benefit plan assets in 2024 (2023: DKK 61 million). The pension plan </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">assets ar<span class="_ _0"/>e composed as f<span class="_ _0"/>ollows:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:95.203125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 357.258px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Composition of pension plan assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 356.73px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Shares<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 237.381px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>42%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>47%</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4863px; width: 356.883px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Bonds<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 240.234px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>51%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>44%</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.8613px; width: 359.76px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Insuranc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e contr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acts<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 181.09px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9% </span><span style="position: absolute; display: inline-block; left: 0px; top: 83.207px; width: 356.771px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 232.67px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>100%<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 29.8183px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>100%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sensitivity analysis</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The following t<span class="_ _0"/>able illustr<span class="_ _0"/>ates the change in the gr<span class="_ _0"/>oss obligation r<span class="_ _0"/>elating </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to defined benefit plans fr<span class="_ _0"/>om a change in the k<span class="_ _0"/>ey ac<span class="_ _4"/>tuarial assumptions. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The analysis is based on reasonably pr<span class="_ _0"/>obable changes, pr<span class="_ _0"/>ovided that the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other par<span class="_ _0"/>ameters r<span class="_ _0"/>emain unchanged.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:297.576171875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 357.059px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Sensitivity analysis<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.52px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 356.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defined benefit pension obligations<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,983<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,112</span><span style="position: absolute; display: inline-block; left: 0px; top: 47.5918px; width: 66.3691px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Discount r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ate</span><span style="position: absolute; display: inline-block; left: 0px; top: 69.5176px; width: 356.971px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Incre<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ase of 0.5 perc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>entage point<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,698<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,888</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.9082px; width: 356.865px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Decre<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ase of 0.5 perc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>entage point<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0938px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,276<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,346</span><span style="position: absolute; display: inline-block; left: 0px; top: 113.404px; width: 138.205px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Futur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>e wage/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>salary increase</span><span style="position: absolute; display: inline-block; left: 0px; top: 135.33px; width: 356.971px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Incre<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ase of 0.5 perc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>entage point<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,013<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,148</span><span style="position: absolute; display: inline-block; left: 0px; top: 154.705px; width: 356.865px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Decre<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ase of 0.5 perc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>entage point<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0938px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,937<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,071</span><span style="position: absolute; display: inline-block; left: 0px; top: 179.217px; width: 40.5762px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Inflation</span><span style="position: absolute; display: inline-block; left: 0px; top: 201.143px; width: 356.971px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Incre<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ase of 0.5 perc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>entage point<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,104<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,223</span><span style="position: absolute; display: inline-block; left: 0px; top: 220.518px; width: 356.865px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Decre<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ase of 0.5 perc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>entage point<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0938px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,848<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,987</span><span style="position: absolute; display: inline-block; left: 0px; top: 245.029px; width: 76.8105px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Lif<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>e expectancy</span><span style="position: absolute; display: inline-block; left: 0px; top: 266.939px; width: 356.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Life e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>xpectancy increase of 1 year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.4043px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,122<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,218</span><span style="position: absolute; display: inline-block; left: 0px; top: 286.33px; width: 356.766px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Life e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>xpectancy decrease of 1 year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5897px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,842<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,986</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Significant pension plans</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The most significant defined benefit plans of the Gr<span class="_ _0"/>oup r<span class="_ _0"/>elate t<span class="_ _0"/>o Eur<span class="_ _0"/>ope, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with Germany repr<span class="_ _0"/>esenting 60% (2022: 62%) and S<span class="_ _0"/>w<span class="_ _0"/>eden repr<span class="_ _0"/>esenting </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">13% (2022: 13%) of the to<span class="_ _0"/>tal net obligation. No o<span class="_ _0"/>ther countries have indi<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vidual significant net pension obligations. The plan in S<span class="_ _0"/>weden is a final pay </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">scheme, which covers all salaried employees born in or bef<span class="_ _0"/>or<span class="_ _0"/>e 1978 and is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">based on a collective labour agreement. Salaried employees born in or after </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1979 are c<span class="_ _0"/>over<span class="_ _0"/>ed by a defined contribution plan.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The plan in Germany covers bo<span class="_ _0"/>th salaried and hourly workers. Under this </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plan, employees earn a fixed amount f<span class="_ _0"/>or each year in service. The plan has </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">been closed for new employees sinc<span class="_ _0"/>e 1994. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">W<span class="_ _0"/>e continuously work t<span class="_ _0"/>o change our defined benefit plans in DSV into </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">defined contribution plans f<span class="_ _0"/>or the benefit of the Gr<span class="_ _0"/>oup and the employees. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The key assumptions applied f<span class="_ _0"/>or the most significant pension plans ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as follows:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:199.71875px;"><span style="position: absolute; display: inline-block; left: 257.984px; top: 0.0019531px; width: 34.7168px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Futur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e </span><span style="position: absolute; display: inline-block; left: 176.406px; top: 15.002px; width: 46.7168px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Discount </span><span style="position: absolute; display: inline-block; left: 228.938px; top: 15.002px; width: 62.7832px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">wage/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>salary </span><span style="position: absolute; display: inline-block; left: 302.703px; top: 15.002px; width: 57.2988px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Futur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e rat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e </span><span style="position: absolute; display: inline-block; left: 0px; top: 28.8477px; width: 154.383px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">K<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ey assumptions 2023 <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(%)</span></span><span style="position: absolute; display: inline-block; left: 200.781px; top: 30.002px; width: 19.0254px; white-space: pre; word-spacing: 0.276px; letter-spacing: -0.276px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">rate</span><span style="position: absolute; display: inline-block; left: 248.812px; top: 30.002px; width: 40.1836px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">incre<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ase</span><span style="position: absolute; display: inline-block; left: 304.609px; top: 30.002px; width: 53.1621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">of inflation</span><span style="position: absolute; display: inline-block; left: 0px; top: 51.9395px; width: 356.947px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sw<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.357px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.4%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1.9%</span><span style="position: absolute; display: inline-block; left: 0px; top: 71.3301px; width: 356.684px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.475px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.7%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.2%</span><span style="position: absolute; display: inline-block; left: 0px; top: 90.7051px; width: 357.117px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.31px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0-7.3%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 22.0781px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0-10.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 29.8183px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0-3.8%</span><span style="position: absolute; display: inline-block; left: 0px; top: 110.08px; width: 356.695px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eighted aver<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>age<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.219px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.6%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.6%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1.7%</span><span style="position: absolute; display: inline-block; left: 0px; top: 146.566px; width: 146.092px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Mortality prognosis tables</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.096px; width: 228.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sw<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.939px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: -0.24px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">DUS21 (w-c)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 188.471px; width: 260.572px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.799px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: -0.24px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">RT Heubeck 2018 G</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:201.40625px;"><span style="position: absolute; display: inline-block; left: 257.984px; top: 0.0019531px; width: 34.7168px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Futur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e </span><span style="position: absolute; display: inline-block; left: 177.719px; top: 15.002px; width: 46.7168px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Discount </span><span style="position: absolute; display: inline-block; left: 228.938px; top: 15.002px; width: 62.7832px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">wage/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>salary </span><span style="position: absolute; display: inline-block; left: 302.703px; top: 15.002px; width: 57.2988px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Futur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e rat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e </span><span style="position: absolute; display: inline-block; left: 0px; top: 28.8477px; width: 154.383px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">K<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ey assumptions 2022 <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(%)</span></span><span style="position: absolute; display: inline-block; left: 200.781px; top: 30.002px; width: 19.0254px; white-space: pre; word-spacing: 0.276px; letter-spacing: -0.276px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">rate</span><span style="position: absolute; display: inline-block; left: 248.812px; top: 30.002px; width: 40.1836px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">incre<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ase</span><span style="position: absolute; display: inline-block; left: 304.609px; top: 30.002px; width: 53.1621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">of inflation</span><span style="position: absolute; display: inline-block; left: 0px; top: 51.9238px; width: 356.947px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sw<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.357px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.9%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.6%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.1%</span><span style="position: absolute; display: inline-block; left: 0px; top: 71.3145px; width: 356.684px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.475px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4.1%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.4%</span><span style="position: absolute; display: inline-block; left: 0px; top: 90.6895px; width: 356.807px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 143.853px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0.7-7.3%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 22.0781px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0-10.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 29.2558px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0-3.5%</span><span style="position: absolute; display: inline-block; left: 0px; top: 110.064px; width: 356.695px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eighted aver<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>age<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.219px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4.2%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1.8%</span><span style="position: absolute; display: inline-block; left: 0px; top: 148.254px; width: 146.092px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Mortality prognosis tables</span><span style="position: absolute; display: inline-block; left: 0px; top: 170.783px; width: 227.232px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sw<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 120.691px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>DUS21 (w-c)</span><span style="position: absolute; display: inline-block; left: 0px; top: 190.158px; width: 260.309px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.879px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>T Heubeck 2018 G</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Staff c<span class="_ _0"/>osts comprise salaries and w<span class="_ _0"/>ages, pension costs, social security </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs, c<span class="_ _0"/>osts r<span class="_ _0"/>elating to shar<span class="_ _0"/>e options schemes and o<span class="_ _0"/>ther staff costs f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">salaried employees. Staff c<span class="_ _0"/>osts f<span class="_ _0"/>or hourly workers, r<span class="_ _0"/>ec<span class="_ _0"/>ognised as direct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs, ar<span class="_ _0"/>e e<span class="_ _0"/>xcluded.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Staff c<span class="_ _0"/>osts ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in the financial year in which the employee </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">renders the r<span class="_ _0"/>elat<span class="_ _0"/>ed service. Costs r<span class="_ _0"/>elated t<span class="_ _0"/>o long-term employee bene-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fits, e.g. share-based payments, ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised in the periods in which </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">they are earned.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ref<span class="_ _0"/>er<span class="_ _0"/>ence is made t<span class="_ _0"/>o <span class="fc7">not<span class="_ _0"/>e 3.7<span class="fc1"> f<span class="_ _0"/>or detailed inf<span class="_ _0"/>ormation r<span class="_ _0"/>egar<span class="_ _0"/>ding pensions </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and other post-employment benefit plans, <span class="fc7">no<span class="_ _0"/>te 6.3 <span class="fc1">f<span class="_ _0"/>or inf<span class="_ _0"/>ormation on </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">remuner<span class="_ _0"/>ation of the Executive Boar<span class="_ _0"/>d and the Boar<span class="_ _0"/>d of Dir<span class="_ _0"/>ectors and <span class="fc7">not<span class="_ _0"/>e </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">6.2<span class="fc1"> for de<span class="_ _0"/>tailed inf<span class="_ _0"/>ormation on the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s share option schemes.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pension obligations r<span class="_ _0"/>elating t<span class="_ _0"/>o defined contribution plans, under which the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Group pays r<span class="_ _0"/>egular pension c<span class="_ _0"/>ontributions to independent pension funds, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are r<span class="_ _0"/>ec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss f<span class="_ _0"/>or the period in which </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">they are earned. C<span class="_ _0"/>ontributions payable ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial position under other curr<span class="_ _0"/>ent liabilities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In regar<span class="_ _0"/>ds t<span class="_ _0"/>o defined benefit plans, an actuarial valuation of the present </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">value of futur<span class="_ _0"/>e benefits payable under the plan is made once a year<span class="_ _3"/>. The<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">present v<span class="_ _0"/>alue is calculated based on various assumptions, including the fu<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ture dev<span class="_ _0"/>elopment in wage/<span class="_ _0"/>salary levels, inter<span class="_ _0"/>est rat<span class="_ _0"/>es, inflation and mortal<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ity. The pr<span class="_ _0"/>esent value is only calculat<span class="_ _0"/>ed for benefits t<span class="_ _0"/>o which the employees </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">have become entitled during their employment with the Gr<span class="_ _0"/>oup. The actuar<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ial calculation of the pr<span class="_ _0"/>esent value less the f<span class="_ _0"/>air value of assets under the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plan is rec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of financial position under pensions and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other post-employment benefit plans. P<span class="_ _0"/>ension c<span class="_ _0"/>osts f<span class="_ _0"/>or the year are r<span class="_ _0"/>ec<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ognised in the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s based on actuarial estimates and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the financial outlook at the beginning of the year<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Differ<span class="_ _0"/>enc<span class="_ _0"/>es between the c<span class="_ _0"/>alculated development in pension plan assets and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liabilities and the re<span class="_ _0"/>alised values ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in other c<span class="_ _0"/>ompr<span class="_ _0"/>ehensive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income as actuarial gains or losses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Changes in benefits payable f<span class="_ _0"/>or employees’ past ser<span class="_ _4"/>vices to the company </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">result in an adjus<span class="_ _0"/>tment of the actuarial calculation of the present value, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">which is classified as past service costs. P<span class="_ _0"/>ast service costs ar<span class="_ _0"/>e char<span class="_ _0"/>ged t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s immediately if the employees have alr<span class="_ _0"/>eady </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">earned the right to the adjust<span class="_ _0"/>ed benefits. Otherwise, they will be recog-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised in the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s over the period in which the em-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ployees earn the right to the adjust<span class="_ _0"/>ed benefits.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Amortisation and depreciation f<span class="_ _0"/>or the year ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised based on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">amor <span class="_ _9"/>tisation and depreciation pr<span class="_ _0"/>ofiles of the underlying assets (r<span class="_ _0"/>ef<span class="_ _0"/>er<span class="_ _0"/>ence </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is made to <span class="fc7">no<span class="_ _0"/>tes 3.2, 3.3<span class="fc1"> and </span>3.6<span class="fc1">).</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Land and buildings and other plant and oper<span class="_ _0"/>ating equipment ar<span class="_ _0"/>e measur<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at cost less ac<span class="_ _0"/>cumulated depr<span class="_ _0"/>eciation and impairment losses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The cost c<span class="_ _0"/>omprises the acquisition pric<span class="_ _0"/>e and other c<span class="_ _0"/>osts dir<span class="_ _0"/>ectly attribut-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">able to pr<span class="_ _0"/>eparing the asset f<span class="_ _0"/>or its int<span class="_ _0"/>ended use. The pr<span class="_ _0"/>esent value of esti-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mated c<span class="_ _0"/>osts f<span class="_ _0"/>or dismantling and disposing of assets as well as r<span class="_ _0"/>est<span class="_ _0"/>or<span class="_ _0"/>ation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs ar<span class="_ _0"/>e added t<span class="_ _0"/>o the cost if such c<span class="_ _0"/>osts ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised as pr<span class="_ _0"/>ovisions. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Material borr<span class="_ _0"/>owing c<span class="_ _0"/>osts dir<span class="_ _0"/>ectly attributable to the c<span class="_ _0"/>onstruction of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">individual asset ar<span class="_ _0"/>e also added to c<span class="_ _0"/>ost. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If the individual components of an asset hav<span class="_ _0"/>e differ<span class="_ _0"/>ent useful lives, each </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">component will be depr<span class="_ _0"/>eciated separ<span class="_ _0"/>at<span class="_ _0"/>ely.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The cost of self<span class="_ _0"/>-cons<span class="_ _0"/>tructed assets comprises dir<span class="_ _0"/>ect and indirect costs </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for mat<span class="_ _0"/>erials, components, subc<span class="_ _0"/>ontr<span class="_ _0"/>actors, wages and salaries. Costs f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">self-c<span class="_ _0"/>onstructed assets ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised as pr<span class="_ _0"/>operty, plant and equipment </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in progr<span class="_ _0"/>ess on an ongoing basis until the as<span class="_ _0"/>sets ar<span class="_ _0"/>e re<span class="_ _0"/>ady for use.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Subsequent costs, such as partial r<span class="_ _0"/>eplacement of pr<span class="_ _0"/>operty, plant and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">equipment (PPE), are included in the c<span class="_ _0"/>arrying amount of the asset in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">question when it is pr<span class="_ _0"/>obable that such costs will r<span class="_ _0"/>esult in futur<span class="_ _0"/>e ec<span class="_ _0"/>onomic </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">benefits. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The carrying amount of the r<span class="_ _0"/>eplaced parts is disposed fr<span class="_ _0"/>om the stat<span class="_ _0"/>ement </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of financial position and rec<span class="_ _0"/>ognised in the st<span class="_ _0"/>atement of pr<span class="_ _0"/>ofit or loss.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Depreciation is c<span class="_ _0"/>arried out on a str<span class="_ _0"/>aight-line basis over the expected use-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ful lives of the assets. The expected useful lives of the ov<span class="_ _0"/>erall asset c<span class="_ _0"/>ate-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gories are as f<span class="_ _0"/>ollows:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _9"/>• <span class="_ _54"> </span>T<span class="_ _3"/>erminals and administr<span class="_ _0"/>ation buildings:<span class="_ _bb"> </span><span class="lsc">50-60 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Other buildings and building elements:<span class="_ _193"> </span><span class="lsc">10-30 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>T<span class="_ _d"/>echnical plant and machiner<span class="_ _4"/>y:<span class="_ _12e"> </span><span class="lsc">6-10 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Other plant and operating equipment:<span class="_ _dd"> </span><span class="lsc">3-8 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Land is not depr<span class="_ _0"/>eciated</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The basis of depreciation t<span class="_ _0"/>akes int<span class="_ _0"/>o acc<span class="_ _0"/>ount the r<span class="_ _0"/>esidual value of assets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and is reduc<span class="_ _0"/>ed by any impairment losses. The r<span class="_ _0"/>esidual value is calculat<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on the date of ac<span class="_ _0"/>quisition and re<span class="_ _0"/>assessed once a year<span class="_ _3"/>. Depreciation will be </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">halted if the r<span class="_ _0"/>esidual value ex<span class="_ _0"/>ceeds the c<span class="_ _0"/>arrying amount of the asset<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Assets are tr<span class="_ _0"/>ansf<span class="_ _0"/>err<span class="_ _0"/>ed to asse<span class="_ _0"/>ts held for sale if it is highly pr<span class="_ _0"/>obable that </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">their carrying amount will be r<span class="_ _0"/>ecover<span class="_ _0"/>ed primarily thr<span class="_ _0"/>ough sale r<span class="_ _0"/>ather than </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">through c<span class="_ _0"/>ontinuing use.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:220.421875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.689px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Staff c<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.641px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 356.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Salaries and wages, et<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>c.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 138.621px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>19,590<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>20,111</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 356.865px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defined contribution pension plans<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.027px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>728<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>745</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.8613px; width: 356.918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defined benefit pension plans<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.283px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>54<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>84</span><span style="position: absolute; display: inline-block; left: 0px; top: 81.2363px; width: 356.748px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other social security costs<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.49px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,013<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,820</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.611px; width: 356.865px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Share-based payments<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 157.857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>267<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>202</span><span style="position: absolute; display: inline-block; left: 0px; top: 121.957px; width: 357.117px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal <span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 220.869px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>23,652<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>23,962</span><span style="position: absolute; display: inline-block; left: 0px; top: 148.326px; width: 229.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Classification in the st<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>atement of pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ofit or loss:</span><span style="position: absolute; display: inline-block; left: 0px; top: 167.689px; width: 357.035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Hourly workers – r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ognised as direct cos<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ts <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7,669<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7,647</span><span style="position: absolute; display: inline-block; left: 0px; top: 187.08px; width: 356.982px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Salaried employees – rec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ognised as st<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>aff costs<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15,983<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16,315</span><span style="position: absolute; display: inline-block; left: 0px; top: 208.426px; width: 356.912px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 223.049px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>23,652<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 21.3105px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>23,962</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">W<span class="_ _0"/>eighted aver<span class="_ _0"/>age number of FTEs<span class="_ _183"> </span></span></span><span class="ls3"><span>74,839</span><span><span style="display:inherit;clear:left;"><span class="_ _b"> </span></span></span><span>76,583</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Number of FTEs at year-end<span class="_ _d0"> </span>73,577<span class="_ _b"> </span>76,283</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2.4 Other external c<span class="_ _0"/>osts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other external c<span class="_ _0"/>osts comprise c<span class="_ _0"/>osts r<span class="_ _0"/>elating t<span class="_ _0"/>o IT<span class="_ _0"/>, marke<span class="_ _0"/>ting, consultants, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other r<span class="_ _0"/>ent, training and education, office pr<span class="_ _0"/>emises, trav<span class="_ _0"/>elling, communi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cations as well as o<span class="_ _0"/>ther selling and administr<span class="_ _0"/>ative costs, less c<span class="_ _0"/>osts tr<span class="_ _0"/>ans-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fer<span class="_ _0"/>r<span class="_ _0"/>ed to dir<span class="_ _0"/>ect costs.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:75.8125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.906px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Other external costs<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm) <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0938px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 356.947px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other external c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.014px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11,850<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>12,360</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4863px; width: 361.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ransf<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>er<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>red t<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o dir<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ect costs<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 128.297px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(7,012)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(6,801)</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.8164px; width: 356.689px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal <span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 228.598px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>4,838<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>5,559</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2.4 Other external c<span class="_ _0"/>osts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other external c<span class="_ _0"/>osts comprise c<span class="_ _0"/>osts r<span class="_ _0"/>elating t<span class="_ _0"/>o IT<span class="_ _0"/>, marke<span class="_ _0"/>ting, consultants, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other r<span class="_ _0"/>ent, training and education, office pr<span class="_ _0"/>emises, trav<span class="_ _0"/>elling, communi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cations as well as o<span class="_ _0"/>ther selling and administr<span class="_ _0"/>ative costs, less c<span class="_ _0"/>osts tr<span class="_ _0"/>ans-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fer<span class="_ _0"/>r<span class="_ _0"/>ed to dir<span class="_ _0"/>ect costs.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:75.8125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.906px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Other external costs<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm) <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0938px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 356.947px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other external c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.014px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11,850<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>12,360</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4863px; width: 361.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ransf<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>er<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>red t<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o dir<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ect costs<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 128.297px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(7,012)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(6,801)</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.8164px; width: 356.689px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal <span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 228.598px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>4,838<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>5,559</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2.8 <span class="_ _15e"/>Financial inc<span class="_ _0"/>ome and expenses</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial income and e<span class="_ _0"/>xpenses include inter<span class="_ _0"/>est, share of associat<span class="_ _0"/>es<span class="_ _4"/>’ net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">result, for<span class="_ _0"/>eign e<span class="_ _0"/>xchange gains and losses, bank char<span class="_ _0"/>ges as well as amortisa<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion of financial assets and liabilities, including lease liabilities. Furthermor<span class="_ _0"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>alised and unre<span class="_ _0"/>alised gains and losses on derivative financial instruments </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that cannot be classified as hedging c<span class="_ _0"/>ontracts ar<span class="_ _0"/>e included.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:95.1875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.801px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financial income<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.939px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 357.1px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ome<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 195.656px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>469<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>323</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 357.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Share of as<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>sociates’ profit, net of tax<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.8457px; width: 356.818px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">For<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>change gain, net<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.357px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>276</span><span style="position: absolute; display: inline-block; left: 0px; top: 83.1914px; width: 356.871px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 242.613px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>473<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>606</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inter<span class="_ _0"/>est inc<span class="_ _0"/>ome includes inter<span class="_ _0"/>est on financial assets of DKK 469 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK 323 million).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:168.328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.684px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financial expenses <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 112.254px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0801px; width: 356.877px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>xpenses on lease liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>851<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>727</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 356.883px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>xpenses on borr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>owings <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.16px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>229<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>236</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.8457px; width: 357.029px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>xpenses, bank<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.357px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>349<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>397</span><span style="position: absolute; display: inline-block; left: 0px; top: 81.2207px; width: 210.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Financial expenses on pension obligations, </span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2207px; width: 37.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">ref<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>er t<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o</span><span style="position: absolute; display: inline-block; left: 37.207px; top: 96.2207px; width: 319.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> not<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e 3.7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 196.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">47<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>19</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 115.611px; width: 357.352px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">For<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>change loss, net<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.816px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>157<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 134.986px; width: 356.912px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other financial expenses<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 158.303px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>73<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>93</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.332px; width: 356.689px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal <span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 228.598px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,706<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,472</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inter<span class="_ _0"/>est e<span class="_ _0"/>xpenses include inter<span class="_ _0"/>est on financial liabilities measur<span class="_ _0"/>ed at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">amortised cost of DKK 1,502 million (2022: DKK 1,453 million).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2.8 <span class="_ _15e"/>Financial inc<span class="_ _0"/>ome and expenses</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial income and e<span class="_ _0"/>xpenses include inter<span class="_ _0"/>est, share of associat<span class="_ _0"/>es<span class="_ _4"/>’ net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">result, for<span class="_ _0"/>eign e<span class="_ _0"/>xchange gains and losses, bank char<span class="_ _0"/>ges as well as amortisa<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion of financial assets and liabilities, including lease liabilities. Furthermor<span class="_ _0"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>alised and unre<span class="_ _0"/>alised gains and losses on derivative financial instruments </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that cannot be classified as hedging c<span class="_ _0"/>ontracts ar<span class="_ _0"/>e included.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:95.1875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.801px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financial income<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.939px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 357.1px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ome<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 195.656px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>469<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>323</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 357.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Share of as<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>sociates’ profit, net of tax<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.8457px; width: 356.818px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">For<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>change gain, net<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.357px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>276</span><span style="position: absolute; display: inline-block; left: 0px; top: 83.1914px; width: 356.871px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 242.613px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>473<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>606</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inter<span class="_ _0"/>est inc<span class="_ _0"/>ome includes inter<span class="_ _0"/>est on financial assets of DKK 469 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK 323 million).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:168.328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.684px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financial expenses <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 112.254px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0801px; width: 356.877px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>xpenses on lease liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>851<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>727</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 356.883px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>xpenses on borr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>owings <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.16px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>229<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>236</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.8457px; width: 357.029px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>xpenses, bank<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.357px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>349<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>397</span><span style="position: absolute; display: inline-block; left: 0px; top: 81.2207px; width: 210.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Financial expenses on pension obligations, </span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2207px; width: 37.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">ref<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>er t<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o</span><span style="position: absolute; display: inline-block; left: 37.207px; top: 96.2207px; width: 319.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> not<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e 3.7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 196.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">47<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>19</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 115.611px; width: 357.352px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">For<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>change loss, net<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.816px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>157<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 134.986px; width: 356.912px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other financial expenses<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 158.303px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>73<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>93</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.332px; width: 356.689px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal <span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 228.598px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,706<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,472</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inter<span class="_ _0"/>est e<span class="_ _0"/>xpenses include inter<span class="_ _0"/>est on financial liabilities measur<span class="_ _0"/>ed at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">amortised cost of DKK 1,502 million (2022: DKK 1,453 million).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Special items ar<span class="_ _0"/>e used in connection with the pr<span class="_ _0"/>esentation of pr<span class="_ _0"/>ofit or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loss f<span class="_ _0"/>or the year to distinguish c<span class="_ _0"/>onsolidated oper<span class="_ _0"/>ating pr<span class="_ _0"/>ofit fr<span class="_ _0"/>om exc<span class="_ _0"/>ep-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tional items, which by their natur<span class="_ _0"/>e ar<span class="_ _0"/>e not r<span class="_ _0"/>elat<span class="_ _0"/>ed to the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s ordinary </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">operations or investment in futur<span class="_ _0"/>e activities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Special items in these financial st<span class="_ _0"/>atements c<span class="_ _0"/>omprise r<span class="_ _0"/>estructuring costs, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">impairment costs, et<span class="_ _0"/>c., relating to mat<span class="_ _0"/>erial structural, pr<span class="_ _0"/>oc<span class="_ _0"/>edural or man-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">agerial reor<span class="_ _0"/>ganisations as w<span class="_ _0"/>ell as any r<span class="_ _0"/>elated gains or losses on disposals.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial income and e<span class="_ _0"/>xpenses include inter<span class="_ _0"/>est, share of associat<span class="_ _0"/>es<span class="_ _4"/>’ net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">result, for<span class="_ _0"/>eign e<span class="_ _0"/>xchange gains and losses, bank char<span class="_ _0"/>ges as well as amortisa<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion of financial assets and liabilities, including lease liabilities. Furthermor<span class="_ _0"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>alised and unre<span class="_ _0"/>alised gains and losses on derivative financial instruments </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that cannot be classified as hedging c<span class="_ _0"/>ontracts ar<span class="_ _0"/>e included.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial income and e<span class="_ _0"/>xpenses include inter<span class="_ _0"/>est, share of associat<span class="_ _0"/>es<span class="_ _4"/>’ net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">result, for<span class="_ _0"/>eign e<span class="_ _0"/>xchange gains and losses, bank char<span class="_ _0"/>ges as well as amortisa<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion of financial assets and liabilities, including lease liabilities. Furthermor<span class="_ _0"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>alised and unre<span class="_ _0"/>alised gains and losses on derivative financial instruments </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that cannot be classified as hedging c<span class="_ _0"/>ontracts ar<span class="_ _0"/>e included.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial income and e<span class="_ _0"/>xpenses include inter<span class="_ _0"/>est, share of associat<span class="_ _0"/>es<span class="_ _4"/>’ net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">result, for<span class="_ _0"/>eign e<span class="_ _0"/>xchange gains and losses, bank char<span class="_ _0"/>ges as well as amortisa<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion of financial assets and liabilities, including lease liabilities. Furthermor<span class="_ _0"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>alised and unre<span class="_ _0"/>alised gains and losses on derivative financial instruments </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that cannot be classified as hedging c<span class="_ _0"/>ontracts ar<span class="_ _0"/>e included.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:95.1875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.801px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financial income<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.939px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 357.1px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ome<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 195.656px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>469<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>323</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 357.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Share of as<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>sociates’ profit, net of tax<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.8457px; width: 356.818px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">For<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>change gain, net<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.357px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>276</span><span style="position: absolute; display: inline-block; left: 0px; top: 83.1914px; width: 356.871px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 242.613px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>473<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>606</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inter<span class="_ _0"/>est inc<span class="_ _0"/>ome includes inter<span class="_ _0"/>est on financial assets of DKK 469 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK 323 million).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial income and e<span class="_ _0"/>xpenses include inter<span class="_ _0"/>est, share of associat<span class="_ _0"/>es<span class="_ _4"/>’ net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">result, for<span class="_ _0"/>eign e<span class="_ _0"/>xchange gains and losses, bank char<span class="_ _0"/>ges as well as amortisa<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion of financial assets and liabilities, including lease liabilities. Furthermor<span class="_ _0"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>alised and unre<span class="_ _0"/>alised gains and losses on derivative financial instruments </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that cannot be classified as hedging c<span class="_ _0"/>ontracts ar<span class="_ _0"/>e included.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:95.1875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.801px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financial income<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.939px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 357.1px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ome<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 195.656px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>469<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>323</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 357.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Share of as<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>sociates’ profit, net of tax<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.8457px; width: 356.818px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">For<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>change gain, net<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.357px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>276</span><span style="position: absolute; display: inline-block; left: 0px; top: 83.1914px; width: 356.871px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 242.613px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>473<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>606</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inter<span class="_ _0"/>est inc<span class="_ _0"/>ome includes inter<span class="_ _0"/>est on financial assets of DKK 469 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK 323 million).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial income and e<span class="_ _0"/>xpenses include inter<span class="_ _0"/>est, share of associat<span class="_ _0"/>es<span class="_ _4"/>’ net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">result, for<span class="_ _0"/>eign e<span class="_ _0"/>xchange gains and losses, bank char<span class="_ _0"/>ges as well as amortisa<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion of financial assets and liabilities, including lease liabilities. Furthermor<span class="_ _0"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>alised and unre<span class="_ _0"/>alised gains and losses on derivative financial instruments </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that cannot be classified as hedging c<span class="_ _0"/>ontracts ar<span class="_ _0"/>e included.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:168.328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.684px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financial expenses <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 112.254px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0801px; width: 356.877px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>xpenses on lease liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>851<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>727</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 356.883px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>xpenses on borr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>owings <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.16px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>229<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>236</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.8457px; width: 357.029px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>xpenses, bank<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.357px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>349<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>397</span><span style="position: absolute; display: inline-block; left: 0px; top: 81.2207px; width: 210.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Financial expenses on pension obligations, </span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2207px; width: 37.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">ref<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>er t<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o</span><span style="position: absolute; display: inline-block; left: 37.207px; top: 96.2207px; width: 319.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> not<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e 3.7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 196.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">47<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>19</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 115.611px; width: 357.352px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">For<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>change loss, net<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.816px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>157<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 134.986px; width: 356.912px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other financial expenses<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 158.303px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>73<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>93</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.332px; width: 356.689px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal <span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 228.598px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,706<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,472</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inter<span class="_ _0"/>est e<span class="_ _0"/>xpenses include inter<span class="_ _0"/>est on financial liabilities measur<span class="_ _0"/>ed at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">amortised cost of DKK 1,502 million (2022: DKK 1,453 million).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial income and e<span class="_ _0"/>xpenses include inter<span class="_ _0"/>est, share of associat<span class="_ _0"/>es<span class="_ _4"/>’ net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">result, for<span class="_ _0"/>eign e<span class="_ _0"/>xchange gains and losses, bank char<span class="_ _0"/>ges as well as amortisa<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion of financial assets and liabilities, including lease liabilities. Furthermor<span class="_ _0"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>alised and unre<span class="_ _0"/>alised gains and losses on derivative financial instruments </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that cannot be classified as hedging c<span class="_ _0"/>ontracts ar<span class="_ _0"/>e included.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:168.328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.684px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financial expenses <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 112.254px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0801px; width: 356.877px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>xpenses on lease liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>851<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>727</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 356.883px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>xpenses on borr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>owings <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.16px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>229<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>236</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.8457px; width: 357.029px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>xpenses, bank<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.357px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>349<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>397</span><span style="position: absolute; display: inline-block; left: 0px; top: 81.2207px; width: 210.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Financial expenses on pension obligations, </span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2207px; width: 37.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">ref<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>er t<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o</span><span style="position: absolute; display: inline-block; left: 37.207px; top: 96.2207px; width: 319.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> not<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e 3.7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 196.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">47<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>19</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 115.611px; width: 357.352px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">For<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>change loss, net<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.816px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>157<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 134.986px; width: 356.912px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other financial expenses<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 158.303px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>73<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>93</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.332px; width: 356.689px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal <span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 228.598px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,706<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,472</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inter<span class="_ _0"/>est e<span class="_ _0"/>xpenses include inter<span class="_ _0"/>est on financial liabilities measur<span class="_ _0"/>ed at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">amortised cost of DKK 1,502 million (2022: DKK 1,453 million).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial income and e<span class="_ _0"/>xpenses include inter<span class="_ _0"/>est, share of associat<span class="_ _0"/>es<span class="_ _4"/>’ net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">result, for<span class="_ _0"/>eign e<span class="_ _0"/>xchange gains and losses, bank char<span class="_ _0"/>ges as well as amortisa<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion of financial assets and liabilities, including lease liabilities. Furthermor<span class="_ _0"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>alised and unre<span class="_ _0"/>alised gains and losses on derivative financial instruments </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that cannot be classified as hedging c<span class="_ _0"/>ontracts ar<span class="_ _0"/>e included.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2.7 Special it<span class="_ _0"/>ems</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Special items ar<span class="_ _0"/>e used in connection with the pr<span class="_ _0"/>esentation of pr<span class="_ _0"/>ofit or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loss f<span class="_ _0"/>or the year to distinguish c<span class="_ _0"/>onsolidated oper<span class="_ _0"/>ating pr<span class="_ _0"/>ofit fr<span class="_ _0"/>om exc<span class="_ _0"/>ep-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tional items, which by their natur<span class="_ _0"/>e ar<span class="_ _0"/>e not r<span class="_ _0"/>elat<span class="_ _0"/>ed to the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s ordinary </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">operations or investment in futur<span class="_ _0"/>e activities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Special items in these financial st<span class="_ _0"/>atements c<span class="_ _0"/>omprise r<span class="_ _0"/>estructuring costs, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">impairment costs, et<span class="_ _0"/>c., relating to mat<span class="_ _0"/>erial structural, pr<span class="_ _0"/>oc<span class="_ _0"/>edural or man-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">agerial reor<span class="_ _0"/>ganisations as w<span class="_ _0"/>ell as any r<span class="_ _0"/>elated gains or losses on disposals.</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In the classification of special items, judgement is applied in ensuring that </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">only exc<span class="_ _0"/>eptional items no<span class="_ _0"/>t associated with the or<span class="_ _0"/>dinary oper<span class="_ _0"/>ations </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of the Group ar<span class="_ _0"/>e included.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:111.46875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.936px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Special items<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 143.853px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 230.695px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Settlement of defined benefit plans r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>elating to </span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 357.199px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">previous ac<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>quisitions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.885px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(227)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4707px; width: 356.941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Restructuring and integr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ation costs<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.7596px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>160<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,117</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.127px; width: 357.146px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ermination benefits to the Executive Boar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>d<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">67<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 99.4727px; width: 356.572px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Special items, c<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>osts <span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 177.264px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">1,117</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:334.5px;"><span style="position: absolute; display: inline-block; left: 437.734px; top: 0.0039062px; width: 229.77px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 170.051px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 368.906px; top: 22.5332px; width: 48.6855px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reported </span><span style="position: absolute; display: inline-block; left: 499.047px; top: 22.5332px; width: 46.1074px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Adjusted </span><span style="position: absolute; display: inline-block; left: 567.812px; top: 22.5332px; width: 48.6855px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reported </span><span style="position: absolute; display: inline-block; left: 699.031px; top: 22.5332px; width: 46.1074px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Adjusted </span><span style="position: absolute; display: inline-block; left: 363.547px; top: 37.5332px; width: 53.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">stat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ement </span><span style="position: absolute; display: inline-block; left: 490.688px; top: 37.5332px; width: 53.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">stat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ement </span><span style="position: absolute; display: inline-block; left: 563.484px; top: 37.5332px; width: 53.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">stat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ement </span><span style="position: absolute; display: inline-block; left: 690.172px; top: 37.5332px; width: 53.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">stat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ement </span><span style="position: absolute; display: inline-block; left: 373.688px; top: 52.5332px; width: 46.8867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">of profit </span><span style="position: absolute; display: inline-block; left: 443.953px; top: 52.5332px; width: 40.0371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Special </span><span style="position: absolute; display: inline-block; left: 500.922px; top: 52.5332px; width: 46.8867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">of profit </span><span style="position: absolute; display: inline-block; left: 572.703px; top: 52.5332px; width: 46.8867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">of profit </span><span style="position: absolute; display: inline-block; left: 644.438px; top: 52.5332px; width: 34.2773px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Special</span><span style="position: absolute; display: inline-block; left: 701.094px; top: 52.5332px; width: 46.8867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">of profit </span><span style="position: absolute; display: inline-block; left: 0px; top: 66.3789px; width: 161.725px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Special items bridge<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm) </span></span><span style="position: absolute; display: inline-block; left: 382.469px; top: 67.5332px; width: 32.0098px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">or loss</span><span style="position: absolute; display: inline-block; left: 451.203px; top: 67.5332px; width: 27.2285px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">items</span><span style="position: absolute; display: inline-block; left: 510.297px; top: 67.5332px; width: 34.8867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">or loss </span><span style="position: absolute; display: inline-block; left: 582.312px; top: 67.5332px; width: 32.0098px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">or loss</span><span style="position: absolute; display: inline-block; left: 651.047px; top: 67.5332px; width: 27.2285px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">items</span><span style="position: absolute; display: inline-block; left: 709.234px; top: 67.5332px; width: 34.8867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">or loss </span><span style="position: absolute; display: inline-block; left: 0px; top: 89.4707px; width: 741.639px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revenue<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 326.531px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>150,785<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>150,785<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 26.9473px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>235,665<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>235,665</span><span style="position: absolute; display: inline-block; left: 0px; top: 108.846px; width: 741.691px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Direct cos<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.334px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>106,967<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>106,967<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 26.9473px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>183,516<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>19<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>183,535</span><span style="position: absolute; display: inline-block; left: 0px; top: 130.191px; width: 741.797px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Gross pr<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ofit<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 304.435px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">43,818<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">43,818<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 29.2558px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>52,149<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(19)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 15.7031px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>52,130</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 150.174px; width: 741.803px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other external c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 282.322px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,838<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,838<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,559<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>237<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,796</span><span style="position: absolute; display: inline-block; left: 0px; top: 174.658px; width: 741.762px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Staff c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 322.676px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15,983<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(18)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15,965<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16,315<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>653<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16,968</span><span style="position: absolute; display: inline-block; left: 0px; top: 196.004px; width: 741.832px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Oper<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ating profit bef<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>or<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>e amortisation and depreciation<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">22,997<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>18<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>23,015<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 29.2558px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>30,275<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(909)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 15.7031px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>29,366</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 221.08px; width: 741.668px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Amortisation and depreciation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 234.92px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,274<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,292<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,071<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>213<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,284</span><span style="position: absolute; display: inline-block; left: 0px; top: 242.426px; width: 741.902px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Oper<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ating profit<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 280.219px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">17,723<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">17,723<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 29.2558px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>25,204<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 22.459px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(1,122)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 16.7637px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>24,082</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 262.408px; width: 741.691px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Special items, c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 312.551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,117<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,117)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 281.783px; width: 741.99px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Financial income<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 312.932px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>473<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>473<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>606<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>606</span><span style="position: absolute; display: inline-block; left: 0px; top: 301.158px; width: 741.691px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Financial expenses<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 293.192px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,706<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,706<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,472<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(5)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,467</span><span style="position: absolute; display: inline-block; left: 0px; top: 322.504px; width: 741.838px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ofit bef<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ore tax<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 276.885px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">16,490<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">16,490<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 29.8183px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>23,221<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">23,221</span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The carrying amount of goodwill is test<span class="_ _0"/>ed f<span class="_ _0"/>or impairment at least annually </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">together with o<span class="_ _0"/>ther non-curr<span class="_ _0"/>ent assets of the Gr<span class="_ _0"/>oup.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impairment testing is perf<span class="_ _0"/>ormed f<span class="_ _0"/>or the lowest cash-gener<span class="_ _0"/>ating unit t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">which consolidat<span class="_ _0"/>ed goodwill is allocated, as defined by our divisional </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">management and operational structur<span class="_ _0"/>e. The cash-gener<span class="_ _0"/>ating units there-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by follow our divisional s<span class="_ _0"/>tructure: Air &amp; Sea, Road and Solutions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill is written down t<span class="_ _0"/>o its rec<span class="_ _0"/>over<span class="_ _0"/>able amount thr<span class="_ _0"/>ough the stat<span class="_ _0"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment of profit or los<span class="_ _0"/>s if lower than the car<span class="_ _0"/>rying amount<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The rec<span class="_ _0"/>over<span class="_ _0"/>able amount is determined as the pr<span class="_ _0"/>esent value of the disc<span class="_ _0"/>ounted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">future ne<span class="_ _0"/>t cash flow fr<span class="_ _0"/>om the cash-gener<span class="_ _0"/>ating unit to which the goodwill </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">relat<span class="_ _0"/>es. In calculating the pr<span class="_ _0"/>esent value, disc<span class="_ _0"/>ount rat<span class="_ _0"/>es ar<span class="_ _0"/>e applied r<span class="_ _0"/>eflecting<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the risk-free int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate with the addition of risks r<span class="_ _0"/>elating to the individual </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cash-generating units, such as geogr<span class="_ _0"/>aphical and financial e<span class="_ _0"/>xposur<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other non-current int<span class="_ _0"/>angible assets and pr<span class="_ _0"/>opert<span class="_ _4"/>y<span class="_ _0"/>, <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plant and equipment</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The carrying amount of other non-curr<span class="_ _0"/>ent asse<span class="_ _0"/>ts is test<span class="_ _0"/>ed f<span class="_ _0"/>or impai<span class="_ _0"/>rmen<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at least once a year in c<span class="_ _0"/>onnection with the impairment test <span class="_ _4"/>of g<span class="_ _4"/>oodw<span class="_ _4"/>ill.<span class="_ _4"/> If </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the tests show evidenc<span class="_ _0"/>e of impairment<span class="_ _4"/>, the asset is written down t<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>over<span class="_ _0"/>able amount thr<span class="_ _0"/>ough the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s. The rec<span class="_ _0"/>over<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">able amount is the higher of the fair v<span class="_ _0"/>al<span class="_ _0"/>ue <span class="_ _0"/>of<span class="_ _0"/> th<span class="_ _0"/>e a<span class="_ _0"/>ss<span class="_ _0"/>et<span class="_ _0"/> l<span class="_ _0"/>ess<span class="_ _0"/> t<span class="_ _0"/>he <span class="_ _0"/>e<span class="_ _0"/>xpe<span class="_ _0"/>cte<span class="_ _0"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs t<span class="_ _0"/>o sell and its value in use.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The value in use is calculated as the pr<span class="_ _0"/>esent value of e<span class="_ _0"/>xpected futur<span class="_ _0"/>e cash </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">flows from the as<span class="_ _0"/>set or the division of which the asset f<span class="_ _0"/>orms part<span class="_ _4"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The carrying amount of goodwill is test<span class="_ _0"/>ed f<span class="_ _0"/>or impairment at least annually </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">together with o<span class="_ _0"/>ther non-curr<span class="_ _0"/>ent assets of the Gr<span class="_ _0"/>oup.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impairment testing is perf<span class="_ _0"/>ormed f<span class="_ _0"/>or the lowest cash-gener<span class="_ _0"/>ating unit t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">which consolidat<span class="_ _0"/>ed goodwill is allocated, as defined by our divisional </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">management and operational structur<span class="_ _0"/>e. The cash-gener<span class="_ _0"/>ating units there-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by follow our divisional s<span class="_ _0"/>tructure: Air &amp; Sea, Road and Solutions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill is written down t<span class="_ _0"/>o its rec<span class="_ _0"/>over<span class="_ _0"/>able amount thr<span class="_ _0"/>ough the stat<span class="_ _0"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment of profit or los<span class="_ _0"/>s if lower than the car<span class="_ _0"/>rying amount<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The rec<span class="_ _0"/>over<span class="_ _0"/>able amount is determined as the pr<span class="_ _0"/>esent value of the disc<span class="_ _0"/>ounted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">future ne<span class="_ _0"/>t cash flow fr<span class="_ _0"/>om the cash-gener<span class="_ _0"/>ating unit to which the goodwill </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">relat<span class="_ _0"/>es. In calculating the pr<span class="_ _0"/>esent value, disc<span class="_ _0"/>ount rat<span class="_ _0"/>es ar<span class="_ _0"/>e applied r<span class="_ _0"/>eflecting<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the risk-free int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate with the addition of risks r<span class="_ _0"/>elating to the individual </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cash-generating units, such as geogr<span class="_ _0"/>aphical and financial e<span class="_ _0"/>xposur<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other non-current int<span class="_ _0"/>angible assets and pr<span class="_ _0"/>opert<span class="_ _4"/>y<span class="_ _0"/>, <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plant and equipment</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The carrying amount of other non-curr<span class="_ _0"/>ent asse<span class="_ _0"/>ts is test<span class="_ _0"/>ed f<span class="_ _0"/>or impai<span class="_ _0"/>rmen<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at least once a year in c<span class="_ _0"/>onnection with the impairment test <span class="_ _4"/>of g<span class="_ _4"/>oodw<span class="_ _4"/>ill.<span class="_ _4"/> If </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the tests show evidenc<span class="_ _0"/>e of impairment<span class="_ _4"/>, the asset is written down t<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>over<span class="_ _0"/>able amount thr<span class="_ _0"/>ough the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s. The rec<span class="_ _0"/>over<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">able amount is the higher of the fair v<span class="_ _0"/>al<span class="_ _0"/>ue <span class="_ _0"/>of<span class="_ _0"/> th<span class="_ _0"/>e a<span class="_ _0"/>ss<span class="_ _0"/>et<span class="_ _0"/> l<span class="_ _0"/>ess<span class="_ _0"/> t<span class="_ _0"/>he <span class="_ _0"/>e<span class="_ _0"/>xpe<span class="_ _0"/>cte<span class="_ _0"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs t<span class="_ _0"/>o sell and its value in use.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The value in use is calculated as the pr<span class="_ _0"/>esent value of e<span class="_ _0"/>xpected futur<span class="_ _0"/>e cash </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">flows from the as<span class="_ _0"/>set or the division of which the asset f<span class="_ _0"/>orms part<span class="_ _4"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.1 Impairment t<span class="_ _0"/>est</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The carrying amount of goodwill is test<span class="_ _0"/>ed f<span class="_ _0"/>or impairment at least annually </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">together with o<span class="_ _0"/>ther non-curr<span class="_ _0"/>ent assets of the Gr<span class="_ _0"/>oup.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impairment testing is perf<span class="_ _0"/>ormed f<span class="_ _0"/>or the lowest cash-gener<span class="_ _0"/>ating unit t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">which consolidat<span class="_ _0"/>ed goodwill is allocated, as defined by our divisional </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">management and operational structur<span class="_ _0"/>e. The cash-gener<span class="_ _0"/>ating units there-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by follow our divisional s<span class="_ _0"/>tructure: Air &amp; Sea, Road and Solutions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill is written down t<span class="_ _0"/>o its rec<span class="_ _0"/>over<span class="_ _0"/>able amount thr<span class="_ _0"/>ough the stat<span class="_ _0"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment of profit or los<span class="_ _0"/>s if lower than the car<span class="_ _0"/>rying amount<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The rec<span class="_ _0"/>over<span class="_ _0"/>able amount is determined as the pr<span class="_ _0"/>esent value of the disc<span class="_ _0"/>ounted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">future ne<span class="_ _0"/>t cash flow fr<span class="_ _0"/>om the cash-gener<span class="_ _0"/>ating unit to which the goodwill </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">relat<span class="_ _0"/>es. In calculating the pr<span class="_ _0"/>esent value, disc<span class="_ _0"/>ount rat<span class="_ _0"/>es ar<span class="_ _0"/>e applied r<span class="_ _0"/>eflecting<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the risk-free int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate with the addition of risks r<span class="_ _0"/>elating to the individual </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cash-generating units, such as geogr<span class="_ _0"/>aphical and financial e<span class="_ _0"/>xposur<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other non-current int<span class="_ _0"/>angible assets and pr<span class="_ _0"/>opert<span class="_ _4"/>y<span class="_ _0"/>, <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plant and equipment</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The carrying amount of other non-curr<span class="_ _0"/>ent asse<span class="_ _0"/>ts is test<span class="_ _0"/>ed f<span class="_ _0"/>or impai<span class="_ _0"/>rmen<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at least once a year in c<span class="_ _0"/>onnection with the impairment test <span class="_ _4"/>of g<span class="_ _4"/>oodw<span class="_ _4"/>ill.<span class="_ _4"/> If </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the tests show evidenc<span class="_ _0"/>e of impairment<span class="_ _4"/>, the asset is written down t<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>over<span class="_ _0"/>able amount thr<span class="_ _0"/>ough the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s. The rec<span class="_ _0"/>over<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">able amount is the higher of the fair v<span class="_ _0"/>al<span class="_ _0"/>ue <span class="_ _0"/>of<span class="_ _0"/> th<span class="_ _0"/>e a<span class="_ _0"/>ss<span class="_ _0"/>et<span class="_ _0"/> l<span class="_ _0"/>ess<span class="_ _0"/> t<span class="_ _0"/>he <span class="_ _0"/>e<span class="_ _0"/>xpe<span class="_ _0"/>cte<span class="_ _0"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs t<span class="_ _0"/>o sell and its value in use.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The value in use is calculated as the pr<span class="_ _0"/>esent value of e<span class="_ _0"/>xpected futur<span class="_ _0"/>e cash </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">flows from the as<span class="_ _0"/>set or the division of which the asset f<span class="_ _0"/>orms part<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For goodwill impairment t<span class="_ _0"/>esting, a number of estimates ar<span class="_ _0"/>e made on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">development in r<span class="_ _0"/>evenues, gr<span class="_ _0"/>oss profits, c<span class="_ _0"/>onversion r<span class="_ _0"/>atios, futur<span class="_ _0"/>e capital </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expenditur<span class="_ _0"/>es, discount r<span class="_ _0"/>at<span class="_ _0"/>es and growth expectations in the t<span class="_ _0"/>erminal pe-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">riod. These are based on an as<span class="_ _0"/>sessment of curr<span class="_ _0"/>ent and futur<span class="_ _0"/>e develop-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments in the three c<span class="_ _0"/>ash-generating units and on his<span class="_ _0"/>torical dat<span class="_ _0"/>a and as-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sumptions of future e<span class="_ _0"/>xpected marke<span class="_ _0"/>t developments, including expected </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">long-term aver<span class="_ _0"/>age marke<span class="_ _0"/>t growth r<span class="_ _0"/>ates. Data includes bo<span class="_ _0"/>th internal and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">external dat<span class="_ _0"/>a sour<span class="_ _0"/>ces.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Material value drivers aff<span class="_ _0"/>ecting the future net c<span class="_ _0"/>ash flows of the thr<span class="_ _0"/>ee </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cash-generating units ar<span class="_ _0"/>e:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Air &amp; Sea</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Air &amp; Sea division operat<span class="_ _0"/>es globally, so developments in the global </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">economy and world tr<span class="_ _0"/>ade ther<span class="_ _0"/>ef<span class="_ _0"/>ore hav<span class="_ _0"/>e a material impact on the <span class="_ _0"/>divi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sion’<span class="_ _3"/>s future net c<span class="_ _0"/>ash flow. Developments in gr<span class="_ _0"/>oss pr<span class="_ _0"/>ofit per shipmen<span class="_ _4"/>t<span class="_ _4"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost development and management initiatives in int<span class="_ _0"/>ernal pr<span class="_ _0"/>oductivit<span class="_ _4"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(number of shipments per employee) also affect the divisio<span class="_ _4"/>n’<span class="_ _3"/>s cash flow.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Road</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Road division mainly oper<span class="_ _0"/>ates on the EMEA and US marke<span class="_ _0"/>ts, which </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">means that the division’<span class="_ _3"/>s future ne<span class="_ _0"/>t cash flow is affected by the gr<span class="_ _0"/>owth </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rat<span class="_ _0"/>e in these r<span class="_ _0"/>egions. Developments in gr<span class="_ _0"/>oss pr<span class="_ _0"/>ofit per shipment<span class="_ _4"/>, including </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">truck and terminal utilisation r<span class="_ _0"/>ates, c<span class="_ _0"/>ost development and management </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">initiatives in internal pr<span class="_ _0"/>oductivity (number of shipments per employee) also<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">affect the division’<span class="_ _3"/>s cash flow.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Solutions</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Solutions division operat<span class="_ _0"/>es globally, so developments in the global </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">economy and world tr<span class="_ _0"/>ade ther<span class="_ _0"/>ef<span class="_ _0"/>ore hav<span class="_ _0"/>e a material impact on the divi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sion’<span class="_ _3"/>s future net c<span class="_ _0"/>ash flow. Developments in w<span class="_ _0"/>ar<span class="_ _0"/>ehouse lease costs and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs of r<span class="_ _0"/>elat<span class="_ _0"/>ed ser<span class="_ _4"/>vices, utilisation of w<span class="_ _0"/>arehouse f<span class="_ _0"/>acilities, c<span class="_ _0"/>ost develop-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment and management initiatives in internal pr<span class="_ _0"/>oductivity (number of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">order lines per employee) also aff<span class="_ _0"/>ect the division’<span class="_ _3"/>s cash flows.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Climate-r<span class="_ _0"/>elated risks</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management has assessed that no climate-r<span class="_ _0"/>elat<span class="_ _0"/>ed assumptions ar<span class="_ _0"/>e key </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">assumptions f<span class="_ _0"/>or the 2023 impairment test of goodwill. Investments as-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sociated with our climat<span class="_ _0"/>e change initiatives, including our commitment t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">achieve net-z<span class="_ _0"/>er<span class="_ _0"/>o carbon emissions, ar<span class="_ _0"/>e consider<span class="_ _0"/>ed when det<span class="_ _0"/>ermining the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>over<span class="_ _0"/>able amount of each cash-gener<span class="_ _0"/>ating unit<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impairment test 2023</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill was t<span class="_ _0"/>ested f<span class="_ _0"/>or impairment at 31 Dec<span class="_ _0"/>ember 2023. The tests did </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not r<span class="_ _0"/>esult in any impairment of carrying amounts.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The expected futur<span class="_ _0"/>e net cash flow is based on budgets and busines<span class="_ _0"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plans approv<span class="_ _0"/>ed by Management f<span class="_ _0"/>or the year 2024 and projections f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">subsequent years up to and including 2028. These pr<span class="_ _0"/>ojections are based </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on the assumption of stable global ec<span class="_ _0"/>onomic development during 2024-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">26, with average annual GDP gr<span class="_ _0"/>owth of at least 3% and tr<span class="_ _0"/>ansport market </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">growt<span class="_ _4"/>h in<span class="_ _4"/> lin<span class="_ _4"/>e wit<span class="_ _4"/>h GD<span class="_ _4"/>P<span class="_ _3"/>. From 2026 onwar<span class="_ _0"/>ds, DSV <span class="_ _0"/>expects the gr<span class="_ _0"/>owth </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">r<span class="_ _0"/>at<span class="_ _0"/>e t<span class="_ _0"/>o r<span class="_ _0"/>em<span class="_ _0"/>ain i<span class="_ _0"/>n li<span class="_ _0"/>ne wi<span class="_ _0"/>th the expected long-t<span class="_ _0"/>erm average gr<span class="_ _0"/>owth rate f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the industry. The budget f<span class="_ _0"/>or 2024 assumes a global GDP gr<span class="_ _0"/>owth ar<span class="_ _0"/>ound </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3% and a growth in the global tr<span class="_ _0"/>ansport markets of 3-4%.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In the 2023 impairment test, conversion ratios hav<span class="_ _0"/>e replac<span class="_ _0"/>ed oper<span class="_ _0"/>ating </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">margins as a k<span class="_ _0"/>ey assumption to r<span class="_ _0"/>eflect how the division’<span class="_ _3"/>s performance is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">measur<span class="_ _0"/>ed. The conversion r<span class="_ _0"/>atios applied in the impairment test r<span class="_ _0"/>eflect the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Group<span class="_ _0"/>’<span class="_ _3"/>s communicat<span class="_ _0"/>ed long-term t<span class="_ _0"/>arge<span class="_ _0"/>ts f<span class="_ _0"/>or 2026. The pre-t<span class="_ _0"/>ax discount </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rat<span class="_ _0"/>e is calculated in ac<span class="_ _0"/>cor<span class="_ _0"/>danc<span class="_ _0"/>e with IAS 36.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sensitivity analysis</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The sensitivity analysis assesses the impac<span class="_ _4"/>t of changes in cash flows and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">discount r<span class="_ _0"/>ates on the impairment t<span class="_ _0"/>est r<span class="_ _0"/>esults. The an <span class="_ _9"/>alysis concluded that </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">even negative changes, which ar<span class="_ _0"/>e unlikely t<span class="_ _0"/>o occur<span class="_ _3"/>, will not r<span class="_ _0"/>esult in im-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pairment of goodwill in any of the thr<span class="_ _0"/>ee cash-generating units. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The sensitivity analysis shows the lowest possible growth r<span class="_ _0"/>ate or highest </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">possible discount r<span class="_ _0"/>ate in per<span class="_ _0"/>c<span class="_ _0"/>entage points by which the assumptions </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">used can change bef<span class="_ _0"/>or<span class="_ _0"/>e goodwill becomes impair<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other non-curr<span class="_ _0"/>ent intangible asse<span class="_ _0"/>ts and pr<span class="_ _0"/>opert<span class="_ _4"/>y, plant and equipment </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other non-curr<span class="_ _0"/>ent assets w<span class="_ _0"/>ere also t<span class="_ _0"/>est<span class="_ _0"/>ed for impairment indic<span class="_ _0"/>ations to<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gether with goodwill at 31 December 2023. No indic<span class="_ _0"/>ation of impairment </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">was identified in c<span class="_ _0"/>onnection with these tests.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:264.857421875px;"><span style="position: absolute; display: inline-block; left: 651.047px; top: 0.0039062px; width: 344.836px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 285.117px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 21.3789px; width: 247.617px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Goodwill impairment test at 31 Dec<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ember<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 563.484px; top: 22.5332px; width: 563.76px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Air &amp; Sea<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Road<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Solutions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.8301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Air &amp; Sea<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Road<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Solutions</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.4707px; width: 1128.05px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Carrying amount of goodwill (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 389.017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>58,198<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8,008<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9,568<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>58,877<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7,964<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9,452</span><span style="position: absolute; display: inline-block; left: 0px; top: 68.9668px; width: 69.2695px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Budget period</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.3457px; width: 1127.93px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Annual rev<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>enue growth<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 469.196px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 107.721px; width: 1127.64px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Conversion r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>atio<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 495.814px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>50.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>30.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>30.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.4043px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>n.a.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>n.a.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>n.a.</span><span style="position: absolute; display: inline-block; left: 0px; top: 127.096px; width: 1127.75px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Operating mar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>gin<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 506.636px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>n.a.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>n.a.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>n.a.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9.1%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.6%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 151.607px; width: 74.9355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>erminal period</span><span style="position: absolute; display: inline-block; left: 0px; top: 170.971px; width: 1127.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Growth<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 545.854px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.5%</span><span style="position: absolute; display: inline-block; left: 0px; top: 190.346px; width: 1127.69px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e-tax disc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ount rat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 471.679px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11.3%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7.9%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9.7%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11.1%</span><span style="position: absolute; display: inline-block; left: 0px; top: 214.857px; width: 91.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Sensitivity analysis</span><span style="position: absolute; display: inline-block; left: 0px; top: 234.221px; width: 1127.7px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Growth in budget period – allow<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed decline (per<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>centage points)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 266.889px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15.8%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>29.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11.1%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>23.1%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>28.2%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 253.611px; width: 1127.61px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Discount r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ate – allow<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed incr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ease (per<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>centage points)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 322.676px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.3%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>10.7%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.7%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9.9%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.5%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.2 Intangible assets</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies<span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Only goodwill arising from busines<span class="_ _0"/>s combinations is r<span class="_ _0"/>ecognised in the finan<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cial stat<span class="_ _0"/>ements. Goodwill is measur<span class="_ _0"/>ed as the differ<span class="_ _0"/>enc<span class="_ _0"/>e between the t<span class="_ _0"/>ot<span class="_ _0"/>al of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the fair value of the c<span class="_ _0"/>onsider<span class="_ _0"/>ation transf<span class="_ _0"/>err<span class="_ _0"/>ed, the value of non-c<span class="_ _0"/>ontr<span class="_ _0"/>olling </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inter<span class="_ _0"/>ests and any equity investments pr<span class="_ _0"/>eviously held in the acquir<span class="_ _0"/>ee, c<span class="_ _0"/>om<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pared t<span class="_ _0"/>o the f<span class="_ _0"/>air value of identifiable net assets on the dat<span class="_ _0"/>e of acquisition. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">Goodwill is not amortised, but is test<span class="_ _0"/>ed f<span class="_ _0"/>or impairment at least annually<span class="_ _0"/>.</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Customer r<span class="_ _3"/>elationships</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On initial rec<span class="_ _0"/>ognition, cust<span class="_ _0"/>omer relationships identified fr<span class="_ _0"/>om business </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">combinations ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the s<span class="_ _0"/>tatement of financial position at f<span class="_ _0"/>air </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">value. Subsequently, cust<span class="_ _0"/>omer r<span class="_ _0"/>elationships ar<span class="_ _0"/>e measur<span class="_ _0"/>ed at cost less </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">accumulat<span class="_ _0"/>ed amortisation and impairment losses. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Customer r<span class="_ _0"/>elationships ar<span class="_ _0"/>e amortised over a period of eight years using </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the diminishing balance method.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Softwar<span class="_ _0"/>e and software in pr<span class="_ _3"/>ogress</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Software bought or dev<span class="_ _0"/>eloped for int<span class="_ _0"/>ernal use is measur<span class="_ _0"/>ed at the lower of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost less ac<span class="_ _0"/>cumulated amortisation and impairment losses and the r<span class="_ _0"/>ecov<span class="_ _0"/>er<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">able amount<span class="_ _4"/>. Cost comprises payments f<span class="_ _0"/>or the softwar<span class="_ _0"/>e and other dir<span class="_ _0"/>ectly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">attributable cos<span class="_ _0"/>ts of preparing the softwar<span class="_ _0"/>e f<span class="_ _0"/>or its int<span class="_ _0"/>ended use. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">After commissioning, softwar<span class="_ _0"/>e is amortised on a straight-line basis over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">its expected useful lif<span class="_ _0"/>e. The amortisation period is 1-8 years.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:339.421875px;"><span style="position: absolute; display: inline-block; left: 552.188px; top: 0.0039062px; width: 408.533px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 348.815px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 479.672px; top: 22.5332px; width: 51.4805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Customer </span><span style="position: absolute; display: inline-block; left: 617.672px; top: 22.5332px; width: 59.8828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Software in </span><span style="position: absolute; display: inline-block; left: 857.234px; top: 22.5332px; width: 51.4805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Customer </span><span style="position: absolute; display: inline-block; left: 997.484px; top: 22.5332px; width: 59.8828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Software in </span><span style="position: absolute; display: inline-block; left: 0px; top: 36.3789px; width: 453.141px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Intangible assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 270.275px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Goodwill</span></span><span style="position: absolute; display: inline-block; left: 466.578px; top: 37.5332px; width: 135.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">relationships<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Softwar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e</span><span style="position: absolute; display: inline-block; left: 632.672px; top: 37.5332px; width: 199.049px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">progr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ess<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.66406px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>Goodwill</span><span style="position: absolute; display: inline-block; left: 844.016px; top: 37.5332px; width: 135.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">relationships<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Softwar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e</span><span style="position: absolute; display: inline-block; left: 1011.38px; top: 37.5332px; width: 114.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">progr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ess<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.66406px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 59.4707px; width: 1127.29px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Cost at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 328.482px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>76,293<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,574<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,180<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>342<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>80,389<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75,063<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,565<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,212<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>280<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>79,120</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.8457px; width: 1127.78px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions from busines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>s combinations/pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>evious period adjustments<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>640<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.6017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>640<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>370<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.6017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>370</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.2363px; width: 1127.61px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 401.28px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.2167px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>327<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>345<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>42<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>238<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>280</span><span style="position: absolute; display: inline-block; left: 0px; top: 117.611px; width: 1131.63px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Disposals <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 398.445px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(10)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(82)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(92)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(27)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(250)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(279)</span><span style="position: absolute; display: inline-block; left: 0px; top: 136.986px; width: 1127.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reclassifications<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 366.838px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>302<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.5625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(302)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>174<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(174)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.377px; width: 1127.55px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 317.408px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,159)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.9824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(7)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,169)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>860<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>36<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>898</span><span style="position: absolute; display: inline-block; left: 0px; top: 177.707px; width: 1127.21px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal cost at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 265.4px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">75,774<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,564<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,411<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>364<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>80,113<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.8261px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>76,293<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,574<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,180<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>342<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>80,389</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 202.799px; width: 1127.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal amortisation and impairment at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.912px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,981<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>734<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,715<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,719<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>740<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,459</span><span style="position: absolute; display: inline-block; left: 0px; top: 222.174px; width: 1127.55px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Amortisation and impairments for the year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 237.885px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>178<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>154<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>332<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>254<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>185<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>439</span><span style="position: absolute; display: inline-block; left: 0px; top: 241.564px; width: 1131.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Disposals <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 398.445px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(10)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(30)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(40)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(27)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(191)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(218)</span><span style="position: absolute; display: inline-block; left: 0px; top: 260.939px; width: 1127.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reclassification<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 371.889px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 280.314px; width: 1127.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 347.701px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35</span><span style="position: absolute; display: inline-block; left: 0px; top: 301.66px; width: 1127.24px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal amor<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>tisation and impairment at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 167.092px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,149<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>858<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">3,007<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">1,981<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>734<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,715</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 327.426px; width: 410.016px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Carrying amount at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 226.219px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 410.016px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">75,774</span><span style="position: absolute; display: inline-block; left: 452.812px; top: 327.426px; width: 50.9004px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 503.713px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">415</span><span style="position: absolute; display: inline-block; left: 527.15px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 577.535px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">553</span><span style="position: absolute; display: inline-block; left: 600.973px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 651.357px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">364</span><span style="position: absolute; display: inline-block; left: 674.795px; top: 327.426px; width: 31.3418px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 706.137px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">77,106</span><span style="position: absolute; display: inline-block; left: 748.934px; top: 327.426px; width: 39.3223px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 788.256px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">76,293</span><span style="position: absolute; display: inline-block; left: 831.053px; top: 327.426px; width: 50.9004px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 881.953px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">593</span><span style="position: absolute; display: inline-block; left: 905.391px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 955.775px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">446</span><span style="position: absolute; display: inline-block; left: 979.213px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 1029.6px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">342</span><span style="position: absolute; display: inline-block; left: 1053.04px; top: 327.426px; width: 31.3418px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 1084.38px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">77,674</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.1 Impairment t<span class="_ _0"/>est</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The carrying amount of goodwill is test<span class="_ _0"/>ed f<span class="_ _0"/>or impairment at least annually </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">together with o<span class="_ _0"/>ther non-curr<span class="_ _0"/>ent assets of the Gr<span class="_ _0"/>oup.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impairment testing is perf<span class="_ _0"/>ormed f<span class="_ _0"/>or the lowest cash-gener<span class="_ _0"/>ating unit t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">which consolidat<span class="_ _0"/>ed goodwill is allocated, as defined by our divisional </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">management and operational structur<span class="_ _0"/>e. The cash-gener<span class="_ _0"/>ating units there-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by follow our divisional s<span class="_ _0"/>tructure: Air &amp; Sea, Road and Solutions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill is written down t<span class="_ _0"/>o its rec<span class="_ _0"/>over<span class="_ _0"/>able amount thr<span class="_ _0"/>ough the stat<span class="_ _0"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment of profit or los<span class="_ _0"/>s if lower than the car<span class="_ _0"/>rying amount<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The rec<span class="_ _0"/>over<span class="_ _0"/>able amount is determined as the pr<span class="_ _0"/>esent value of the disc<span class="_ _0"/>ounted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">future ne<span class="_ _0"/>t cash flow fr<span class="_ _0"/>om the cash-gener<span class="_ _0"/>ating unit to which the goodwill </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">relat<span class="_ _0"/>es. In calculating the pr<span class="_ _0"/>esent value, disc<span class="_ _0"/>ount rat<span class="_ _0"/>es ar<span class="_ _0"/>e applied r<span class="_ _0"/>eflecting<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the risk-free int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate with the addition of risks r<span class="_ _0"/>elating to the individual </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cash-generating units, such as geogr<span class="_ _0"/>aphical and financial e<span class="_ _0"/>xposur<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other non-current int<span class="_ _0"/>angible assets and pr<span class="_ _0"/>opert<span class="_ _4"/>y<span class="_ _0"/>, <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plant and equipment</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The carrying amount of other non-curr<span class="_ _0"/>ent asse<span class="_ _0"/>ts is test<span class="_ _0"/>ed f<span class="_ _0"/>or impai<span class="_ _0"/>rmen<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at least once a year in c<span class="_ _0"/>onnection with the impairment test <span class="_ _4"/>of g<span class="_ _4"/>oodw<span class="_ _4"/>ill.<span class="_ _4"/> If </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the tests show evidenc<span class="_ _0"/>e of impairment<span class="_ _4"/>, the asset is written down t<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>over<span class="_ _0"/>able amount thr<span class="_ _0"/>ough the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s. The rec<span class="_ _0"/>over<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">able amount is the higher of the fair v<span class="_ _0"/>al<span class="_ _0"/>ue <span class="_ _0"/>of<span class="_ _0"/> th<span class="_ _0"/>e a<span class="_ _0"/>ss<span class="_ _0"/>et<span class="_ _0"/> l<span class="_ _0"/>ess<span class="_ _0"/> t<span class="_ _0"/>he <span class="_ _0"/>e<span class="_ _0"/>xpe<span class="_ _0"/>cte<span class="_ _0"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs t<span class="_ _0"/>o sell and its value in use.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The value in use is calculated as the pr<span class="_ _0"/>esent value of e<span class="_ _0"/>xpected futur<span class="_ _0"/>e cash </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">flows from the as<span class="_ _0"/>set or the division of which the asset f<span class="_ _0"/>orms part<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For goodwill impairment t<span class="_ _0"/>esting, a number of estimates ar<span class="_ _0"/>e made on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">development in r<span class="_ _0"/>evenues, gr<span class="_ _0"/>oss profits, c<span class="_ _0"/>onversion r<span class="_ _0"/>atios, futur<span class="_ _0"/>e capital </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expenditur<span class="_ _0"/>es, discount r<span class="_ _0"/>at<span class="_ _0"/>es and growth expectations in the t<span class="_ _0"/>erminal pe-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">riod. These are based on an as<span class="_ _0"/>sessment of curr<span class="_ _0"/>ent and futur<span class="_ _0"/>e develop-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments in the three c<span class="_ _0"/>ash-generating units and on his<span class="_ _0"/>torical dat<span class="_ _0"/>a and as-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sumptions of future e<span class="_ _0"/>xpected marke<span class="_ _0"/>t developments, including expected </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">long-term aver<span class="_ _0"/>age marke<span class="_ _0"/>t growth r<span class="_ _0"/>ates. Data includes bo<span class="_ _0"/>th internal and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">external dat<span class="_ _0"/>a sour<span class="_ _0"/>ces.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Material value drivers aff<span class="_ _0"/>ecting the future net c<span class="_ _0"/>ash flows of the thr<span class="_ _0"/>ee </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cash-generating units ar<span class="_ _0"/>e:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Air &amp; Sea</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Air &amp; Sea division operat<span class="_ _0"/>es globally, so developments in the global </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">economy and world tr<span class="_ _0"/>ade ther<span class="_ _0"/>ef<span class="_ _0"/>ore hav<span class="_ _0"/>e a material impact on the <span class="_ _0"/>divi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sion’<span class="_ _3"/>s future net c<span class="_ _0"/>ash flow. Developments in gr<span class="_ _0"/>oss pr<span class="_ _0"/>ofit per shipmen<span class="_ _4"/>t<span class="_ _4"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost development and management initiatives in int<span class="_ _0"/>ernal pr<span class="_ _0"/>oductivit<span class="_ _4"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(number of shipments per employee) also affect the divisio<span class="_ _4"/>n’<span class="_ _3"/>s cash flow.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Road</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Road division mainly oper<span class="_ _0"/>ates on the EMEA and US marke<span class="_ _0"/>ts, which </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">means that the division’<span class="_ _3"/>s future ne<span class="_ _0"/>t cash flow is affected by the gr<span class="_ _0"/>owth </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rat<span class="_ _0"/>e in these r<span class="_ _0"/>egions. Developments in gr<span class="_ _0"/>oss pr<span class="_ _0"/>ofit per shipment<span class="_ _4"/>, including </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">truck and terminal utilisation r<span class="_ _0"/>ates, c<span class="_ _0"/>ost development and management </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">initiatives in internal pr<span class="_ _0"/>oductivity (number of shipments per employee) also<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">affect the division’<span class="_ _3"/>s cash flow.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Solutions</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Solutions division operat<span class="_ _0"/>es globally, so developments in the global </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">economy and world tr<span class="_ _0"/>ade ther<span class="_ _0"/>ef<span class="_ _0"/>ore hav<span class="_ _0"/>e a material impact on the divi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sion’<span class="_ _3"/>s future net c<span class="_ _0"/>ash flow. Developments in w<span class="_ _0"/>ar<span class="_ _0"/>ehouse lease costs and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs of r<span class="_ _0"/>elat<span class="_ _0"/>ed ser<span class="_ _4"/>vices, utilisation of w<span class="_ _0"/>arehouse f<span class="_ _0"/>acilities, c<span class="_ _0"/>ost develop-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment and management initiatives in internal pr<span class="_ _0"/>oductivity (number of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">order lines per employee) also aff<span class="_ _0"/>ect the division’<span class="_ _3"/>s cash flows.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Climate-r<span class="_ _0"/>elated risks</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management has assessed that no climate-r<span class="_ _0"/>elat<span class="_ _0"/>ed assumptions ar<span class="_ _0"/>e key </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">assumptions f<span class="_ _0"/>or the 2023 impairment test of goodwill. Investments as-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sociated with our climat<span class="_ _0"/>e change initiatives, including our commitment t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">achieve net-z<span class="_ _0"/>er<span class="_ _0"/>o carbon emissions, ar<span class="_ _0"/>e consider<span class="_ _0"/>ed when det<span class="_ _0"/>ermining the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>over<span class="_ _0"/>able amount of each cash-gener<span class="_ _0"/>ating unit<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impairment test 2023</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill was t<span class="_ _0"/>ested f<span class="_ _0"/>or impairment at 31 Dec<span class="_ _0"/>ember 2023. The tests did </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not r<span class="_ _0"/>esult in any impairment of carrying amounts.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The expected futur<span class="_ _0"/>e net cash flow is based on budgets and busines<span class="_ _0"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plans approv<span class="_ _0"/>ed by Management f<span class="_ _0"/>or the year 2024 and projections f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">subsequent years up to and including 2028. These pr<span class="_ _0"/>ojections are based </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on the assumption of stable global ec<span class="_ _0"/>onomic development during 2024-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">26, with average annual GDP gr<span class="_ _0"/>owth of at least 3% and tr<span class="_ _0"/>ansport market </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">growt<span class="_ _4"/>h in<span class="_ _4"/> lin<span class="_ _4"/>e wit<span class="_ _4"/>h GD<span class="_ _4"/>P<span class="_ _3"/>. From 2026 onwar<span class="_ _0"/>ds, DSV <span class="_ _0"/>expects the gr<span class="_ _0"/>owth </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">r<span class="_ _0"/>at<span class="_ _0"/>e t<span class="_ _0"/>o r<span class="_ _0"/>em<span class="_ _0"/>ain i<span class="_ _0"/>n li<span class="_ _0"/>ne wi<span class="_ _0"/>th the expected long-t<span class="_ _0"/>erm average gr<span class="_ _0"/>owth rate f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the industry. The budget f<span class="_ _0"/>or 2024 assumes a global GDP gr<span class="_ _0"/>owth ar<span class="_ _0"/>ound </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3% and a growth in the global tr<span class="_ _0"/>ansport markets of 3-4%.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In the 2023 impairment test, conversion ratios hav<span class="_ _0"/>e replac<span class="_ _0"/>ed oper<span class="_ _0"/>ating </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">margins as a k<span class="_ _0"/>ey assumption to r<span class="_ _0"/>eflect how the division’<span class="_ _3"/>s performance is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">measur<span class="_ _0"/>ed. The conversion r<span class="_ _0"/>atios applied in the impairment test r<span class="_ _0"/>eflect the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Group<span class="_ _0"/>’<span class="_ _3"/>s communicat<span class="_ _0"/>ed long-term t<span class="_ _0"/>arge<span class="_ _0"/>ts f<span class="_ _0"/>or 2026. The pre-t<span class="_ _0"/>ax discount </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rat<span class="_ _0"/>e is calculated in ac<span class="_ _0"/>cor<span class="_ _0"/>danc<span class="_ _0"/>e with IAS 36.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sensitivity analysis</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The sensitivity analysis assesses the impac<span class="_ _4"/>t of changes in cash flows and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">discount r<span class="_ _0"/>ates on the impairment t<span class="_ _0"/>est r<span class="_ _0"/>esults. The an <span class="_ _9"/>alysis concluded that </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">even negative changes, which ar<span class="_ _0"/>e unlikely t<span class="_ _0"/>o occur<span class="_ _3"/>, will not r<span class="_ _0"/>esult in im-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pairment of goodwill in any of the thr<span class="_ _0"/>ee cash-generating units. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The sensitivity analysis shows the lowest possible growth r<span class="_ _0"/>ate or highest </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">possible discount r<span class="_ _0"/>ate in per<span class="_ _0"/>c<span class="_ _0"/>entage points by which the assumptions </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">used can change bef<span class="_ _0"/>or<span class="_ _0"/>e goodwill becomes impair<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other non-curr<span class="_ _0"/>ent intangible asse<span class="_ _0"/>ts and pr<span class="_ _0"/>opert<span class="_ _4"/>y, plant and equipment </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other non-curr<span class="_ _0"/>ent assets w<span class="_ _0"/>ere also t<span class="_ _0"/>est<span class="_ _0"/>ed for impairment indic<span class="_ _0"/>ations to<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gether with goodwill at 31 December 2023. No indic<span class="_ _0"/>ation of impairment </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">was identified in c<span class="_ _0"/>onnection with these tests.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:264.857421875px;"><span style="position: absolute; display: inline-block; left: 651.047px; top: 0.0039062px; width: 344.836px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 285.117px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 21.3789px; width: 247.617px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Goodwill impairment test at 31 Dec<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ember<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 563.484px; top: 22.5332px; width: 563.76px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Air &amp; Sea<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Road<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Solutions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.8301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Air &amp; Sea<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Road<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Solutions</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.4707px; width: 1128.05px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Carrying amount of goodwill (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 389.017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>58,198<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8,008<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9,568<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>58,877<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7,964<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9,452</span><span style="position: absolute; display: inline-block; left: 0px; top: 68.9668px; width: 69.2695px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Budget period</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.3457px; width: 1127.93px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Annual rev<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>enue growth<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 469.196px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 107.721px; width: 1127.64px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Conversion r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>atio<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 495.814px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>50.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>30.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>30.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.4043px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>n.a.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>n.a.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>n.a.</span><span style="position: absolute; display: inline-block; left: 0px; top: 127.096px; width: 1127.75px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Operating mar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>gin<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 506.636px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>n.a.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>n.a.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>n.a.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9.1%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.6%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 151.607px; width: 74.9355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>erminal period</span><span style="position: absolute; display: inline-block; left: 0px; top: 170.971px; width: 1127.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Growth<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 545.854px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.5%</span><span style="position: absolute; display: inline-block; left: 0px; top: 190.346px; width: 1127.69px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e-tax disc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ount rat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 471.679px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11.3%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7.9%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9.7%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11.1%</span><span style="position: absolute; display: inline-block; left: 0px; top: 214.857px; width: 91.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Sensitivity analysis</span><span style="position: absolute; display: inline-block; left: 0px; top: 234.221px; width: 1127.7px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Growth in budget period – allow<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed decline (per<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>centage points)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 266.889px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15.8%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>29.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11.1%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>23.1%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>28.2%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 253.611px; width: 1127.61px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Discount r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ate – allow<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed incr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ease (per<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>centage points)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 322.676px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.3%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>10.7%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.7%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9.9%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.5%</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies<span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Only goodwill arising from busines<span class="_ _0"/>s combinations is r<span class="_ _0"/>ecognised in the finan<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cial stat<span class="_ _0"/>ements. Goodwill is measur<span class="_ _0"/>ed as the differ<span class="_ _0"/>enc<span class="_ _0"/>e between the t<span class="_ _0"/>ot<span class="_ _0"/>al of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the fair value of the c<span class="_ _0"/>onsider<span class="_ _0"/>ation transf<span class="_ _0"/>err<span class="_ _0"/>ed, the value of non-c<span class="_ _0"/>ontr<span class="_ _0"/>olling </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inter<span class="_ _0"/>ests and any equity investments pr<span class="_ _0"/>eviously held in the acquir<span class="_ _0"/>ee, c<span class="_ _0"/>om<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pared t<span class="_ _0"/>o the f<span class="_ _0"/>air value of identifiable net assets on the dat<span class="_ _0"/>e of acquisition. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill is not amortised, but is test<span class="_ _0"/>ed f<span class="_ _0"/>or impairment at least annually<span class="_ _0"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies<span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Only goodwill arising from busines<span class="_ _0"/>s combinations is r<span class="_ _0"/>ecognised in the finan<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cial stat<span class="_ _0"/>ements. Goodwill is measur<span class="_ _0"/>ed as the differ<span class="_ _0"/>enc<span class="_ _0"/>e between the t<span class="_ _0"/>ot<span class="_ _0"/>al of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the fair value of the c<span class="_ _0"/>onsider<span class="_ _0"/>ation transf<span class="_ _0"/>err<span class="_ _0"/>ed, the value of non-c<span class="_ _0"/>ontr<span class="_ _0"/>olling </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inter<span class="_ _0"/>ests and any equity investments pr<span class="_ _0"/>eviously held in the acquir<span class="_ _0"/>ee, c<span class="_ _0"/>om<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pared t<span class="_ _0"/>o the f<span class="_ _0"/>air value of identifiable net assets on the dat<span class="_ _0"/>e of acquisition. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">Goodwill is not amortised, but is test<span class="_ _0"/>ed f<span class="_ _0"/>or impairment at least annually<span class="_ _0"/>.</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Customer r<span class="_ _3"/>elationships</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On initial rec<span class="_ _0"/>ognition, cust<span class="_ _0"/>omer relationships identified fr<span class="_ _0"/>om business </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">combinations ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the s<span class="_ _0"/>tatement of financial position at f<span class="_ _0"/>air </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">value. Subsequently, cust<span class="_ _0"/>omer r<span class="_ _0"/>elationships ar<span class="_ _0"/>e measur<span class="_ _0"/>ed at cost less </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">accumulat<span class="_ _0"/>ed amortisation and impairment losses. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Customer r<span class="_ _0"/>elationships ar<span class="_ _0"/>e amortised over a period of eight years using </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the diminishing balance method.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Softwar<span class="_ _0"/>e and software in pr<span class="_ _3"/>ogress</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Software bought or dev<span class="_ _0"/>eloped for int<span class="_ _0"/>ernal use is measur<span class="_ _0"/>ed at the lower of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost less ac<span class="_ _0"/>cumulated amortisation and impairment losses and the r<span class="_ _0"/>ecov<span class="_ _0"/>er<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">able amount<span class="_ _4"/>. Cost comprises payments f<span class="_ _0"/>or the softwar<span class="_ _0"/>e and other dir<span class="_ _0"/>ectly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">attributable cos<span class="_ _0"/>ts of preparing the softwar<span class="_ _0"/>e f<span class="_ _0"/>or its int<span class="_ _0"/>ended use. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">After commissioning, softwar<span class="_ _0"/>e is amortised on a straight-line basis over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">its expected useful lif<span class="_ _0"/>e. The amortisation period is 1-8 years.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:339.421875px;"><span style="position: absolute; display: inline-block; left: 552.188px; top: 0.0039062px; width: 408.533px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 348.815px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 479.672px; top: 22.5332px; width: 51.4805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Customer </span><span style="position: absolute; display: inline-block; left: 617.672px; top: 22.5332px; width: 59.8828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Software in </span><span style="position: absolute; display: inline-block; left: 857.234px; top: 22.5332px; width: 51.4805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Customer </span><span style="position: absolute; display: inline-block; left: 997.484px; top: 22.5332px; width: 59.8828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Software in </span><span style="position: absolute; display: inline-block; left: 0px; top: 36.3789px; width: 453.141px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Intangible assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 270.275px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Goodwill</span></span><span style="position: absolute; display: inline-block; left: 466.578px; top: 37.5332px; width: 135.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">relationships<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Softwar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e</span><span style="position: absolute; display: inline-block; left: 632.672px; top: 37.5332px; width: 199.049px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">progr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ess<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.66406px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>Goodwill</span><span style="position: absolute; display: inline-block; left: 844.016px; top: 37.5332px; width: 135.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">relationships<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Softwar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e</span><span style="position: absolute; display: inline-block; left: 1011.38px; top: 37.5332px; width: 114.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">progr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ess<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.66406px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 59.4707px; width: 1127.29px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Cost at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 328.482px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>76,293<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,574<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,180<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>342<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>80,389<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75,063<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,565<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,212<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>280<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>79,120</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.8457px; width: 1127.78px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions from busines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>s combinations/pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>evious period adjustments<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>640<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.6017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>640<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>370<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.6017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>370</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.2363px; width: 1127.61px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 401.28px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.2167px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>327<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>345<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>42<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>238<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>280</span><span style="position: absolute; display: inline-block; left: 0px; top: 117.611px; width: 1131.63px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Disposals <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 398.445px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(10)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(82)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(92)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(27)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(250)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(279)</span><span style="position: absolute; display: inline-block; left: 0px; top: 136.986px; width: 1127.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reclassifications<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 366.838px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>302<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.5625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(302)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>174<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(174)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.377px; width: 1127.55px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 317.408px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,159)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.9824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(7)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,169)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>860<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>36<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>898</span><span style="position: absolute; display: inline-block; left: 0px; top: 177.707px; width: 1127.21px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal cost at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 265.4px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">75,774<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,564<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,411<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>364<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>80,113<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.8261px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>76,293<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,574<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,180<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>342<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>80,389</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 202.799px; width: 1127.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal amortisation and impairment at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.912px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,981<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>734<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,715<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,719<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>740<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,459</span><span style="position: absolute; display: inline-block; left: 0px; top: 222.174px; width: 1127.55px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Amortisation and impairments for the year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 237.885px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>178<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>154<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>332<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>254<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>185<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>439</span><span style="position: absolute; display: inline-block; left: 0px; top: 241.564px; width: 1131.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Disposals <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 398.445px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(10)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(30)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(40)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(27)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(191)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(218)</span><span style="position: absolute; display: inline-block; left: 0px; top: 260.939px; width: 1127.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reclassification<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 371.889px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 280.314px; width: 1127.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 347.701px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35</span><span style="position: absolute; display: inline-block; left: 0px; top: 301.66px; width: 1127.24px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal amor<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>tisation and impairment at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 167.092px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,149<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>858<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">3,007<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">1,981<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>734<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,715</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 327.426px; width: 410.016px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Carrying amount at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 226.219px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 410.016px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">75,774</span><span style="position: absolute; display: inline-block; left: 452.812px; top: 327.426px; width: 50.9004px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 503.713px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">415</span><span style="position: absolute; display: inline-block; left: 527.15px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 577.535px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">553</span><span style="position: absolute; display: inline-block; left: 600.973px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 651.357px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">364</span><span style="position: absolute; display: inline-block; left: 674.795px; top: 327.426px; width: 31.3418px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 706.137px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">77,106</span><span style="position: absolute; display: inline-block; left: 748.934px; top: 327.426px; width: 39.3223px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 788.256px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">76,293</span><span style="position: absolute; display: inline-block; left: 831.053px; top: 327.426px; width: 50.9004px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 881.953px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">593</span><span style="position: absolute; display: inline-block; left: 905.391px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 955.775px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">446</span><span style="position: absolute; display: inline-block; left: 979.213px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 1029.6px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">342</span><span style="position: absolute; display: inline-block; left: 1053.04px; top: 327.426px; width: 31.3418px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 1084.38px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">77,674</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.2 Intangible assets</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies<span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Only goodwill arising from busines<span class="_ _0"/>s combinations is r<span class="_ _0"/>ecognised in the finan<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cial stat<span class="_ _0"/>ements. Goodwill is measur<span class="_ _0"/>ed as the differ<span class="_ _0"/>enc<span class="_ _0"/>e between the t<span class="_ _0"/>ot<span class="_ _0"/>al of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the fair value of the c<span class="_ _0"/>onsider<span class="_ _0"/>ation transf<span class="_ _0"/>err<span class="_ _0"/>ed, the value of non-c<span class="_ _0"/>ontr<span class="_ _0"/>olling </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inter<span class="_ _0"/>ests and any equity investments pr<span class="_ _0"/>eviously held in the acquir<span class="_ _0"/>ee, c<span class="_ _0"/>om<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pared t<span class="_ _0"/>o the f<span class="_ _0"/>air value of identifiable net assets on the dat<span class="_ _0"/>e of acquisition. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">Goodwill is not amortised, but is test<span class="_ _0"/>ed f<span class="_ _0"/>or impairment at least annually<span class="_ _0"/>.</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Customer r<span class="_ _3"/>elationships</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On initial rec<span class="_ _0"/>ognition, cust<span class="_ _0"/>omer relationships identified fr<span class="_ _0"/>om business </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">combinations ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the s<span class="_ _0"/>tatement of financial position at f<span class="_ _0"/>air </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">value. Subsequently, cust<span class="_ _0"/>omer r<span class="_ _0"/>elationships ar<span class="_ _0"/>e measur<span class="_ _0"/>ed at cost less </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">accumulat<span class="_ _0"/>ed amortisation and impairment losses. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Customer r<span class="_ _0"/>elationships ar<span class="_ _0"/>e amortised over a period of eight years using </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the diminishing balance method.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Softwar<span class="_ _0"/>e and software in pr<span class="_ _3"/>ogress</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Software bought or dev<span class="_ _0"/>eloped for int<span class="_ _0"/>ernal use is measur<span class="_ _0"/>ed at the lower of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost less ac<span class="_ _0"/>cumulated amortisation and impairment losses and the r<span class="_ _0"/>ecov<span class="_ _0"/>er<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">able amount<span class="_ _4"/>. Cost comprises payments f<span class="_ _0"/>or the softwar<span class="_ _0"/>e and other dir<span class="_ _0"/>ectly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">attributable cos<span class="_ _0"/>ts of preparing the softwar<span class="_ _0"/>e f<span class="_ _0"/>or its int<span class="_ _0"/>ended use. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">After commissioning, softwar<span class="_ _0"/>e is amortised on a straight-line basis over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">its expected useful lif<span class="_ _0"/>e. The amortisation period is 1-8 years.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:339.421875px;"><span style="position: absolute; display: inline-block; left: 552.188px; top: 0.0039062px; width: 408.533px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 348.815px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 479.672px; top: 22.5332px; width: 51.4805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Customer </span><span style="position: absolute; display: inline-block; left: 617.672px; top: 22.5332px; width: 59.8828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Software in </span><span style="position: absolute; display: inline-block; left: 857.234px; top: 22.5332px; width: 51.4805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Customer </span><span style="position: absolute; display: inline-block; left: 997.484px; top: 22.5332px; width: 59.8828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Software in </span><span style="position: absolute; display: inline-block; left: 0px; top: 36.3789px; width: 453.141px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Intangible assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 270.275px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Goodwill</span></span><span style="position: absolute; display: inline-block; left: 466.578px; top: 37.5332px; width: 135.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">relationships<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Softwar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e</span><span style="position: absolute; display: inline-block; left: 632.672px; top: 37.5332px; width: 199.049px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">progr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ess<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.66406px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>Goodwill</span><span style="position: absolute; display: inline-block; left: 844.016px; top: 37.5332px; width: 135.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">relationships<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Softwar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e</span><span style="position: absolute; display: inline-block; left: 1011.38px; top: 37.5332px; width: 114.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">progr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ess<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.66406px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 59.4707px; width: 1127.29px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Cost at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 328.482px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>76,293<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,574<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,180<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>342<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>80,389<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75,063<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,565<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,212<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>280<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>79,120</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.8457px; width: 1127.78px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions from busines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>s combinations/pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>evious period adjustments<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>640<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.6017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>640<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>370<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.6017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>370</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.2363px; width: 1127.61px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 401.28px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.2167px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>327<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>345<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>42<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>238<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>280</span><span style="position: absolute; display: inline-block; left: 0px; top: 117.611px; width: 1131.63px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Disposals <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 398.445px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(10)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(82)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(92)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(27)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(250)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(279)</span><span style="position: absolute; display: inline-block; left: 0px; top: 136.986px; width: 1127.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reclassifications<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 366.838px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>302<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.5625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(302)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>174<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(174)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.377px; width: 1127.55px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 317.408px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,159)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.9824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(7)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,169)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>860<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>36<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>898</span><span style="position: absolute; display: inline-block; left: 0px; top: 177.707px; width: 1127.21px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal cost at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 265.4px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">75,774<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,564<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,411<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>364<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>80,113<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.8261px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>76,293<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,574<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,180<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>342<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>80,389</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 202.799px; width: 1127.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal amortisation and impairment at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.912px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,981<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>734<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,715<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,719<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>740<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,459</span><span style="position: absolute; display: inline-block; left: 0px; top: 222.174px; width: 1127.55px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Amortisation and impairments for the year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 237.885px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>178<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>154<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>332<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>254<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>185<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>439</span><span style="position: absolute; display: inline-block; left: 0px; top: 241.564px; width: 1131.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Disposals <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 398.445px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(10)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(30)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(40)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(27)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(191)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(218)</span><span style="position: absolute; display: inline-block; left: 0px; top: 260.939px; width: 1127.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reclassification<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 371.889px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 280.314px; width: 1127.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 347.701px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35</span><span style="position: absolute; display: inline-block; left: 0px; top: 301.66px; width: 1127.24px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal amor<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>tisation and impairment at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 167.092px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,149<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>858<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">3,007<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">1,981<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>734<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,715</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 327.426px; width: 410.016px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Carrying amount at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 226.219px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 410.016px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">75,774</span><span style="position: absolute; display: inline-block; left: 452.812px; top: 327.426px; width: 50.9004px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 503.713px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">415</span><span style="position: absolute; display: inline-block; left: 527.15px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 577.535px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">553</span><span style="position: absolute; display: inline-block; left: 600.973px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 651.357px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">364</span><span style="position: absolute; display: inline-block; left: 674.795px; top: 327.426px; width: 31.3418px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 706.137px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">77,106</span><span style="position: absolute; display: inline-block; left: 748.934px; top: 327.426px; width: 39.3223px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 788.256px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">76,293</span><span style="position: absolute; display: inline-block; left: 831.053px; top: 327.426px; width: 50.9004px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 881.953px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">593</span><span style="position: absolute; display: inline-block; left: 905.391px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 955.775px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">446</span><span style="position: absolute; display: inline-block; left: 979.213px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 1029.6px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">342</span><span style="position: absolute; display: inline-block; left: 1053.04px; top: 327.426px; width: 31.3418px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 1084.38px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">77,674</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.2 Intangible assets</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies<span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Only goodwill arising from busines<span class="_ _0"/>s combinations is r<span class="_ _0"/>ecognised in the finan<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cial stat<span class="_ _0"/>ements. Goodwill is measur<span class="_ _0"/>ed as the differ<span class="_ _0"/>enc<span class="_ _0"/>e between the t<span class="_ _0"/>ot<span class="_ _0"/>al of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the fair value of the c<span class="_ _0"/>onsider<span class="_ _0"/>ation transf<span class="_ _0"/>err<span class="_ _0"/>ed, the value of non-c<span class="_ _0"/>ontr<span class="_ _0"/>olling </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inter<span class="_ _0"/>ests and any equity investments pr<span class="_ _0"/>eviously held in the acquir<span class="_ _0"/>ee, c<span class="_ _0"/>om<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pared t<span class="_ _0"/>o the f<span class="_ _0"/>air value of identifiable net assets on the dat<span class="_ _0"/>e of acquisition. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">Goodwill is not amortised, but is test<span class="_ _0"/>ed f<span class="_ _0"/>or impairment at least annually<span class="_ _0"/>.</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Customer r<span class="_ _3"/>elationships</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On initial rec<span class="_ _0"/>ognition, cust<span class="_ _0"/>omer relationships identified fr<span class="_ _0"/>om business </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">combinations ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the s<span class="_ _0"/>tatement of financial position at f<span class="_ _0"/>air </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">value. Subsequently, cust<span class="_ _0"/>omer r<span class="_ _0"/>elationships ar<span class="_ _0"/>e measur<span class="_ _0"/>ed at cost less </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">accumulat<span class="_ _0"/>ed amortisation and impairment losses. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Customer r<span class="_ _0"/>elationships ar<span class="_ _0"/>e amortised over a period of eight years using </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the diminishing balance method.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Softwar<span class="_ _0"/>e and software in pr<span class="_ _3"/>ogress</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Software bought or dev<span class="_ _0"/>eloped for int<span class="_ _0"/>ernal use is measur<span class="_ _0"/>ed at the lower of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost less ac<span class="_ _0"/>cumulated amortisation and impairment losses and the r<span class="_ _0"/>ecov<span class="_ _0"/>er<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">able amount<span class="_ _4"/>. Cost comprises payments f<span class="_ _0"/>or the softwar<span class="_ _0"/>e and other dir<span class="_ _0"/>ectly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">attributable cos<span class="_ _0"/>ts of preparing the softwar<span class="_ _0"/>e f<span class="_ _0"/>or its int<span class="_ _0"/>ended use. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">After commissioning, softwar<span class="_ _0"/>e is amortised on a straight-line basis over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">its expected useful lif<span class="_ _0"/>e. The amortisation period is 1-8 years.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:339.421875px;"><span style="position: absolute; display: inline-block; left: 552.188px; top: 0.0039062px; width: 408.533px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 348.815px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 479.672px; top: 22.5332px; width: 51.4805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Customer </span><span style="position: absolute; display: inline-block; left: 617.672px; top: 22.5332px; width: 59.8828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Software in </span><span style="position: absolute; display: inline-block; left: 857.234px; top: 22.5332px; width: 51.4805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Customer </span><span style="position: absolute; display: inline-block; left: 997.484px; top: 22.5332px; width: 59.8828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Software in </span><span style="position: absolute; display: inline-block; left: 0px; top: 36.3789px; width: 453.141px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Intangible assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 270.275px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Goodwill</span></span><span style="position: absolute; display: inline-block; left: 466.578px; top: 37.5332px; width: 135.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">relationships<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Softwar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e</span><span style="position: absolute; display: inline-block; left: 632.672px; top: 37.5332px; width: 199.049px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">progr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ess<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.66406px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>Goodwill</span><span style="position: absolute; display: inline-block; left: 844.016px; top: 37.5332px; width: 135.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">relationships<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Softwar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e</span><span style="position: absolute; display: inline-block; left: 1011.38px; top: 37.5332px; width: 114.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">progr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ess<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.66406px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 59.4707px; width: 1127.29px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Cost at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 328.482px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>76,293<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,574<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,180<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>342<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>80,389<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75,063<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,565<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,212<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>280<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>79,120</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.8457px; width: 1127.78px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions from busines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>s combinations/pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>evious period adjustments<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>640<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.6017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>640<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>370<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.6017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>370</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.2363px; width: 1127.61px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 401.28px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.2167px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>327<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>345<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>42<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>238<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>280</span><span style="position: absolute; display: inline-block; left: 0px; top: 117.611px; width: 1131.63px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Disposals <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 398.445px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(10)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(82)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(92)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(27)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(250)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(279)</span><span style="position: absolute; display: inline-block; left: 0px; top: 136.986px; width: 1127.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reclassifications<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 366.838px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>302<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.5625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(302)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>174<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(174)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.377px; width: 1127.55px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 317.408px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,159)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.9824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(7)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,169)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>860<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>36<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>898</span><span style="position: absolute; display: inline-block; left: 0px; top: 177.707px; width: 1127.21px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal cost at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 265.4px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">75,774<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,564<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,411<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>364<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>80,113<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.8261px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>76,293<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,574<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,180<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>342<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>80,389</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 202.799px; width: 1127.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal amortisation and impairment at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.912px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,981<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>734<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,715<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,719<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>740<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,459</span><span style="position: absolute; display: inline-block; left: 0px; top: 222.174px; width: 1127.55px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Amortisation and impairments for the year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 237.885px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>178<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>154<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>332<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>254<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>185<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>439</span><span style="position: absolute; display: inline-block; left: 0px; top: 241.564px; width: 1131.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Disposals <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 398.445px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(10)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(30)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(40)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(27)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(191)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(218)</span><span style="position: absolute; display: inline-block; left: 0px; top: 260.939px; width: 1127.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reclassification<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 371.889px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 280.314px; width: 1127.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 347.701px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35</span><span style="position: absolute; display: inline-block; left: 0px; top: 301.66px; width: 1127.24px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal amor<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>tisation and impairment at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 167.092px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,149<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>858<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">3,007<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">1,981<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>734<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,715</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 327.426px; width: 410.016px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Carrying amount at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 226.219px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 410.016px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">75,774</span><span style="position: absolute; display: inline-block; left: 452.812px; top: 327.426px; width: 50.9004px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 503.713px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">415</span><span style="position: absolute; display: inline-block; left: 527.15px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 577.535px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">553</span><span style="position: absolute; display: inline-block; left: 600.973px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 651.357px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">364</span><span style="position: absolute; display: inline-block; left: 674.795px; top: 327.426px; width: 31.3418px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 706.137px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">77,106</span><span style="position: absolute; display: inline-block; left: 748.934px; top: 327.426px; width: 39.3223px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 788.256px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">76,293</span><span style="position: absolute; display: inline-block; left: 831.053px; top: 327.426px; width: 50.9004px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 881.953px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">593</span><span style="position: absolute; display: inline-block; left: 905.391px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 955.775px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">446</span><span style="position: absolute; display: inline-block; left: 979.213px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 1029.6px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">342</span><span style="position: absolute; display: inline-block; left: 1053.04px; top: 327.426px; width: 31.3418px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 1084.38px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">77,674</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Customer r<span class="_ _3"/>elationships</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On initial rec<span class="_ _0"/>ognition, cust<span class="_ _0"/>omer relationships identified fr<span class="_ _0"/>om business </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">combinations ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the s<span class="_ _0"/>tatement of financial position at f<span class="_ _0"/>air </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">value. Subsequently, cust<span class="_ _0"/>omer r<span class="_ _0"/>elationships ar<span class="_ _0"/>e measur<span class="_ _0"/>ed at cost less </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">accumulat<span class="_ _0"/>ed amortisation and impairment losses. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Customer r<span class="_ _0"/>elationships ar<span class="_ _0"/>e amortised over a period of eight years using </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the diminishing balance method.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Softwar<span class="_ _0"/>e and software in pr<span class="_ _3"/>ogress</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Software bought or dev<span class="_ _0"/>eloped for int<span class="_ _0"/>ernal use is measur<span class="_ _0"/>ed at the lower of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost less ac<span class="_ _0"/>cumulated amortisation and impairment losses and the r<span class="_ _0"/>ecov<span class="_ _0"/>er<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">able amount<span class="_ _4"/>. Cost comprises payments f<span class="_ _0"/>or the softwar<span class="_ _0"/>e and other dir<span class="_ _0"/>ectly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">attributable cos<span class="_ _0"/>ts of preparing the softwar<span class="_ _0"/>e f<span class="_ _0"/>or its int<span class="_ _0"/>ended use. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">After commissioning, softwar<span class="_ _0"/>e is amortised on a straight-line basis over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">its expected useful lif<span class="_ _0"/>e. The amortisation period is 1-8 years.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:339.421875px;"><span style="position: absolute; display: inline-block; left: 552.188px; top: 0.0039062px; width: 408.533px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 348.815px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 479.672px; top: 22.5332px; width: 51.4805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Customer </span><span style="position: absolute; display: inline-block; left: 617.672px; top: 22.5332px; width: 59.8828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Software in </span><span style="position: absolute; display: inline-block; left: 857.234px; top: 22.5332px; width: 51.4805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Customer </span><span style="position: absolute; display: inline-block; left: 997.484px; top: 22.5332px; width: 59.8828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Software in </span><span style="position: absolute; display: inline-block; left: 0px; top: 36.3789px; width: 453.141px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Intangible assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 270.275px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Goodwill</span></span><span style="position: absolute; display: inline-block; left: 466.578px; top: 37.5332px; width: 135.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">relationships<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Softwar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e</span><span style="position: absolute; display: inline-block; left: 632.672px; top: 37.5332px; width: 199.049px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">progr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ess<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.66406px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>Goodwill</span><span style="position: absolute; display: inline-block; left: 844.016px; top: 37.5332px; width: 135.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">relationships<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Softwar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e</span><span style="position: absolute; display: inline-block; left: 1011.38px; top: 37.5332px; width: 114.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">progr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ess<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.66406px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 59.4707px; width: 1127.29px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Cost at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 328.482px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>76,293<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,574<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,180<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>342<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>80,389<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75,063<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,565<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,212<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>280<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>79,120</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.8457px; width: 1127.78px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions from busines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>s combinations/pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>evious period adjustments<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>640<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.6017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>640<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>370<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.6017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>370</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.2363px; width: 1127.61px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 401.28px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.2167px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>327<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>345<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>42<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>238<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>280</span><span style="position: absolute; display: inline-block; left: 0px; top: 117.611px; width: 1131.63px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Disposals <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 398.445px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(10)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(82)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(92)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(27)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(250)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(279)</span><span style="position: absolute; display: inline-block; left: 0px; top: 136.986px; width: 1127.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reclassifications<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 366.838px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>302<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.5625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(302)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>174<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(174)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.377px; width: 1127.55px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 317.408px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,159)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.9824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(7)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,169)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>860<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>36<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>898</span><span style="position: absolute; display: inline-block; left: 0px; top: 177.707px; width: 1127.21px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal cost at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 265.4px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">75,774<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,564<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,411<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>364<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>80,113<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.8261px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>76,293<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,574<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,180<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>342<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>80,389</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 202.799px; width: 1127.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal amortisation and impairment at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.912px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,981<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>734<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,715<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,719<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>740<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,459</span><span style="position: absolute; display: inline-block; left: 0px; top: 222.174px; width: 1127.55px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Amortisation and impairments for the year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 237.885px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>178<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>154<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>332<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>254<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>185<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>439</span><span style="position: absolute; display: inline-block; left: 0px; top: 241.564px; width: 1131.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Disposals <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 398.445px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(10)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(30)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(40)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(27)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(191)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(218)</span><span style="position: absolute; display: inline-block; left: 0px; top: 260.939px; width: 1127.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reclassification<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 371.889px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 280.314px; width: 1127.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 347.701px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35</span><span style="position: absolute; display: inline-block; left: 0px; top: 301.66px; width: 1127.24px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal amor<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>tisation and impairment at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 167.092px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,149<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>858<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">3,007<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">1,981<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>734<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,715</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 327.426px; width: 410.016px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Carrying amount at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 226.219px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 410.016px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">75,774</span><span style="position: absolute; display: inline-block; left: 452.812px; top: 327.426px; width: 50.9004px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 503.713px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">415</span><span style="position: absolute; display: inline-block; left: 527.15px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 577.535px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">553</span><span style="position: absolute; display: inline-block; left: 600.973px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 651.357px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">364</span><span style="position: absolute; display: inline-block; left: 674.795px; top: 327.426px; width: 31.3418px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 706.137px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">77,106</span><span style="position: absolute; display: inline-block; left: 748.934px; top: 327.426px; width: 39.3223px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 788.256px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">76,293</span><span style="position: absolute; display: inline-block; left: 831.053px; top: 327.426px; width: 50.9004px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 881.953px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">593</span><span style="position: absolute; display: inline-block; left: 905.391px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 955.775px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">446</span><span style="position: absolute; display: inline-block; left: 979.213px; top: 327.426px; width: 50.3848px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 1029.6px; top: 327.426px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">342</span><span style="position: absolute; display: inline-block; left: 1053.04px; top: 327.426px; width: 31.3418px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 1084.38px; top: 327.426px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">77,674</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Land and buildings and other plant and oper<span class="_ _0"/>ating equipment ar<span class="_ _0"/>e measur<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at cost less ac<span class="_ _0"/>cumulated depr<span class="_ _0"/>eciation and impairment losses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The cost c<span class="_ _0"/>omprises the acquisition pric<span class="_ _0"/>e and other c<span class="_ _0"/>osts dir<span class="_ _0"/>ectly attribut-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">able to pr<span class="_ _0"/>eparing the asset f<span class="_ _0"/>or its int<span class="_ _0"/>ended use. The pr<span class="_ _0"/>esent value of esti-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mated c<span class="_ _0"/>osts f<span class="_ _0"/>or dismantling and disposing of assets as well as r<span class="_ _0"/>est<span class="_ _0"/>or<span class="_ _0"/>ation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs ar<span class="_ _0"/>e added t<span class="_ _0"/>o the cost if such c<span class="_ _0"/>osts ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised as pr<span class="_ _0"/>ovisions. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Material borr<span class="_ _0"/>owing c<span class="_ _0"/>osts dir<span class="_ _0"/>ectly attributable to the c<span class="_ _0"/>onstruction of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">individual asset ar<span class="_ _0"/>e also added to c<span class="_ _0"/>ost. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If the individual components of an asset hav<span class="_ _0"/>e differ<span class="_ _0"/>ent useful lives, each </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">component will be depr<span class="_ _0"/>eciated separ<span class="_ _0"/>at<span class="_ _0"/>ely.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The cost of self<span class="_ _0"/>-cons<span class="_ _0"/>tructed assets comprises dir<span class="_ _0"/>ect and indirect costs </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for mat<span class="_ _0"/>erials, components, subc<span class="_ _0"/>ontr<span class="_ _0"/>actors, wages and salaries. Costs f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">self-c<span class="_ _0"/>onstructed assets ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised as pr<span class="_ _0"/>operty, plant and equipment </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in progr<span class="_ _0"/>ess on an ongoing basis until the as<span class="_ _0"/>sets ar<span class="_ _0"/>e re<span class="_ _0"/>ady for use.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Subsequent costs, such as partial r<span class="_ _0"/>eplacement of pr<span class="_ _0"/>operty, plant and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">equipment (PPE), are included in the c<span class="_ _0"/>arrying amount of the asset in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">question when it is pr<span class="_ _0"/>obable that such costs will r<span class="_ _0"/>esult in futur<span class="_ _0"/>e ec<span class="_ _0"/>onomic </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">benefits. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The carrying amount of the r<span class="_ _0"/>eplaced parts is disposed fr<span class="_ _0"/>om the stat<span class="_ _0"/>ement </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of financial position and rec<span class="_ _0"/>ognised in the st<span class="_ _0"/>atement of pr<span class="_ _0"/>ofit or loss.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Depreciation is c<span class="_ _0"/>arried out on a str<span class="_ _0"/>aight-line basis over the expected use-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ful lives of the assets. The expected useful lives of the ov<span class="_ _0"/>erall asset c<span class="_ _0"/>ate-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gories are as f<span class="_ _0"/>ollows:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _9"/>• <span class="_ _54"> </span>T<span class="_ _3"/>erminals and administr<span class="_ _0"/>ation buildings:<span class="_ _bb"> </span><span class="lsc">50-60 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Other buildings and building elements:<span class="_ _193"> </span><span class="lsc">10-30 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>T<span class="_ _d"/>echnical plant and machiner<span class="_ _4"/>y:<span class="_ _12e"> </span><span class="lsc">6-10 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Other plant and operating equipment:<span class="_ _dd"> </span><span class="lsc">3-8 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Land is not depr<span class="_ _0"/>eciated</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The basis of depreciation t<span class="_ _0"/>akes int<span class="_ _0"/>o acc<span class="_ _0"/>ount the r<span class="_ _0"/>esidual value of assets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and is reduc<span class="_ _0"/>ed by any impairment losses. The r<span class="_ _0"/>esidual value is calculat<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on the date of ac<span class="_ _0"/>quisition and re<span class="_ _0"/>assessed once a year<span class="_ _3"/>. Depreciation will be </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">halted if the r<span class="_ _0"/>esidual value ex<span class="_ _0"/>ceeds the c<span class="_ _0"/>arrying amount of the asset<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Assets are tr<span class="_ _0"/>ansf<span class="_ _0"/>err<span class="_ _0"/>ed to asse<span class="_ _0"/>ts held for sale if it is highly pr<span class="_ _0"/>obable that </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">their carrying amount will be r<span class="_ _0"/>ecover<span class="_ _0"/>ed primarily thr<span class="_ _0"/>ough sale r<span class="_ _0"/>ather than </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">through c<span class="_ _0"/>ontinuing use.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.3 Pr<span class="_ _3"/>oper<span class="_ _8"/>t<span class="_ _4"/>y<span class="_ _d"/>, plant and equipment</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Land and buildings and other plant and oper<span class="_ _0"/>ating equipment ar<span class="_ _0"/>e measur<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at cost less ac<span class="_ _0"/>cumulated depr<span class="_ _0"/>eciation and impairment losses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The cost c<span class="_ _0"/>omprises the acquisition pric<span class="_ _0"/>e and other c<span class="_ _0"/>osts dir<span class="_ _0"/>ectly attribut-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">able to pr<span class="_ _0"/>eparing the asset f<span class="_ _0"/>or its int<span class="_ _0"/>ended use. The pr<span class="_ _0"/>esent value of esti-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mated c<span class="_ _0"/>osts f<span class="_ _0"/>or dismantling and disposing of assets as well as r<span class="_ _0"/>est<span class="_ _0"/>or<span class="_ _0"/>ation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs ar<span class="_ _0"/>e added t<span class="_ _0"/>o the cost if such c<span class="_ _0"/>osts ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised as pr<span class="_ _0"/>ovisions. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Material borr<span class="_ _0"/>owing c<span class="_ _0"/>osts dir<span class="_ _0"/>ectly attributable to the c<span class="_ _0"/>onstruction of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">individual asset ar<span class="_ _0"/>e also added to c<span class="_ _0"/>ost. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If the individual components of an asset hav<span class="_ _0"/>e differ<span class="_ _0"/>ent useful lives, each </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">component will be depr<span class="_ _0"/>eciated separ<span class="_ _0"/>at<span class="_ _0"/>ely.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The cost of self<span class="_ _0"/>-cons<span class="_ _0"/>tructed assets comprises dir<span class="_ _0"/>ect and indirect costs </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for mat<span class="_ _0"/>erials, components, subc<span class="_ _0"/>ontr<span class="_ _0"/>actors, wages and salaries. Costs f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">self-c<span class="_ _0"/>onstructed assets ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised as pr<span class="_ _0"/>operty, plant and equipment </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in progr<span class="_ _0"/>ess on an ongoing basis until the as<span class="_ _0"/>sets ar<span class="_ _0"/>e re<span class="_ _0"/>ady for use.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Subsequent costs, such as partial r<span class="_ _0"/>eplacement of pr<span class="_ _0"/>operty, plant and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">equipment (PPE), are included in the c<span class="_ _0"/>arrying amount of the asset in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">question when it is pr<span class="_ _0"/>obable that such costs will r<span class="_ _0"/>esult in futur<span class="_ _0"/>e ec<span class="_ _0"/>onomic </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">benefits. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The carrying amount of the r<span class="_ _0"/>eplaced parts is disposed fr<span class="_ _0"/>om the stat<span class="_ _0"/>ement </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of financial position and rec<span class="_ _0"/>ognised in the st<span class="_ _0"/>atement of pr<span class="_ _0"/>ofit or loss.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:354.421875px;"><span style="position: absolute; display: inline-block; left: 552.188px; top: 0.0039062px; width: 408.533px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 348.815px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 510.297px; top: 22.5332px; width: 59.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other plant </span><span style="position: absolute; display: inline-block; left: 585.844px; top: 22.5332px; width: 76.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>operty, plant </span><span style="position: absolute; display: inline-block; left: 888.109px; top: 22.5332px; width: 59.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other plant </span><span style="position: absolute; display: inline-block; left: 964.719px; top: 22.5332px; width: 76.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>operty, plant </span><span style="position: absolute; display: inline-block; left: 427.781px; top: 37.5332px; width: 49.9453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Land and </span><span style="position: absolute; display: inline-block; left: 499.047px; top: 37.5332px; width: 70.875px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">and operating </span><span style="position: absolute; display: inline-block; left: 585.844px; top: 37.5332px; width: 76.2656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">and equipment </span><span style="position: absolute; display: inline-block; left: 806.922px; top: 37.5332px; width: 49.9453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Land and </span><span style="position: absolute; display: inline-block; left: 875.938px; top: 37.5332px; width: 70.875px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">and operating </span><span style="position: absolute; display: inline-block; left: 964.719px; top: 37.5332px; width: 76.2656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">and equipment </span><span style="position: absolute; display: inline-block; left: 0px; top: 51.9414px; width: 210.809px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>opert<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>y<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>, plant and equipment<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> (DKKm)</span></span><span style="position: absolute; display: inline-block; left: 428.812px; top: 52.5332px; width: 42.9375px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">buildings</span><span style="position: absolute; display: inline-block; left: 513.562px; top: 52.5332px; width: 52.6699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">equipment</span><span style="position: absolute; display: inline-block; left: 606.734px; top: 52.5332px; width: 141.398px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">in progr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ess<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.8301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>l</span></span><span style="position: absolute; display: inline-block; left: 808.172px; top: 52.5332px; width: 42.9375px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">buildings</span><span style="position: absolute; display: inline-block; left: 891.984px; top: 52.5332px; width: 52.6699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">equipment</span><span style="position: absolute; display: inline-block; left: 984.938px; top: 52.5332px; width: 141.398px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">in progr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ess<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.8301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 74.4707px; width: 1127.47px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Cost at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 355.16px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,461<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,425<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>414<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9,300<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,907<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,838<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>282<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9,027</span><span style="position: absolute; display: inline-block; left: 0px; top: 93.8613px; width: 1131.96px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions from busines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>s combinations/pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>evious period adjustments<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 136.734px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.9315px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(408)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.3261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(408)</span><span style="position: absolute; display: inline-block; left: 0px; top: 113.236px; width: 1127.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 405.368px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>430<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,120<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>480<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,030<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.4315px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>393<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>963<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>158<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,514</span><span style="position: absolute; display: inline-block; left: 0px; top: 132.611px; width: 1131.86px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Disposals<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 391.185px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,023)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(205)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(30)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9727px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,258)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7772px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(533)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(402)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.3261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(935)</span><span style="position: absolute; display: inline-block; left: 0px; top: 152.002px; width: 1127.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reclassification<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 375.874px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>226<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>63<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(289)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>19<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>22<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(26)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15</span><span style="position: absolute; display: inline-block; left: 0px; top: 171.377px; width: 1127.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 346.922px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(132)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(148)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(282)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.3261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>83<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>87</span><span style="position: absolute; display: inline-block; left: 0px; top: 192.723px; width: 1127.45px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal cost at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 292.775px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">3,962<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 58.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>5,256<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 69.9082px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>580<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>9,798<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>4,461<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 58.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>4,425<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 69.9082px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>414<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>9,300</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 217.799px; width: 1127.3px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal depr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eciation and impairment at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 211.272px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,212<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,804<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,016<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,111<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,654<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,765</span><span style="position: absolute; display: inline-block; left: 0px; top: 237.189px; width: 1127.45px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Depreciation f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>or the year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 327.234px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>341<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>610<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>951<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.4315px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>341<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>530<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>871</span><span style="position: absolute; display: inline-block; left: 0px; top: 256.564px; width: 1131.66px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Disposals <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 398.445px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(125)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.9824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(212)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.3261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(337)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(226)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.9824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(402)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.3261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(628)</span><span style="position: absolute; display: inline-block; left: 0px; top: 275.939px; width: 1127.47px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reclassification<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 391.185px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.3261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(21)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 295.33px; width: 1127.37px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 354.369px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(26)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(20)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.3261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(46)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.2227px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.9315px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8</span><span style="position: absolute; display: inline-block; left: 0px; top: 316.66px; width: 1127.13px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal depreciation and impairment at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 159.217px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">1,402<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 58.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,182<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">3,584<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,212<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,804<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">3,016</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 342.426px; width: 1127.02px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Carrying amount at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 253.588px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,560<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 58.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>3,074<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 69.9082px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>580<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>6,214<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>3,249<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,621<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>414<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>6,284</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Depreciation is c<span class="_ _0"/>arried out on a str<span class="_ _0"/>aight-line basis over the expected use-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ful lives of the assets. The expected useful lives of the ov<span class="_ _0"/>erall asset c<span class="_ _0"/>ate-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gories are as f<span class="_ _0"/>ollows:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _9"/>• <span class="_ _54"> </span>T<span class="_ _3"/>erminals and administr<span class="_ _0"/>ation buildings:<span class="_ _bb"> </span><span class="lsc">50-60 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Other buildings and building elements:<span class="_ _193"> </span><span class="lsc">10-30 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>T<span class="_ _d"/>echnical plant and machiner<span class="_ _4"/>y:<span class="_ _12e"> </span><span class="lsc">6-10 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Other plant and operating equipment:<span class="_ _dd"> </span><span class="lsc">3-8 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">• <span class="_ _54"> </span>Land is not depr<span class="_ _0"/>eciated</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The basis of depreciation t<span class="_ _0"/>akes int<span class="_ _0"/>o acc<span class="_ _0"/>ount the r<span class="_ _0"/>esidual value of assets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and is reduc<span class="_ _0"/>ed by any impairment losses. The r<span class="_ _0"/>esidual value is calculat<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on the date of ac<span class="_ _0"/>quisition and re<span class="_ _0"/>assessed once a year<span class="_ _3"/>. Depreciation will be </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">halted if the r<span class="_ _0"/>esidual value ex<span class="_ _0"/>ceeds the c<span class="_ _0"/>arrying amount of the asset<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Assets are tr<span class="_ _0"/>ansf<span class="_ _0"/>err<span class="_ _0"/>ed to asse<span class="_ _0"/>ts held for sale if it is highly pr<span class="_ _0"/>obable that </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">their carrying amount will be r<span class="_ _0"/>ecover<span class="_ _0"/>ed primarily thr<span class="_ _0"/>ough sale r<span class="_ _0"/>ather than </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">through c<span class="_ _0"/>ontinuing use.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Judgement is applied in determining the depr<span class="_ _0"/>eciation period and futur<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">residual v<span class="_ _0"/>alue of the assets r<span class="_ _0"/>ecognised and is gener<span class="_ _0"/>ally based on hist<span class="_ _0"/>orical </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">experienc<span class="_ _0"/>e. Reassessment is done annually t<span class="_ _0"/>o ascertain that<span class="_ _0"/> the depr<span class="_ _0"/>ecia<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion basis applied is still r<span class="_ _0"/>epresent<span class="_ _0"/>ative and r<span class="_ _0"/>eflects the expec<span class="_ _4"/>ted life and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">future r<span class="_ _0"/>esidual value of the as<span class="_ _0"/>sets.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Climate-r<span class="_ _0"/>elated risks</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management has consider<span class="_ _0"/>ed the influenc<span class="_ _0"/>e of climate-r<span class="_ _0"/>elated risks on pr<span class="_ _0"/>operty, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plant and equipment<span class="_ _4"/>, including inherent impact on useful lives of underlying </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">asset gr<span class="_ _0"/>oups. Climate-r<span class="_ _0"/>elat<span class="_ _0"/>ed risks assessed encompass ac<span class="_ _0"/>celler<span class="_ _0"/>ated t<span class="_ _0"/>echno<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">logical det<span class="_ _0"/>erioration of asse<span class="_ _0"/>ts due to climat<span class="_ _0"/>e-relat<span class="_ _0"/>ed innovations, r<span class="_ _0"/>egulatory </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">requir<span class="_ _0"/>ements, and cust<span class="_ _0"/>omer demand, as well as incr<span class="_ _0"/>eased demolition and r<span class="_ _0"/>e <span class="_ _9"/> <span class="_ _9"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stor<span class="_ _0"/>ation cos<span class="_ _0"/>t on premises vac<span class="_ _0"/>ated, due t<span class="_ _0"/>o stricter envir<span class="_ _0"/>onmental r<span class="_ _0"/>egulations.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inventories ar<span class="_ _0"/>e measur<span class="_ _0"/>ed at the low<span class="_ _0"/>er of cost and net r<span class="_ _0"/>ealisable value. The </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost of invent<span class="_ _0"/>ories comprises all c<span class="_ _0"/>osts of pur<span class="_ _0"/>chase, pr<span class="_ _0"/>ocessing and o<span class="_ _0"/>ther </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs incurr<span class="_ _0"/>ed in bringing the invent<span class="_ _0"/>ories to t<span class="_ _0"/>heir pr<span class="_ _0"/>ese<span class="_ _0"/>nt co<span class="_ _0"/>ndition. <span class="_ _0"/>Wr<span class="_ _0"/>ite-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">downs of inventories <span class="_ _0"/>to net r<span class="_ _0"/>ealisable value ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised<span class="_ _4"/> as direct costs in<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Whether a contr<span class="_ _0"/>act contains a lease is assessed at c<span class="_ _0"/>ontr<span class="_ _0"/>act inception. For<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">identified leases, a right-of-use (ROU) as<span class="_ _0"/>set and cor<span class="_ _0"/>responding lease <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liability are r<span class="_ _0"/>ecognised on the lease c<span class="_ _0"/>ommencement dat<span class="_ _0"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Upon initial rec<span class="_ _0"/>ognition, the ROU asset is measur<span class="_ _0"/>ed at c<span class="_ _0"/>ost cor<span class="_ _0"/>r<span class="_ _0"/>esponding to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the lease liability rec<span class="_ _0"/>ognised, adjusted f<span class="_ _0"/>or any lease pr<span class="_ _0"/>epayments or dir<span class="_ _0"/>ectly<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">relat<span class="_ _0"/>ed cos<span class="_ _0"/>ts, including dismantling and res<span class="_ _0"/>tor<span class="_ _0"/>ation costs. The lease liability is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">measur<span class="_ _0"/>ed at the present v<span class="_ _0"/>alue of lease payments of the leasing period dis<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">count<span class="_ _0"/>ed using the inter<span class="_ _0"/>est r<span class="_ _0"/>ate implicit in the lease c<span class="_ _0"/>ontract. In cases where </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the implicit inter<span class="_ _0"/>est r<span class="_ _0"/>ate canno<span class="_ _0"/>t be det<span class="_ _0"/>ermined, an appropriat<span class="_ _0"/>e incr<span class="_ _0"/>emental </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV borr<span class="_ _0"/>owing rat<span class="_ _0"/>e is used. In det<span class="_ _0"/>ermining the lease period extension, op<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tions are only included if it is r<span class="_ _0"/>easonably c<span class="_ _0"/>ertain they will be utilised.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At subsequent measur<span class="_ _0"/>ement, the ROU asset is measured les<span class="_ _0"/>s accumulat<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">depreciation and impairment los<span class="_ _0"/>ses and adjusted f<span class="_ _0"/>or any r<span class="_ _0"/>emeasur<span class="_ _0"/>ements </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of the lease liability. Depr<span class="_ _0"/>eciation f<span class="_ _0"/>ollows the str<span class="_ _0"/>aight-line method over the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lease term or the useful lif<span class="_ _0"/>e of the ROU asset, whichever is shortest<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The lease liability is measured at amortised cost using the eff<span class="_ _0"/>ective inter<span class="_ _0"/>est </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">method and adjusted f<span class="_ _0"/>or any r<span class="_ _0"/>emeasur<span class="_ _0"/>ements or modifications made t<span class="_ _0"/>o <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the contr<span class="_ _0"/>act<span class="_ _4"/>.<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ROU assets and lease liabilities ar<span class="_ _0"/>e not r<span class="_ _0"/>ec<span class="_ _0"/>ognised f<span class="_ _0"/>or low value lease assets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or leases with a lease term of 12 months or less. These ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised as an </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expense on a str<span class="_ _0"/>aight-line basis over the term of the lease. Any service </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">elements separable fr<span class="_ _0"/>om the lease c<span class="_ _0"/>ontract ar<span class="_ _0"/>e acc<span class="_ _0"/>ounted f<span class="_ _0"/>or f<span class="_ _0"/>ollowing the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">same principle. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Extension options ar<span class="_ _0"/>e only included in the lease term if e<span class="_ _0"/>xtension of the lease </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is re<span class="_ _0"/>asonably certain. The majority of extension and t<span class="_ _0"/>ermination options held </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are e<span class="_ _0"/>xer<span class="_ _0"/>cisable only by the Gr<span class="_ _0"/>oup and not by the r<span class="_ _0"/>espective lessor<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ROU assets classified as land and buildings mainly r<span class="_ _0"/>elate t<span class="_ _0"/>o leases of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">war<span class="_ _0"/>ehouses, terminals and offic<span class="_ _0"/>e buildings, wher<span class="_ _0"/>eas assets r<span class="_ _0"/>ecognised as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other plant and oper<span class="_ _0"/>ating equipment mainly r<span class="_ _0"/>elate t<span class="_ _0"/>o leases of trailers, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">trucks, company cars, f<span class="_ _0"/>orklifts, IT hardw<span class="_ _0"/>ar<span class="_ _0"/>e and other office equipment. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Land and building leases normally have a lease term of up t<span class="_ _0"/>o ten years, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">where<span class="_ _0"/>as leases of other plant and oper<span class="_ _0"/>ating equipment normally have a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lease term of up t<span class="_ _0"/>o five years. The leases may include ext<span class="_ _0"/>ension options </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with the intention of securing fle<span class="_ _0"/>xibility in the lease – however<span class="_ _3"/>, any leas-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ing period beyond the normal ten years expected at the initiation of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lease will normally be r<span class="_ _0"/>eflected in the contr<span class="_ _0"/>actual lease term agreed.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.4 <span class="_ _15e"/>Contr<span class="_ _3"/>ac<span class="_ _8"/>t assets and accrued </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost of ser<span class="_ _4"/>vices<span class="_ _4"/> <span class="_ _0"/> <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contract assets and ac<span class="_ _0"/>crued costs of services include accrued r<span class="_ _0"/>evenue and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">accrued c<span class="_ _0"/>osts fr<span class="_ _0"/>om freight f<span class="_ _0"/>orwar<span class="_ _0"/>ding services, contr<span class="_ _0"/>act logi<span class="_ _0"/>s<span class="_ _0"/>tic<span class="_ _0"/>s <span class="_ _0"/>an<span class="_ _0"/>d o<span class="_ _0"/>t<span class="_ _0"/>he<span class="_ _0"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">relat<span class="_ _0"/>ed services in progr<span class="_ _0"/>ess. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contract assets ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised when a sales tr<span class="_ _0"/>ansaction fulfils the criteria </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for r<span class="_ _0"/>evenue r<span class="_ _0"/>ec<span class="_ _0"/>ognition, but the final invoice has ye<span class="_ _0"/>t to be issued t<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">customer f<span class="_ _0"/>or the services deliver<span class="_ _0"/>ed. Please r<span class="_ _0"/>efer t<span class="_ _0"/>o <span class="fc7">not<span class="_ _0"/>e 4.4<span class="fc1"> f<span class="_ _0"/>or disclosur<span class="_ _0"/>e </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of credit risk, as tr<span class="_ _0"/>ade r<span class="_ _0"/>eceiv<span class="_ _0"/>ables carry substantially the same char<span class="_ _0"/>acteris<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tics as contract assets.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accrued c<span class="_ _0"/>osts of services are estimat<span class="_ _0"/>ed and r<span class="_ _0"/>ecognised when supplier in<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">voices r<span class="_ _0"/>elating t<span class="_ _0"/>o rec<span class="_ _0"/>ognised r<span class="_ _0"/>evenue f<span class="_ _0"/>or the r<span class="_ _0"/>eporting period have yet to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be rec<span class="_ _0"/>eived.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In the prepar<span class="_ _0"/>ation of the c<span class="_ _0"/>onsolidated financial st<span class="_ _0"/>atements, significant </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">estimates ar<span class="_ _0"/>e applied in assessing services in pr<span class="_ _0"/>ogr<span class="_ _0"/>ess, including accrual of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income and pertaining dir<span class="_ _0"/>ect costs. These estimat<span class="_ _0"/>es ar<span class="_ _0"/>e based on experi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ence and c<span class="_ _0"/>ontinuous follow-up on services in pr<span class="_ _0"/>ogr<span class="_ _0"/>ess r<span class="_ _0"/>elative to sub-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sequent invoicing.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.5 Invent<span class="_ _0"/>ories</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inventories ar<span class="_ _0"/>e measur<span class="_ _0"/>ed at the low<span class="_ _0"/>er of cost and net r<span class="_ _0"/>ealisable value. The </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost of invent<span class="_ _0"/>ories comprises all c<span class="_ _0"/>osts of pur<span class="_ _0"/>chase, pr<span class="_ _0"/>ocessing and o<span class="_ _0"/>ther </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">costs incurr<span class="_ _0"/>ed in bringing the invent<span class="_ _0"/>ories to t<span class="_ _0"/>heir pr<span class="_ _0"/>ese<span class="_ _0"/>nt co<span class="_ _0"/>ndition. <span class="_ _0"/>Wr<span class="_ _0"/>ite-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">downs of inventories <span class="_ _0"/>to net r<span class="_ _0"/>ealisable value ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised<span class="_ _4"/> as direct costs in<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:75.8125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.695px; white-space: pre; word-spacing: 0.1275px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Invent<span style="word-spacing: 0.1275px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ories<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm) <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.066px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 357.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>operty projects under construction<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,247<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,796</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 356.912px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Stocks<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.935px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>67<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>93</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.8164px; width: 356.801px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 231.117px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>4,314<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.7637px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,889</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inventories c<span class="_ _0"/>onsists of pr<span class="_ _0"/>operty projects under construction held for<span class="_ _0"/> the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">purpose of sale in the ordinary c<span class="_ _0"/>ourse of business and st<span class="_ _0"/>ocks. In t<span class="_ _0"/>otal<span class="_ _0"/>, DKK </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">417 million r<span class="_ _0"/>elatin<span class="_ _0"/>g to pr<span class="_ _0"/>operty projects was r<span class="_ _0"/>ec<span class="_ _0"/>ognised as a cost in 2023 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK 1,231 mil<span class="_ _4"/>lion<span class="_ _4"/>).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.6 <span class="_ _171"> </span> Le<span class="_ _0"/>ases</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Whether a contr<span class="_ _0"/>act contains a lease is assessed at c<span class="_ _0"/>ontr<span class="_ _0"/>act inception. For<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">identified leases, a right-of-use (ROU) as<span class="_ _0"/>set and cor<span class="_ _0"/>responding lease <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liability are r<span class="_ _0"/>ecognised on the lease c<span class="_ _0"/>ommencement dat<span class="_ _0"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Upon initial rec<span class="_ _0"/>ognition, the ROU asset is measur<span class="_ _0"/>ed at c<span class="_ _0"/>ost cor<span class="_ _0"/>r<span class="_ _0"/>esponding to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the lease liability rec<span class="_ _0"/>ognised, adjusted f<span class="_ _0"/>or any lease pr<span class="_ _0"/>epayments or dir<span class="_ _0"/>ectly<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">relat<span class="_ _0"/>ed cos<span class="_ _0"/>ts, including dismantling and res<span class="_ _0"/>tor<span class="_ _0"/>ation costs. The lease liability is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">measur<span class="_ _0"/>ed at the present v<span class="_ _0"/>alue of lease payments of the leasing period dis<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">count<span class="_ _0"/>ed using the inter<span class="_ _0"/>est r<span class="_ _0"/>ate implicit in the lease c<span class="_ _0"/>ontract. In cases where </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the implicit inter<span class="_ _0"/>est r<span class="_ _0"/>ate canno<span class="_ _0"/>t be det<span class="_ _0"/>ermined, an appropriat<span class="_ _0"/>e incr<span class="_ _0"/>emental </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV borr<span class="_ _0"/>owing rat<span class="_ _0"/>e is used. In det<span class="_ _0"/>ermining the lease period extension, op<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tions are only included if it is r<span class="_ _0"/>easonably c<span class="_ _0"/>ertain they will be utilised.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At subsequent measur<span class="_ _0"/>ement, the ROU asset is measured les<span class="_ _0"/>s accumulat<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">depreciation and impairment los<span class="_ _0"/>ses and adjusted f<span class="_ _0"/>or any r<span class="_ _0"/>emeasur<span class="_ _0"/>ements </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of the lease liability. Depr<span class="_ _0"/>eciation f<span class="_ _0"/>ollows the str<span class="_ _0"/>aight-line method over the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lease term or the useful lif<span class="_ _0"/>e of the ROU asset, whichever is shortest<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The lease liability is measured at amortised cost using the eff<span class="_ _0"/>ective inter<span class="_ _0"/>est </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">method and adjusted f<span class="_ _0"/>or any r<span class="_ _0"/>emeasur<span class="_ _0"/>ements or modifications made t<span class="_ _0"/>o <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the contr<span class="_ _0"/>act<span class="_ _4"/>.<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ROU assets and lease liabilities ar<span class="_ _0"/>e not r<span class="_ _0"/>ec<span class="_ _0"/>ognised f<span class="_ _0"/>or low value lease assets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or leases with a lease term of 12 months or less. These ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised as an </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expense on a str<span class="_ _0"/>aight-line basis over the term of the lease. Any service </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">elements separable fr<span class="_ _0"/>om the lease c<span class="_ _0"/>ontract ar<span class="_ _0"/>e acc<span class="_ _0"/>ounted f<span class="_ _0"/>or f<span class="_ _0"/>ollowing the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">same principle. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Extension options ar<span class="_ _0"/>e only included in the lease term if e<span class="_ _0"/>xtension of the lease </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is re<span class="_ _0"/>asonably certain. The majority of extension and t<span class="_ _0"/>ermination options held </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are e<span class="_ _0"/>xer<span class="_ _0"/>cisable only by the Gr<span class="_ _0"/>oup and not by the r<span class="_ _0"/>espective lessor<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ROU assets classified as land and buildings mainly r<span class="_ _0"/>elate t<span class="_ _0"/>o leases of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">war<span class="_ _0"/>ehouses, terminals and offic<span class="_ _0"/>e buildings, wher<span class="_ _0"/>eas assets r<span class="_ _0"/>ecognised as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other plant and oper<span class="_ _0"/>ating equipment mainly r<span class="_ _0"/>elate t<span class="_ _0"/>o leases of trailers, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">trucks, company cars, f<span class="_ _0"/>orklifts, IT hardw<span class="_ _0"/>ar<span class="_ _0"/>e and other office equipment. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Land and building leases normally have a lease term of up t<span class="_ _0"/>o ten years, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">where<span class="_ _0"/>as leases of other plant and oper<span class="_ _0"/>ating equipment normally have a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lease term of up t<span class="_ _0"/>o five years. The leases may include ext<span class="_ _0"/>ension options </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with the intention of securing fle<span class="_ _0"/>xibility in the lease – however<span class="_ _3"/>, any leas-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ing period beyond the normal ten years expected at the initiation of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lease will normally be r<span class="_ _0"/>eflected in the contr<span class="_ _0"/>actual lease term agreed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In acc<span class="_ _0"/>ounting for le<span class="_ _0"/>ase contr<span class="_ _0"/>acts, various judgements are applied in de-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">termining ROU asse<span class="_ _0"/>ts and lease liabilities. Judgements include assessment </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of lease periods, utilisation of extension and t<span class="_ _0"/>ermination options and ap-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">plicable discount r<span class="_ _0"/>ates.</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:201.1875px;"><span style="position: absolute; display: inline-block; left: 417.391px; top: 0.0039062px; width: 242.525px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 182.806px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 432.219px; top: 23.3926px; width: 31.8867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other </span><span style="position: absolute; display: inline-block; left: 644.438px; top: 23.3926px; width: 31.8867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other </span><span style="position: absolute; display: inline-block; left: 415.844px; top: 38.3926px; width: 48.2578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">plant and </span><span style="position: absolute; display: inline-block; left: 628.438px; top: 38.3926px; width: 48.2578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">plant and </span><span style="position: absolute; display: inline-block; left: 349.609px; top: 53.3926px; width: 47.0684px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Land and </span><span style="position: absolute; display: inline-block; left: 414.297px; top: 53.3926px; width: 50.1621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">operating </span><span style="position: absolute; display: inline-block; left: 561.672px; top: 53.3926px; width: 47.0684px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Land and </span><span style="position: absolute; display: inline-block; left: 627.062px; top: 53.3926px; width: 50.1621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">operating </span><span style="position: absolute; display: inline-block; left: 0px; top: 67.2383px; width: 158.719px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Right-of-use assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)</span></span><span style="position: absolute; display: inline-block; left: 349.609px; top: 68.3926px; width: 42.9375px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">buildings</span><span style="position: absolute; display: inline-block; left: 408.547px; top: 68.3926px; width: 119.391px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">equipment <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.66406px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 563.484px; top: 68.3926px; width: 42.9375px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">buildings</span><span style="position: absolute; display: inline-block; left: 621.141px; top: 68.3926px; width: 119.391px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">equipment <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.66406px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 90.3301px; width: 741.615px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Carrying amount at 1 Januar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>y<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.746px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,285<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>409<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 29.8183px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,694<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,121<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>588<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 29.2558px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,709</span><span style="position: absolute; display: inline-block; left: 0px; top: 109.705px; width: 741.656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.908px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,453<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>61<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.084px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,514<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6482px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,970<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.4277px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,045</span><span style="position: absolute; display: inline-block; left: 0px; top: 129.08px; width: 746.016px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Disposals<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 321.703px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(308)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(9)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.4707px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(317)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(252)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(40)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(292)</span><span style="position: absolute; display: inline-block; left: 0px; top: 148.471px; width: 746.338px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Depreciation f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>or the year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 233.783px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3,888)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(140)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(4,028)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.4277px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3,549)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(212)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3,761)</span><span style="position: absolute; display: inline-block; left: 0px; top: 167.846px; width: 745.934px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 267.844px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(186)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6482px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(22)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(208)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(5)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.9491px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.9491px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(7)</span><span style="position: absolute; display: inline-block; left: 0px; top: 189.191px; width: 741.445px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Carrying amount at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 166.342px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">15,356<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 44.6482px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>299<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>15,655<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>14,285<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>409<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>14,694</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Analysis of lease liabilities showing the remaining c<span class="_ _0"/>ontractual maturities is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">provided in the t<span class="_ _0"/>able:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:189.560546875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 130.488px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Contr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>actual maturit<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>y <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 15.0039px; width: 101.414px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">of lease liabilities</span><span style="position: absolute; display: inline-block; left: 101.344px; top: 15.9414px; width: 191.807px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 185.191px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -95.148px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 356.719px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">0-1 year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.453px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,599<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,302</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4863px; width: 356.918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">1-5 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 205.353px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>12,056<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11,059</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8613px; width: 356.947px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">&gt; 5 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.291px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,055<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,917</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.207px; width: 140.051px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal undiscounted lease <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 113.207px; width: 356.877px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">liabilities at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 109.904px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">21,710<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>21,278</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 139.576px; width: 232.951px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Non-curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ent/cur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ent classification (disc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ounted)</span><span style="position: absolute; display: inline-block; left: 0px; top: 158.939px; width: 357.035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Non-curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 192.791px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,139<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.6523px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,190</span><span style="position: absolute; display: inline-block; left: 0px; top: 178.314px; width: 356.76px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 224.303px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,808<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,577</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The profit or los<span class="_ _0"/>s and cash flow impact of leases rec<span class="_ _0"/>ognised f<span class="_ _0"/>or the year </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are specified below:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:276.029296875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 203.273px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Lease eff<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ects recognised in pr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ofit <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 15.0039px; width: 123.867px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">or loss and cash flow </span><span style="position: absolute; display: inline-block; left: 124px; top: 15.9414px; width: 169.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.885px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -95.148px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 38.1074px; width: 62.0977px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ofit or loss</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4707px; width: 356.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Income fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>om subleasing of ROU assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.2227px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>79<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8613px; width: 356.865px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Gain on sale and leaseback transactions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.2636px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>101<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>109</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2363px; width: 361.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Expenses relating t<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o short-term leases<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(591)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(563)</span><span style="position: absolute; display: inline-block; left: 0px; top: 115.611px; width: 361.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Expenses relating t<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o leases of low-value assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.4277px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(655)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(635)</span><span style="position: absolute; display: inline-block; left: 0px; top: 135.002px; width: 235.775px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Expenses relating t<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o variable lease payments not </span><span style="position: absolute; display: inline-block; left: 0px; top: 150.002px; width: 361.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">included in the measur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ement of lease liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(70)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(97)</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.377px; width: 361.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Depreciation of R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>OU assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(4,028)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3,761)</span><span style="position: absolute; display: inline-block; left: 0px; top: 188.752px; width: 361.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>xpenses on lease liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.4043px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(851)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(727)</span><span style="position: absolute; display: inline-block; left: 0px; top: 210.689px; width: 361.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ofit or loss for le<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ases<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.326px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(6,015)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(5,660)</span><span style="position: absolute; display: inline-block; left: 0px; top: 244.123px; width: 48.5098px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Cash flow</span><span style="position: absolute; display: inline-block; left: 0px; top: 264.783px; width: 356.936px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal cash outflow for leases<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 121.986px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,756<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,461</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:189.560546875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 130.488px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Contr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>actual maturit<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>y <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 15.0039px; width: 101.414px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">of lease liabilities</span><span style="position: absolute; display: inline-block; left: 101.344px; top: 15.9414px; width: 191.807px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 185.191px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -95.148px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 356.719px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">0-1 year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.453px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,599<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,302</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4863px; width: 356.918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">1-5 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 205.353px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>12,056<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11,059</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8613px; width: 356.947px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">&gt; 5 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.291px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,055<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,917</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.207px; width: 140.051px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal undiscounted lease <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 113.207px; width: 356.877px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">liabilities at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 109.904px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">21,710<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>21,278</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 139.576px; width: 232.951px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Non-curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ent/cur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ent classification (disc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ounted)</span><span style="position: absolute; display: inline-block; left: 0px; top: 158.939px; width: 357.035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Non-curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 192.791px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,139<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.6523px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,190</span><span style="position: absolute; display: inline-block; left: 0px; top: 178.314px; width: 356.76px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 224.303px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,808<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,577</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:517.078125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 146.818px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Defined benefit pension <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 15.0039px; width: 65.0391px; white-space: pre; word-spacing: 0.1275px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">obligations</span><span style="position: absolute; display: inline-block; left: 64.7812px; top: 15.9414px; width: 228.264px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> (DKKm) <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 218.772px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -95.148px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 356.742px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Obligations at 1 January <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 140.444px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,112<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,693</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4707px; width: 356.725px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent service cost<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 179.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>86<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>135</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8613px; width: 208.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Pas<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t ser<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>vice c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ost fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>om plan amendments, </span><span style="position: absolute; display: inline-block; left: 0px; top: 91.8613px; width: 357.053px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">curtailments and gains/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>losses on settlements<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(259)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.9491px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9</span><span style="position: absolute; display: inline-block; left: 0px; top: 505.082px; width: 257.906px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal obligations recognised<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 103.986px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 111.236px; width: 356.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Calculated inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est on obligations<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.393px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>174<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75</span><span style="position: absolute; display: inline-block; left: 257.906px; top: 505.082px; width: 34.9805px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">4,983</span><span style="position: absolute; display: inline-block; left: 0px; top: 130.611px; width: 217.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Actuarial gains/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>losses arising from changes </span><span style="position: absolute; display: inline-block; left: 292.887px; top: 505.082px; width: 28.7637px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.7637px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 145.611px; width: 361.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">in financial assumptions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.357px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>243<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,283)</span><span style="position: absolute; display: inline-block; left: 321.65px; top: 505.082px; width: 34.9805px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">4,112</span><span style="position: absolute; display: inline-block; left: 0px; top: 164.986px; width: 225.598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Actuarial gains/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>losses arising from changes in </span><span style="position: absolute; display: inline-block; left: 0px; top: 179.986px; width: 361.705px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">demographic assumptions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 157.857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(23)</span><span style="position: absolute; display: inline-block; left: 0px; top: 199.377px; width: 227.355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Actuarial gains/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>losses arising from experienc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e </span><span style="position: absolute; display: inline-block; left: 0px; top: 214.377px; width: 357.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">adjustments<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 213.92px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(14)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>39</span><span style="position: absolute; display: inline-block; left: 0px; top: 233.752px; width: 361.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Payments fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>om the plan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 157.353px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(87)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(521)</span><span style="position: absolute; display: inline-block; left: 0px; top: 253.127px; width: 356.748px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Settlement payments fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>om the plan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0938px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>596<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 272.518px; width: 357.047px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions from busines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>s combinations<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.535px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 291.893px; width: 361.078px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 172.365px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>125<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6482px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(12)</span><span style="position: absolute; display: inline-block; left: 0px; top: 313.238px; width: 356.924px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Obligations at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 103.986px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">4,983<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.7637px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>4,112</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 348.283px; width: 352.195px; white-space: pre; word-spacing: 0px; letter-spacing: -0.18px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Settlement payments fr<span style="word-spacing: 0px; letter-spacing: -0.18px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>om the plan, DKK 596 million r<span style="word-spacing: 0px; letter-spacing: -0.18px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>elate t<span style="word-spacing: 0px; letter-spacing: -0.18px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o DSV taking </span><span style="position: absolute; display: inline-block; left: 0px; top: 364.627px; width: 349.207px; white-space: pre; word-spacing: 0px; letter-spacing: -0.18px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">over pensioners fr<span style="word-spacing: 0px; letter-spacing: -0.18px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>om the pension fund formerly used by the ac<span style="word-spacing: 0px; letter-spacing: -0.18px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>quir<span style="word-spacing: 0px; letter-spacing: -0.18px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed GIL </span><span style="position: absolute; display: inline-block; left: 0px; top: 380.971px; width: 330.404px; white-space: pre; word-spacing: 0px; letter-spacing: -0.18px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">entities. The expected aver<span style="word-spacing: 0px; letter-spacing: -0.18px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>age duration of the obligations is 13 years.</span><span style="position: absolute; display: inline-block; left: 0px; top: 406.895px; width: 132.586px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Expec<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ted maturity of <span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 421.879px; width: 113.121px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">pension obligations</span><span style="position: absolute; display: inline-block; left: 112.891px; top: 422.457px; width: 180.287px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.707px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -95.148px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 444.971px; width: 356.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">0-1 year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 227.431px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>581<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>501</span><span style="position: absolute; display: inline-block; left: 0px; top: 464.361px; width: 356.707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">1-5 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.338px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,115<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>933</span><span style="position: absolute; display: inline-block; left: 0px; top: 483.736px; width: 356.947px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">&gt; 5 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.291px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,287<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,678</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Liquidity risk </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The cash r<span class="_ _0"/>eadiness of the Gr<span class="_ _0"/>oup is ensur<span class="_ _0"/>ed through short and long-t<span class="_ _0"/>erm </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">credit f<span class="_ _0"/>acilities fr<span class="_ _0"/>om the main banks of the Gr<span class="_ _0"/>oup and thr<span class="_ _0"/>ough the issuance </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of bonds. The purpose of issuing bond loans is to diversify the Group<span class="_ _0"/>’<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">long-term debt, making the Group less dependent on bank loans. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group<span class="_ _0"/>’<span class="_ _3"/>s bond loans, credit and over<span class="_ _0"/>dr<span class="_ _0"/>aft facilities ar<span class="_ _0"/>e subject to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">standar<span class="_ _0"/>d clauses, acc<span class="_ _0"/>or<span class="_ _0"/>ding to which the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s debt must be repaid </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in case of a change of contr<span class="_ _0"/>ol. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The to<span class="_ _0"/>tal dur<span class="_ _0"/>ation of the Group<span class="_ _0"/>’<span class="_ _3"/>s long-term loan commitments and the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">undrawn amounts on our cr<span class="_ _0"/>edit lines at 31 Dec<span class="_ _0"/>ember 2023 ar<span class="_ _0"/>e present-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ed in the acc<span class="_ _0"/>ompanying table. The w<span class="_ _0"/>eighted dur<span class="_ _0"/>ation of the Gr<span class="_ _0"/>oup’<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">drawn long-t<span class="_ _0"/>erm loan facilities is 7.8 ye<span class="_ _0"/>ars at 31 December 2023. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Furthermore, a maturity analysis has been provided based on c<span class="_ _0"/>ontractual </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cash flows, including estimated int<span class="_ _0"/>er<span class="_ _0"/>est payments. The amounts have </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not been disc<span class="_ _0"/>ounted and as such do not r<span class="_ _0"/>ec<span class="_ _0"/>oncile dir<span class="_ _0"/>ectly to the stat<span class="_ _0"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment of financial position.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Commitments and amounts dr<span class="_ _0"/>awn on long-term loan f<span class="_ _0"/>acilities at 31 December 2023:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:246.095703125px;"><span style="position: absolute; display: inline-block; left: 197.609px; top: 0.0019531px; width: 84.8438px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Principal amount </span><span style="position: absolute; display: inline-block; left: 290.016px; top: 0.0019531px; width: 84.8438px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Principal amount </span><span style="position: absolute; display: inline-block; left: 395.609px; top: 0.0019531px; width: 74.4727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Fixed/floating </span><span style="position: absolute; display: inline-block; left: 512.75px; top: 0.0019531px; width: 49.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Expiry of </span><span style="position: absolute; display: inline-block; left: 607.156px; top: 0.0019531px; width: 48.7969px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Duration </span><span style="position: absolute; display: inline-block; left: 698.578px; top: 0.0019531px; width: 50.0918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Undrawn </span><span style="position: absolute; display: inline-block; left: 0px; top: 13.8477px; width: 87.0059px; white-space: pre; word-spacing: -0.1275px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Loan facilities </span><span style="position: absolute; display: inline-block; left: 240.625px; top: 15.002px; width: 38.1152px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(EURm)</span><span style="position: absolute; display: inline-block; left: 331.766px; top: 15.002px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 404.281px; top: 15.002px; width: 60.5039px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ate</span><span style="position: absolute; display: inline-block; left: 488.672px; top: 15.002px; width: 68.4844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">commitments</span><span style="position: absolute; display: inline-block; left: 614.312px; top: 15.002px; width: 35.1387px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(years)</span><span style="position: absolute; display: inline-block; left: 703.469px; top: 15.002px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 0px; top: 36.9238px; width: 742.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Bond loan - ISIN XS2387735470<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>500<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,727<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fix<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>17-09-2036<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>12.7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 52.9082px; width: 742.061px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Bond loan - ISIN XS2360881549<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>600<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,472<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fix<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>05-07-2033<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9.5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 68.8926px; width: 742.061px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Bond loan - ISIN XS2308616841<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>500<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,727<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fix<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>03-03-2031<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7.2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.877px; width: 742.061px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Bond loan - ISIN XS2458285355<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>600<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,472<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fix<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16-03-2030<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6.2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.861px; width: 742.09px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Bond loan - ISIN 212542679<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 110.648px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>500<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,727<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.3221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fixed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>26-02-2027<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 116.846px; width: 742.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revolving cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acility I<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 137.455px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>200<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,491<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>03-10-2027<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.6759px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,491</span><span style="position: absolute; display: inline-block; left: 0px; top: 132.83px; width: 742.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revolving cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acility II<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 141.791px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>559<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>31-12-2025<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>559</span><span style="position: absolute; display: inline-block; left: 0px; top: 148.814px; width: 741.99px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revolving cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acility III<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.49px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>200<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.6759px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,491<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16-12-2028<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,491</span><span style="position: absolute; display: inline-block; left: 0px; top: 164.799px; width: 742.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revolving cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acility IV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 130.389px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>200<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,491<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14-12-2028<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.6759px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,491</span><span style="position: absolute; display: inline-block; left: 0px; top: 180.783px; width: 742.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revolving cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acility V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 140.444px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>559<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>31-01-2029<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>559</span><span style="position: absolute; display: inline-block; left: 0px; top: 196.768px; width: 742.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revolving cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acility VI<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 130.389px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>100<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>745<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15-01-2026<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>745</span><span style="position: absolute; display: inline-block; left: 0px; top: 212.752px; width: 742.148px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>draft facility I<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 174.211px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>559<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>31-01-2029<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>559</span><span style="position: absolute; display: inline-block; left: 0px; top: 234.098px; width: 742.189px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal <span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 213.92px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>3,625<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>27,020<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 335.842px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>6,895</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:281.599609375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 237.809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">The Gr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>oup’<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>s financial liabilities fall due as f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ollows:</span><span style="position: absolute; display: inline-block; left: 311.969px; top: 13.4395px; width: 78.8613px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal cash flow, </span><span style="position: absolute; display: inline-block; left: 0px; top: 27.2852px; width: 294.404px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financial liabilities – 2023<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 16.7637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Carrying amount</span></span><span style="position: absolute; display: inline-block; left: 303.688px; top: 28.4395px; width: 437.291px; white-space: pre; word-spacing: -2.88px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">inclu ding <span style="word-spacing: -2.88px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.60156px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>interest<span style="word-spacing: -2.88px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">0-1 year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1-5 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6-10 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">&gt;10 years</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 50.377px; width: 740.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>draft and cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit facilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129.428px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>677<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>700<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>700<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 66.3613px; width: 740.812px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Issued bonds<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 192.791px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,450<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>22,927<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.504px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,670<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,342<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8,578<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8,337</span><span style="position: absolute; display: inline-block; left: 0px; top: 82.3457px; width: 740.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Lease liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 183.668px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>17,947<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,710<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,599<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>12,056<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,622<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>433</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.3301px; width: 740.713px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>rade pay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 183.668px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,111<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,111<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,111<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.676px; width: 740.83px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 224.853px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>53,185<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>58,448<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 46.1018px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>20,080<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>16,398<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>13,200<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>8,770</span><span style="position: absolute; display: inline-block; left: 311.969px; top: 163.377px; width: 81.7383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal cash flow, </span><span style="position: absolute; display: inline-block; left: 0px; top: 177.223px; width: 294.369px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financial liabilities – 2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 16.7637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Carrying amount</span></span></span><span style="position: absolute; display: inline-block; left: 303.688px; top: 178.377px; width: 437.291px; white-space: pre; word-spacing: -2.88px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">inclu ding <span style="word-spacing: -2.88px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.60156px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>interest<span style="word-spacing: -2.88px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">0-1 year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1-5 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6-10 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">&gt;10 years</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 200.314px; width: 740.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>draft and cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit facilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129.428px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>829<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>859<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>859<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 216.299px; width: 740.871px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Issued bonds<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 192.791px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,377<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>23,062<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>186<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,852<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.504px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8,705<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.504px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">8,319</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 232.283px; width: 740.994px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Lease liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 183.668px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16,767<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,278<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,302<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11,059<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,322<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">595</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 248.268px; width: 740.713px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>rade pay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 183.668px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,992<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,992<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,992<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 269.613px; width: 740.83px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 224.853px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>53,965<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>60,191<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 46.1018px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>20,339<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>16,911<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>14,027<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>8,914</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:175.279296875px;"><span style="position: absolute; display: inline-block; left: 302.688px; top: 0.0039062px; width: 318.979px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 259.26px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 290.016px; top: 22.5332px; width: 74.4727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Fixed/floating </span><span style="position: absolute; display: inline-block; left: 580.016px; top: 22.5332px; width: 74.4727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Fixed/floating </span><span style="position: absolute; display: inline-block; left: 0px; top: 36.3789px; width: 123.234px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Loan f<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>acilities <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(DKKm)</span></span><span style="position: absolute; display: inline-block; left: 183.109px; top: 37.5332px; width: 82.3828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Carrying amount</span><span style="position: absolute; display: inline-block; left: 299.297px; top: 37.5332px; width: 255.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ate<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Expir<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>y <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 16.7637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Carrying amount</span><span style="position: absolute; display: inline-block; left: 588.422px; top: 37.5332px; width: 156.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ate<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Expir<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>y </span><span style="position: absolute; display: inline-block; left: 0px; top: 59.4707px; width: 741.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Bond loans<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.707px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,450<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fixed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2024-2036<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,377<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fixed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 30.2988px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2024-2036</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.8457px; width: 741.592px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>draft facilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 152.397px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>677<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.133px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2024<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>829<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.133px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2023</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.191px; width: 554.766px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Loan f<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>acilities at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">22,127<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.935px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>22,206</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 125.279px; width: 170.842px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ent/non-curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ent classific<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ation:</span><span style="position: absolute; display: inline-block; left: 0px; top: 144.658px; width: 554.76px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Non-curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 120.691px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>19,988<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 251.051px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,392</span><span style="position: absolute; display: inline-block; left: 0px; top: 164.033px; width: 554.982px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 152.397px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,139<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 267.844px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>814</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>ovisions ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised when, due t<span class="_ _0"/>o an event occurring on or bef<span class="_ _0"/>or<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the reporting dat<span class="_ _0"/>e, the Group has a legal or c<span class="_ _0"/>onstructive obligation and it </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is probable that the Gr<span class="_ _0"/>oup will have t<span class="_ _0"/>o give up futur<span class="_ _0"/>e economic benefits </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to meet the obligation.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>ovisions ar<span class="_ _0"/>e measur<span class="_ _0"/>ed on the basis of Management’<span class="_ _0"/>s best estimat<span class="_ _0"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the anticipated e<span class="_ _0"/>xpenditure f<span class="_ _0"/>or settle <span class="_ _c6"/>ment of the relevant obligation and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are disc<span class="_ _0"/>ounted if deemed mat<span class="_ _0"/>erial.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.8 Pr<span class="_ _3"/>ovisions</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>ovisions ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised when, due t<span class="_ _0"/>o an event occurring on or bef<span class="_ _0"/>or<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the reporting dat<span class="_ _0"/>e, the Group has a legal or c<span class="_ _0"/>onstructive obligation and it </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is probable that the Gr<span class="_ _0"/>oup will have t<span class="_ _0"/>o give up futur<span class="_ _0"/>e economic benefits </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to meet the obligation.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>ovisions ar<span class="_ _0"/>e measur<span class="_ _0"/>ed on the basis of Management’<span class="_ _0"/>s best estimat<span class="_ _0"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the anticipated e<span class="_ _0"/>xpenditure f<span class="_ _0"/>or settle <span class="_ _c6"/>ment of the relevant obligation and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are disc<span class="_ _0"/>ounted if deemed mat<span class="_ _0"/>erial.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management continually assesses pr<span class="_ _0"/>ovisions, including c<span class="_ _0"/>ontingencies and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the likely out<span class="_ _0"/>come of pending and po<span class="_ _0"/>tential legal pr<span class="_ _0"/>oceedings. The out-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">come of such pr<span class="_ _0"/>oceedings depends on futur<span class="_ _0"/>e events, which ar<span class="_ _0"/>e, by na-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ture, unc<span class="_ _0"/>ertain. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When considering pr<span class="_ _0"/>ovisions involving significant estimat<span class="_ _0"/>es, opinions and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">estimates by e<span class="_ _0"/>xternal legal experts as w<span class="_ _0"/>ell as existing case law ar<span class="_ _0"/>e applied </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in assessing the pr<span class="_ _0"/>obable outc<span class="_ _0"/>ome of material legal pr<span class="_ _0"/>oc<span class="_ _0"/>eedings, etc.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>ovisions</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>ovisions have not been disc<span class="_ _0"/>ounted, as the eff<span class="_ _0"/>ect thereof is immat<span class="_ _0"/>erial. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>ovisions ar<span class="_ _0"/>e expected t<span class="_ _0"/>o be settled within two years in all mat<span class="_ _0"/>erial respects.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Restructuring costs</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Restructuring costs r<span class="_ _0"/>elat<span class="_ _0"/>e mainly to the int<span class="_ _0"/>egration of ac<span class="_ _0"/>quir<span class="_ _0"/>ees and the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _0"/>tructuring plans previously announced, which c<span class="_ _0"/>onsist mainly of t<span class="_ _0"/>ermi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nation benefits and costs under t<span class="_ _0"/>erminated leases. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Disputes and legal actions</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pr<span class="_ _0"/>ovisions f<span class="_ _0"/>or disputes and legal actions r<span class="_ _0"/>elate mainly t<span class="_ _0"/>o ongoing disputes </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and legal proc<span class="_ _0"/>eedings.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Indemnification liabilities </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Indemnification liabilities to<span class="_ _0"/>talling DKK 1,742 million (2022: DKK 1,843 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million) relating t<span class="_ _0"/>o various c<span class="_ _0"/>ompany- and value-added taxes fr<span class="_ _0"/>om the GIL </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acquisition. A c<span class="_ _0"/>orr<span class="_ _0"/>esponding indemnification asset has been r<span class="_ _0"/>ec<span class="_ _0"/>ognised as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other r<span class="_ _0"/>eceivables.<span class="ff5"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other pr<span class="_ _0"/>ovisions</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other provisions r<span class="_ _0"/>elat<span class="_ _0"/>e mainly to r<span class="_ _0"/>est<span class="_ _0"/>oration obligations in c<span class="_ _0"/>onnection </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with property leases and oner<span class="_ _0"/>ous contr<span class="_ _0"/>acts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:252.376953125px;"><span style="position: absolute; display: inline-block; left: 301.328px; top: 0.0019531px; width: 67.084px; white-space: pre; word-spacing: -2.88px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Restruc turing </span><span style="position: absolute; display: inline-block; left: 398.703px; top: 0.0019531px; width: 69.5684px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Disputes and </span><span style="position: absolute; display: inline-block; left: 479.078px; top: 0.0019531px; width: 78.7207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Indemnification </span><span style="position: absolute; display: inline-block; left: 619.422px; top: 0.0019531px; width: 34.7695px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other </span><span style="position: absolute; display: inline-block; left: 0px; top: 13.8477px; width: 153.568px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Pr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ovisions — 2023<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)</span></span><span style="position: absolute; display: inline-block; left: 341.703px; top: 15.002px; width: 26.2734px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">costs</span><span style="position: absolute; display: inline-block; left: 401.453px; top: 15.002px; width: 60.6855px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">legal actions</span><span style="position: absolute; display: inline-block; left: 514.125px; top: 15.002px; width: 44.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">liabilities </span><span style="position: absolute; display: inline-block; left: 600.234px; top: 15.002px; width: 141.281px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">provisions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.9082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 36.9395px; width: 742.119px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ovisions at 1 January <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 231.117px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>966<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7772px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>975<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.9824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">1,843<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>2,883<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6,667</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.3301px; width: 742.143px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions for the ye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 240.234px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>254<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7772px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>506<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7772px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>876<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,636</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7051px; width: 742.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions from busines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>s combinations<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.137px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8</span><span style="position: absolute; display: inline-block; left: 0px; top: 95.0801px; width: 746.373px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Used for the ye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ar <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 254.291px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(546)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(134)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.3261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,598)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2,278)</span><span style="position: absolute; display: inline-block; left: 0px; top: 114.471px; width: 746.35px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reversal of pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ovisions made in pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>evious years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 127.395px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(68)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(74)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.3261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(142)</span><span style="position: absolute; display: inline-block; left: 0px; top: 133.846px; width: 746.73px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 257.039px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(13)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(101)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>(36)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(152)</span><span style="position: absolute; display: inline-block; left: 0px; top: 155.191px; width: 741.85px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ovisions at 31 December <span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 193.928px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">607<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 58.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,260<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,742<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 58.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,130<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>5,739</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 180.279px; width: 170.719px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Non-curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ent/cur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ent classification:</span><span style="position: absolute; display: inline-block; left: 0px; top: 199.658px; width: 741.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Non-curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 240.234px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>261<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>534<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">1,742<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>1,235<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,772</span><span style="position: absolute; display: inline-block; left: 0px; top: 219.033px; width: 742.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 264.656px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>346<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>726<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>895<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,967</span><span style="position: absolute; display: inline-block; left: 0px; top: 240.379px; width: 344.303px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ovisions at 31 December <span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 193.928px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 344.303px; top: 240.379px; width: 23.4375px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">607</span><span style="position: absolute; display: inline-block; left: 367.74px; top: 240.379px; width: 58.752px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 58.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 426.492px; top: 240.379px; width: 34.9805px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">1,260</span><span style="position: absolute; display: inline-block; left: 461.473px; top: 240.379px; width: 58.3418px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 519.814px; top: 240.379px; width: 34.9805px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">1,742</span><span style="position: absolute; display: inline-block; left: 554.795px; top: 240.379px; width: 58.752px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 58.752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 613.547px; top: 240.379px; width: 34.9805px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,130</span><span style="position: absolute; display: inline-block; left: 648.527px; top: 240.379px; width: 58.3418px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 706.869px; top: 240.379px; width: 34.9805px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">5,739</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4.1 Equity</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Shar<span class="_ _0"/>e capital</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At year end, the shar<span class="_ _0"/>e capit<span class="_ _0"/>al of DSV A/S amounted to 219 million shar<span class="_ _0"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: 219 million shares) with a nominal v<span class="_ _0"/>alue of DKK 1 each. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Shares c<span class="_ _0"/>onsist of only one shar<span class="_ _0"/>e class and include no special rights, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pref<span class="_ _0"/>er<span class="_ _0"/>enc<span class="_ _0"/>es or r<span class="_ _0"/>estrictions. All shares ar<span class="_ _0"/>e fully paid up.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:355.267578125px;"><span style="position: absolute; display: inline-block; left: 555.484px; top: 0.0019531px; width: 84.9023px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">For<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eign curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency </span><span style="position: absolute; display: inline-block; left: 0px; top: 13.8477px; width: 178.594px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Reserves specification – 2023</span><span style="position: absolute; display: inline-block; left: 178.594px; top: 14.5977px; width: 2.84766px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span><span style="position: absolute; display: inline-block; left: 181.441px; top: 14.9727px; width: 351.826px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">T<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>reasury share r<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>eserve<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">Hedging reserve</span></span></span><span style="position: absolute; display: inline-block; left: 545.547px; top: 15.002px; width: 196.102px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">translation r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eserve<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eserves</span><span style="position: absolute; display: inline-block; left: 0px; top: 36.9395px; width: 741.844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reserves at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.183px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>916<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>919</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.3145px; width: 746.268px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other compr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ome, net of tax<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 224.853px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(9)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.2716px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,620)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.2716px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,629)</span><span style="position: absolute; display: inline-block; left: 0px; top: 82.0918px; width: 153.598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ransactions with shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>eholders:</span><span style="position: absolute; display: inline-block; left: 0px; top: 101.471px; width: 745.951px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Purchase of tr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>easury shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>es <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.016px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(11)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.9082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(11)</span><span style="position: absolute; display: inline-block; left: 0px; top: 120.846px; width: 741.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sale of tre<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>asury shares<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.57px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.7596px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.7384px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3</span><span style="position: absolute; display: inline-block; left: 0px; top: 140.91px; width: 747.393px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Reserves at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 267.844px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">(10)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(4)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(704)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 69.9082px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(718)</span></span><span style="position: absolute; display: inline-block; left: 555.484px; top: 181.705px; width: 84.9023px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">For<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eign curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency </span><span style="position: absolute; display: inline-block; left: 0px; top: 195.551px; width: 178.594px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Reserves specification – 2022</span><span style="position: absolute; display: inline-block; left: 178.594px; top: 196.676px; width: 354.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">T<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>reasury shar<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>e reserve<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">Hedging reserve</span></span></span><span style="position: absolute; display: inline-block; left: 545.547px; top: 196.705px; width: 196.102px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">translation r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eserve<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eserves</span><span style="position: absolute; display: inline-block; left: 0px; top: 218.643px; width: 746.227px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reserves at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.183px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(6)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.3886px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(9)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.3906px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(341)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.9219px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(356)</span><span style="position: absolute; display: inline-block; left: 0px; top: 238.018px; width: 742.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other compr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ome, net of tax<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 224.853px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5897px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.2188px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,257<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.2188px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,271</span><span style="position: absolute; display: inline-block; left: 0px; top: 263.795px; width: 153.598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ransactions with shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>eholders:</span><span style="position: absolute; display: inline-block; left: 0px; top: 283.174px; width: 745.951px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Purchase of tr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>easury shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>es <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.016px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(19)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.9082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(19)</span><span style="position: absolute; display: inline-block; left: 0px; top: 302.549px; width: 741.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sale of tre<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>asury shares<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.57px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.7596px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.7384px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2</span><span style="position: absolute; display: inline-block; left: 0px; top: 321.924px; width: 741.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Capital r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eduction<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.676px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.7596px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5897px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21</span><span style="position: absolute; display: inline-block; left: 0px; top: 343.27px; width: 741.715px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Reserves at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 274.377px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">(2)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 91.9748px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.4315px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">916<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>919</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reserves</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reserves as present<span class="_ _0"/>ed in the stat<span class="_ _0"/>ement of changes in equity comprise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tre<span class="_ _0"/>asury share r<span class="_ _0"/>eserve, hedging reserve and translation r<span class="_ _0"/>eserve, as spe-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cified on the previous page.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>r<span class="_ _0"/>easury share r<span class="_ _0"/>eserve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises the nominal value of tr<span class="_ _0"/>easury shar<span class="_ _0"/>es. The differ<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ence betw<span class="_ _0"/>een the marke<span class="_ _0"/>t price paid and the nominal value plus dividends </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on tre<span class="_ _0"/>asury shares is r<span class="_ _0"/>ecognised dir<span class="_ _0"/>ectly as r<span class="_ _0"/>etained earnings in equity<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>r<span class="_ _0"/>easury shares ar<span class="_ _0"/>e bought t<span class="_ _0"/>o meet obligations under the Company’<span class="_ _0"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">incentive schemes and t<span class="_ _0"/>o adapt the capital structur<span class="_ _0"/>e. The r<span class="_ _0"/>eser<span class="_ _4"/>ve is a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">distributable r<span class="_ _0"/>eserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging r<span class="_ _0"/>eser<span class="_ _4"/>ve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises the f<span class="_ _0"/>air value of hedging instruments qualifying </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for hedge ac<span class="_ _0"/>counting. Hedge ac<span class="_ _0"/>counting c<span class="_ _0"/>eases when the hedging instru-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment matures or if a hedge is no longer eff<span class="_ _0"/>ective.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation r<span class="_ _0"/>eserve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation arising on the tr<span class="_ _0"/>anslation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of net investments and r<span class="_ _0"/>elated hedging in entities with a functional cur<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rency other than DKK. The reserve is dissolved upon disposal of entities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:206.0625px;"><span style="position: absolute; display: inline-block; left: 297.062px; top: 0.0039062px; width: 323.502px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 263.783px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 192.531px; top: 22.5332px; width: 64.5469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Market v<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>alue</span><span style="position: absolute; display: inline-block; left: 268.766px; top: 22.5332px; width: 92.1211px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">% of share c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>apital </span><span style="position: absolute; display: inline-block; left: 380.219px; top: 22.5332px; width: 68.502px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Nominal value</span><span style="position: absolute; display: inline-block; left: 485.922px; top: 22.5332px; width: 64.5469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Market v<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>alue</span><span style="position: absolute; display: inline-block; left: 561.672px; top: 22.5332px; width: 92.1211px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">% of share c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>apital </span><span style="position: absolute; display: inline-block; left: 672.547px; top: 22.5332px; width: 71.3789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Nominal value </span><span style="position: absolute; display: inline-block; left: 0px; top: 36.3789px; width: 91.4824px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">T<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>re<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>asury shares</span><span style="position: absolute; display: inline-block; left: 218.125px; top: 37.5332px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 273.828px; top: 37.5332px; width: 81.3164px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">at 31 December</span><span style="position: absolute; display: inline-block; left: 408.547px; top: 37.5332px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 511.828px; top: 37.5332px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 567.812px; top: 37.5332px; width: 81.3164px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">at 31 December</span><span style="position: absolute; display: inline-block; left: 702.688px; top: 37.5332px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 0px; top: 59.4551px; width: 741.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Portfolio at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.326px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,339<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8,921<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.4%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.8</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.8457px; width: 746.414px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Cancellation of tr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>easury shares<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.113px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(24,474)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(9.6%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(21.0)</span><span style="position: absolute; display: inline-block; left: 0px; top: 99.502px; width: 153.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Portfolio<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>, adjusted f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>or number </span><span style="position: absolute; display: inline-block; left: 225.828px; top: 99.502px; width: 520.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2,339<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(15,553)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(6.9%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(15.2)</span><span style="position: absolute; display: inline-block; left: 0px; top: 114.502px; width: 45.0879px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">of shares</span><span style="position: absolute; display: inline-block; left: 0px; top: 133.971px; width: 741.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Purchased during the ye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.2227px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,997<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.1%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>20,313<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18.6</span><span style="position: absolute; display: inline-block; left: 0px; top: 153.346px; width: 746.291px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sold during the year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3,983)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1.6%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3.4)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,601)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(0.6%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1.3)</span><span style="position: absolute; display: inline-block; left: 0px; top: 172.736px; width: 741.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>alue adjustment<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.109px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(689)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(820)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 194.066px; width: 214.131px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">P<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ortfolio at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 214.131px; top: 194.066px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">11,664</span><span style="position: absolute; display: inline-block; left: 256.928px; top: 194.066px; width: 68.2207px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 325.148px; top: 194.066px; width: 29.3672px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">4.5%</span><span style="position: absolute; display: inline-block; left: 354.516px; top: 194.066px; width: 74.3906px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 74.3906px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 428.906px; top: 194.066px; width: 19.1426px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">9.8</span><span style="position: absolute; display: inline-block; left: 448.049px; top: 194.066px; width: 67.2246px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 515.273px; top: 194.066px; width: 34.9805px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,339</span><span style="position: absolute; display: inline-block; left: 550.254px; top: 194.066px; width: 68.2207px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 618.475px; top: 194.066px; width: 29.3672px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">1.0%</span><span style="position: absolute; display: inline-block; left: 647.842px; top: 194.066px; width: 74.3906px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 74.3906px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 722.232px; top: 194.066px; width: 19.1426px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2.1</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4.1 Equity</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Shar<span class="_ _0"/>e capital</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At year end, the shar<span class="_ _0"/>e capit<span class="_ _0"/>al of DSV A/S amounted to 219 million shar<span class="_ _0"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: 219 million shares) with a nominal v<span class="_ _0"/>alue of DKK 1 each. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Shares c<span class="_ _0"/>onsist of only one shar<span class="_ _0"/>e class and include no special rights, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pref<span class="_ _0"/>er<span class="_ _0"/>enc<span class="_ _0"/>es or r<span class="_ _0"/>estrictions. All shares ar<span class="_ _0"/>e fully paid up.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:355.267578125px;"><span style="position: absolute; display: inline-block; left: 555.484px; top: 0.0019531px; width: 84.9023px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">For<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eign curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency </span><span style="position: absolute; display: inline-block; left: 0px; top: 13.8477px; width: 178.594px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Reserves specification – 2023</span><span style="position: absolute; display: inline-block; left: 178.594px; top: 14.5977px; width: 2.84766px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span><span style="position: absolute; display: inline-block; left: 181.441px; top: 14.9727px; width: 351.826px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">T<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>reasury share r<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>eserve<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">Hedging reserve</span></span></span><span style="position: absolute; display: inline-block; left: 545.547px; top: 15.002px; width: 196.102px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">translation r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eserve<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eserves</span><span style="position: absolute; display: inline-block; left: 0px; top: 36.9395px; width: 741.844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reserves at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.183px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>916<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>919</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.3145px; width: 746.268px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other compr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ome, net of tax<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 224.853px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(9)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.2716px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,620)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.2716px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,629)</span><span style="position: absolute; display: inline-block; left: 0px; top: 82.0918px; width: 153.598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ransactions with shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>eholders:</span><span style="position: absolute; display: inline-block; left: 0px; top: 101.471px; width: 745.951px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Purchase of tr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>easury shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>es <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.016px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(11)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.9082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(11)</span><span style="position: absolute; display: inline-block; left: 0px; top: 120.846px; width: 741.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sale of tre<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>asury shares<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.57px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.7596px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.7384px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3</span><span style="position: absolute; display: inline-block; left: 0px; top: 140.91px; width: 747.393px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Reserves at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 267.844px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">(10)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(4)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(704)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 69.9082px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(718)</span></span><span style="position: absolute; display: inline-block; left: 555.484px; top: 181.705px; width: 84.9023px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">For<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eign curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency </span><span style="position: absolute; display: inline-block; left: 0px; top: 195.551px; width: 178.594px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Reserves specification – 2022</span><span style="position: absolute; display: inline-block; left: 178.594px; top: 196.676px; width: 354.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">T<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>reasury shar<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>e reserve<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">Hedging reserve</span></span></span><span style="position: absolute; display: inline-block; left: 545.547px; top: 196.705px; width: 196.102px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">translation r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eserve<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eserves</span><span style="position: absolute; display: inline-block; left: 0px; top: 218.643px; width: 746.227px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reserves at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.183px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(6)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.3886px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(9)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.3906px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(341)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.9219px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(356)</span><span style="position: absolute; display: inline-block; left: 0px; top: 238.018px; width: 742.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other compr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ome, net of tax<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 224.853px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5897px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.2188px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,257<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.2188px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,271</span><span style="position: absolute; display: inline-block; left: 0px; top: 263.795px; width: 153.598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ransactions with shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>eholders:</span><span style="position: absolute; display: inline-block; left: 0px; top: 283.174px; width: 745.951px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Purchase of tr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>easury shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>es <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.016px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(19)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.9082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(19)</span><span style="position: absolute; display: inline-block; left: 0px; top: 302.549px; width: 741.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sale of tre<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>asury shares<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.57px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.7596px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.7384px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2</span><span style="position: absolute; display: inline-block; left: 0px; top: 321.924px; width: 741.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Capital r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eduction<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.676px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.7596px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5897px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21</span><span style="position: absolute; display: inline-block; left: 0px; top: 343.27px; width: 741.715px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Reserves at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 274.377px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">(2)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 91.9748px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.4315px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">916<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>919</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reserves</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reserves as present<span class="_ _0"/>ed in the stat<span class="_ _0"/>ement of changes in equity comprise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tre<span class="_ _0"/>asury share r<span class="_ _0"/>eserve, hedging reserve and translation r<span class="_ _0"/>eserve, as spe-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cified on the previous page.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>r<span class="_ _0"/>easury share r<span class="_ _0"/>eserve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises the nominal value of tr<span class="_ _0"/>easury shar<span class="_ _0"/>es. The differ<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ence betw<span class="_ _0"/>een the marke<span class="_ _0"/>t price paid and the nominal value plus dividends </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on tre<span class="_ _0"/>asury shares is r<span class="_ _0"/>ecognised dir<span class="_ _0"/>ectly as r<span class="_ _0"/>etained earnings in equity<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>r<span class="_ _0"/>easury shares ar<span class="_ _0"/>e bought t<span class="_ _0"/>o meet obligations under the Company’<span class="_ _0"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">incentive schemes and t<span class="_ _0"/>o adapt the capital structur<span class="_ _0"/>e. The r<span class="_ _0"/>eser<span class="_ _4"/>ve is a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">distributable r<span class="_ _0"/>eserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging r<span class="_ _0"/>eser<span class="_ _4"/>ve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises the f<span class="_ _0"/>air value of hedging instruments qualifying </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for hedge ac<span class="_ _0"/>counting. Hedge ac<span class="_ _0"/>counting c<span class="_ _0"/>eases when the hedging instru-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment matures or if a hedge is no longer eff<span class="_ _0"/>ective.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation r<span class="_ _0"/>eserve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation arising on the tr<span class="_ _0"/>anslation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of net investments and r<span class="_ _0"/>elated hedging in entities with a functional cur<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rency other than DKK. The reserve is dissolved upon disposal of entities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:206.0625px;"><span style="position: absolute; display: inline-block; left: 297.062px; top: 0.0039062px; width: 323.502px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 263.783px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 192.531px; top: 22.5332px; width: 64.5469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Market v<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>alue</span><span style="position: absolute; display: inline-block; left: 268.766px; top: 22.5332px; width: 92.1211px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">% of share c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>apital </span><span style="position: absolute; display: inline-block; left: 380.219px; top: 22.5332px; width: 68.502px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Nominal value</span><span style="position: absolute; display: inline-block; left: 485.922px; top: 22.5332px; width: 64.5469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Market v<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>alue</span><span style="position: absolute; display: inline-block; left: 561.672px; top: 22.5332px; width: 92.1211px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">% of share c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>apital </span><span style="position: absolute; display: inline-block; left: 672.547px; top: 22.5332px; width: 71.3789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Nominal value </span><span style="position: absolute; display: inline-block; left: 0px; top: 36.3789px; width: 91.4824px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">T<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>re<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>asury shares</span><span style="position: absolute; display: inline-block; left: 218.125px; top: 37.5332px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 273.828px; top: 37.5332px; width: 81.3164px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">at 31 December</span><span style="position: absolute; display: inline-block; left: 408.547px; top: 37.5332px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 511.828px; top: 37.5332px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 567.812px; top: 37.5332px; width: 81.3164px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">at 31 December</span><span style="position: absolute; display: inline-block; left: 702.688px; top: 37.5332px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 0px; top: 59.4551px; width: 741.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Portfolio at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.326px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,339<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8,921<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.4%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.8</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.8457px; width: 746.414px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Cancellation of tr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>easury shares<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.113px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(24,474)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(9.6%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(21.0)</span><span style="position: absolute; display: inline-block; left: 0px; top: 99.502px; width: 153.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Portfolio<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>, adjusted f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>or number </span><span style="position: absolute; display: inline-block; left: 225.828px; top: 99.502px; width: 520.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2,339<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(15,553)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(6.9%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(15.2)</span><span style="position: absolute; display: inline-block; left: 0px; top: 114.502px; width: 45.0879px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">of shares</span><span style="position: absolute; display: inline-block; left: 0px; top: 133.971px; width: 741.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Purchased during the ye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.2227px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,997<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.1%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>20,313<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18.6</span><span style="position: absolute; display: inline-block; left: 0px; top: 153.346px; width: 746.291px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sold during the year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3,983)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1.6%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3.4)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,601)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(0.6%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1.3)</span><span style="position: absolute; display: inline-block; left: 0px; top: 172.736px; width: 741.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>alue adjustment<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.109px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(689)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(820)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 194.066px; width: 214.131px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">P<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ortfolio at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 214.131px; top: 194.066px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">11,664</span><span style="position: absolute; display: inline-block; left: 256.928px; top: 194.066px; width: 68.2207px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 325.148px; top: 194.066px; width: 29.3672px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">4.5%</span><span style="position: absolute; display: inline-block; left: 354.516px; top: 194.066px; width: 74.3906px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 74.3906px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 428.906px; top: 194.066px; width: 19.1426px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">9.8</span><span style="position: absolute; display: inline-block; left: 448.049px; top: 194.066px; width: 67.2246px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 515.273px; top: 194.066px; width: 34.9805px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,339</span><span style="position: absolute; display: inline-block; left: 550.254px; top: 194.066px; width: 68.2207px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 618.475px; top: 194.066px; width: 29.3672px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">1.0%</span><span style="position: absolute; display: inline-block; left: 647.842px; top: 194.066px; width: 74.3906px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 74.3906px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 722.232px; top: 194.066px; width: 19.1426px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2.1</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4.1 Equity</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Shar<span class="_ _0"/>e capital</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At year end, the shar<span class="_ _0"/>e capit<span class="_ _0"/>al of DSV A/S amounted to 219 million shar<span class="_ _0"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: 219 million shares) with a nominal v<span class="_ _0"/>alue of DKK 1 each. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Shares c<span class="_ _0"/>onsist of only one shar<span class="_ _0"/>e class and include no special rights, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pref<span class="_ _0"/>er<span class="_ _0"/>enc<span class="_ _0"/>es or r<span class="_ _0"/>estrictions. All shares ar<span class="_ _0"/>e fully paid up.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:355.267578125px;"><span style="position: absolute; display: inline-block; left: 555.484px; top: 0.0019531px; width: 84.9023px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">For<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eign curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency </span><span style="position: absolute; display: inline-block; left: 0px; top: 13.8477px; width: 178.594px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Reserves specification – 2023</span><span style="position: absolute; display: inline-block; left: 178.594px; top: 14.5977px; width: 2.84766px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span><span style="position: absolute; display: inline-block; left: 181.441px; top: 14.9727px; width: 351.826px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">T<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>reasury share r<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>eserve<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">Hedging reserve</span></span></span><span style="position: absolute; display: inline-block; left: 545.547px; top: 15.002px; width: 196.102px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">translation r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eserve<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eserves</span><span style="position: absolute; display: inline-block; left: 0px; top: 36.9395px; width: 741.844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reserves at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.183px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>916<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>919</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.3145px; width: 746.268px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other compr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ome, net of tax<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 224.853px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(9)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.2716px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,620)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.2716px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,629)</span><span style="position: absolute; display: inline-block; left: 0px; top: 82.0918px; width: 153.598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ransactions with shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>eholders:</span><span style="position: absolute; display: inline-block; left: 0px; top: 101.471px; width: 745.951px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Purchase of tr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>easury shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>es <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.016px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(11)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.9082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(11)</span><span style="position: absolute; display: inline-block; left: 0px; top: 120.846px; width: 741.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sale of tre<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>asury shares<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.57px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.7596px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.7384px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3</span><span style="position: absolute; display: inline-block; left: 0px; top: 140.91px; width: 747.393px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Reserves at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 267.844px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">(10)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(4)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(704)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 69.9082px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(718)</span></span><span style="position: absolute; display: inline-block; left: 555.484px; top: 181.705px; width: 84.9023px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">For<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eign curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency </span><span style="position: absolute; display: inline-block; left: 0px; top: 195.551px; width: 178.594px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Reserves specification – 2022</span><span style="position: absolute; display: inline-block; left: 178.594px; top: 196.676px; width: 354.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">T<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>reasury shar<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>e reserve<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">Hedging reserve</span></span></span><span style="position: absolute; display: inline-block; left: 545.547px; top: 196.705px; width: 196.102px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">translation r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eserve<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eserves</span><span style="position: absolute; display: inline-block; left: 0px; top: 218.643px; width: 746.227px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reserves at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.183px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(6)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.3886px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(9)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.3906px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(341)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.9219px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(356)</span><span style="position: absolute; display: inline-block; left: 0px; top: 238.018px; width: 742.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other compr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ome, net of tax<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 224.853px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5897px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.2188px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,257<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.2188px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,271</span><span style="position: absolute; display: inline-block; left: 0px; top: 263.795px; width: 153.598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ransactions with shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>eholders:</span><span style="position: absolute; display: inline-block; left: 0px; top: 283.174px; width: 745.951px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Purchase of tr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>easury shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>es <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.016px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(19)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.9082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(19)</span><span style="position: absolute; display: inline-block; left: 0px; top: 302.549px; width: 741.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sale of tre<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>asury shares<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.57px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.7596px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.7384px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2</span><span style="position: absolute; display: inline-block; left: 0px; top: 321.924px; width: 741.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Capital r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eduction<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.676px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.7596px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5897px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21</span><span style="position: absolute; display: inline-block; left: 0px; top: 343.27px; width: 741.715px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Reserves at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 274.377px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">(2)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 91.9748px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.4315px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">916<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>919</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reserves</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reserves as present<span class="_ _0"/>ed in the stat<span class="_ _0"/>ement of changes in equity comprise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tre<span class="_ _0"/>asury share r<span class="_ _0"/>eserve, hedging reserve and translation r<span class="_ _0"/>eserve, as spe-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cified on the previous page.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>r<span class="_ _0"/>easury share r<span class="_ _0"/>eserve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises the nominal value of tr<span class="_ _0"/>easury shar<span class="_ _0"/>es. The differ<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ence betw<span class="_ _0"/>een the marke<span class="_ _0"/>t price paid and the nominal value plus dividends </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on tre<span class="_ _0"/>asury shares is r<span class="_ _0"/>ecognised dir<span class="_ _0"/>ectly as r<span class="_ _0"/>etained earnings in equity<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>r<span class="_ _0"/>easury shares ar<span class="_ _0"/>e bought t<span class="_ _0"/>o meet obligations under the Company’<span class="_ _0"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">incentive schemes and t<span class="_ _0"/>o adapt the capital structur<span class="_ _0"/>e. The r<span class="_ _0"/>eser<span class="_ _4"/>ve is a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">distributable r<span class="_ _0"/>eserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging r<span class="_ _0"/>eser<span class="_ _4"/>ve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises the f<span class="_ _0"/>air value of hedging instruments qualifying </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for hedge ac<span class="_ _0"/>counting. Hedge ac<span class="_ _0"/>counting c<span class="_ _0"/>eases when the hedging instru-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment matures or if a hedge is no longer eff<span class="_ _0"/>ective.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation r<span class="_ _0"/>eserve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation arising on the tr<span class="_ _0"/>anslation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of net investments and r<span class="_ _0"/>elated hedging in entities with a functional cur<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rency other than DKK. The reserve is dissolved upon disposal of entities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:206.0625px;"><span style="position: absolute; display: inline-block; left: 297.062px; top: 0.0039062px; width: 323.502px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 263.783px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 192.531px; top: 22.5332px; width: 64.5469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Market v<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>alue</span><span style="position: absolute; display: inline-block; left: 268.766px; top: 22.5332px; width: 92.1211px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">% of share c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>apital </span><span style="position: absolute; display: inline-block; left: 380.219px; top: 22.5332px; width: 68.502px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Nominal value</span><span style="position: absolute; display: inline-block; left: 485.922px; top: 22.5332px; width: 64.5469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Market v<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>alue</span><span style="position: absolute; display: inline-block; left: 561.672px; top: 22.5332px; width: 92.1211px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">% of share c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>apital </span><span style="position: absolute; display: inline-block; left: 672.547px; top: 22.5332px; width: 71.3789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Nominal value </span><span style="position: absolute; display: inline-block; left: 0px; top: 36.3789px; width: 91.4824px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">T<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>re<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>asury shares</span><span style="position: absolute; display: inline-block; left: 218.125px; top: 37.5332px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 273.828px; top: 37.5332px; width: 81.3164px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">at 31 December</span><span style="position: absolute; display: inline-block; left: 408.547px; top: 37.5332px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 511.828px; top: 37.5332px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 567.812px; top: 37.5332px; width: 81.3164px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">at 31 December</span><span style="position: absolute; display: inline-block; left: 702.688px; top: 37.5332px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 0px; top: 59.4551px; width: 741.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Portfolio at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.326px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,339<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8,921<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.4%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.8</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.8457px; width: 746.414px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Cancellation of tr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>easury shares<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.113px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(24,474)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(9.6%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(21.0)</span><span style="position: absolute; display: inline-block; left: 0px; top: 99.502px; width: 153.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Portfolio<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>, adjusted f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>or number </span><span style="position: absolute; display: inline-block; left: 225.828px; top: 99.502px; width: 520.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2,339<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(15,553)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(6.9%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(15.2)</span><span style="position: absolute; display: inline-block; left: 0px; top: 114.502px; width: 45.0879px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">of shares</span><span style="position: absolute; display: inline-block; left: 0px; top: 133.971px; width: 741.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Purchased during the ye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.2227px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,997<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.1%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>20,313<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18.6</span><span style="position: absolute; display: inline-block; left: 0px; top: 153.346px; width: 746.291px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sold during the year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3,983)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1.6%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3.4)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,601)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(0.6%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1.3)</span><span style="position: absolute; display: inline-block; left: 0px; top: 172.736px; width: 741.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>alue adjustment<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.109px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(689)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(820)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 194.066px; width: 214.131px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">P<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ortfolio at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 214.131px; top: 194.066px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">11,664</span><span style="position: absolute; display: inline-block; left: 256.928px; top: 194.066px; width: 68.2207px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 325.148px; top: 194.066px; width: 29.3672px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">4.5%</span><span style="position: absolute; display: inline-block; left: 354.516px; top: 194.066px; width: 74.3906px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 74.3906px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 428.906px; top: 194.066px; width: 19.1426px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">9.8</span><span style="position: absolute; display: inline-block; left: 448.049px; top: 194.066px; width: 67.2246px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 515.273px; top: 194.066px; width: 34.9805px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,339</span><span style="position: absolute; display: inline-block; left: 550.254px; top: 194.066px; width: 68.2207px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 618.475px; top: 194.066px; width: 29.3672px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">1.0%</span><span style="position: absolute; display: inline-block; left: 647.842px; top: 194.066px; width: 74.3906px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 74.3906px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 722.232px; top: 194.066px; width: 19.1426px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2.1</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4.1 Equity</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Shar<span class="_ _0"/>e capital</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At year end, the shar<span class="_ _0"/>e capit<span class="_ _0"/>al of DSV A/S amounted to 219 million shar<span class="_ _0"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: 219 million shares) with a nominal v<span class="_ _0"/>alue of DKK 1 each. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Shares c<span class="_ _0"/>onsist of only one shar<span class="_ _0"/>e class and include no special rights, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pref<span class="_ _0"/>er<span class="_ _0"/>enc<span class="_ _0"/>es or r<span class="_ _0"/>estrictions. All shares ar<span class="_ _0"/>e fully paid up.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:355.267578125px;"><span style="position: absolute; display: inline-block; left: 555.484px; top: 0.0019531px; width: 84.9023px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">For<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eign curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency </span><span style="position: absolute; display: inline-block; left: 0px; top: 13.8477px; width: 178.594px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Reserves specification – 2023</span><span style="position: absolute; display: inline-block; left: 178.594px; top: 14.5977px; width: 2.84766px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span><span style="position: absolute; display: inline-block; left: 181.441px; top: 14.9727px; width: 351.826px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">T<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>reasury share r<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>eserve<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">Hedging reserve</span></span></span><span style="position: absolute; display: inline-block; left: 545.547px; top: 15.002px; width: 196.102px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">translation r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eserve<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eserves</span><span style="position: absolute; display: inline-block; left: 0px; top: 36.9395px; width: 741.844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reserves at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.183px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>916<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>919</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.3145px; width: 746.268px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other compr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ome, net of tax<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 224.853px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(9)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.2716px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,620)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.2716px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,629)</span><span style="position: absolute; display: inline-block; left: 0px; top: 82.0918px; width: 153.598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ransactions with shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>eholders:</span><span style="position: absolute; display: inline-block; left: 0px; top: 101.471px; width: 745.951px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Purchase of tr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>easury shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>es <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.016px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(11)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.9082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(11)</span><span style="position: absolute; display: inline-block; left: 0px; top: 120.846px; width: 741.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sale of tre<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>asury shares<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.57px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.7596px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.7384px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3</span><span style="position: absolute; display: inline-block; left: 0px; top: 140.91px; width: 747.393px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Reserves at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 267.844px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">(10)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(4)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(704)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 69.9082px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(718)</span></span><span style="position: absolute; display: inline-block; left: 555.484px; top: 181.705px; width: 84.9023px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">For<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eign curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency </span><span style="position: absolute; display: inline-block; left: 0px; top: 195.551px; width: 178.594px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Reserves specification – 2022</span><span style="position: absolute; display: inline-block; left: 178.594px; top: 196.676px; width: 354.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">T<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>reasury shar<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>e reserve<span style="word-spacing: 0px; letter-spacing: -0.36px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">Hedging reserve</span></span></span><span style="position: absolute; display: inline-block; left: 545.547px; top: 196.705px; width: 196.102px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">translation r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eserve<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eserves</span><span style="position: absolute; display: inline-block; left: 0px; top: 218.643px; width: 746.227px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reserves at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.183px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(6)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.3886px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(9)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.3906px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(341)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.9219px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(356)</span><span style="position: absolute; display: inline-block; left: 0px; top: 238.018px; width: 742.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other compr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ome, net of tax<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 224.853px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5897px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.2188px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,257<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.2188px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,271</span><span style="position: absolute; display: inline-block; left: 0px; top: 263.795px; width: 153.598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ransactions with shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>eholders:</span><span style="position: absolute; display: inline-block; left: 0px; top: 283.174px; width: 745.951px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Purchase of tr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>easury shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>es <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.016px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(19)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.9082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(19)</span><span style="position: absolute; display: inline-block; left: 0px; top: 302.549px; width: 741.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sale of tre<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>asury shares<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.57px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.7596px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.7384px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2</span><span style="position: absolute; display: inline-block; left: 0px; top: 321.924px; width: 741.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Capital r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eduction<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.676px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.7596px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5897px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21</span><span style="position: absolute; display: inline-block; left: 0px; top: 343.27px; width: 741.715px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Reserves at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 274.377px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">(2)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 91.9748px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.4315px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">916<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>919</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reserves</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reserves as present<span class="_ _0"/>ed in the stat<span class="_ _0"/>ement of changes in equity comprise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tre<span class="_ _0"/>asury share r<span class="_ _0"/>eserve, hedging reserve and translation r<span class="_ _0"/>eserve, as spe-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cified on the previous page.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>r<span class="_ _0"/>easury share r<span class="_ _0"/>eserve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises the nominal value of tr<span class="_ _0"/>easury shar<span class="_ _0"/>es. The differ<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ence betw<span class="_ _0"/>een the marke<span class="_ _0"/>t price paid and the nominal value plus dividends </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on tre<span class="_ _0"/>asury shares is r<span class="_ _0"/>ecognised dir<span class="_ _0"/>ectly as r<span class="_ _0"/>etained earnings in equity<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>r<span class="_ _0"/>easury shares ar<span class="_ _0"/>e bought t<span class="_ _0"/>o meet obligations under the Company’<span class="_ _0"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">incentive schemes and t<span class="_ _0"/>o adapt the capital structur<span class="_ _0"/>e. The r<span class="_ _0"/>eser<span class="_ _4"/>ve is a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">distributable r<span class="_ _0"/>eserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging r<span class="_ _0"/>eser<span class="_ _4"/>ve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises the f<span class="_ _0"/>air value of hedging instruments qualifying </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for hedge ac<span class="_ _0"/>counting. Hedge ac<span class="_ _0"/>counting c<span class="_ _0"/>eases when the hedging instru-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment matures or if a hedge is no longer eff<span class="_ _0"/>ective.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation r<span class="_ _0"/>eserve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation arising on the tr<span class="_ _0"/>anslation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of net investments and r<span class="_ _0"/>elated hedging in entities with a functional cur<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rency other than DKK. The reserve is dissolved upon disposal of entities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:206.0625px;"><span style="position: absolute; display: inline-block; left: 297.062px; top: 0.0039062px; width: 323.502px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 263.783px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 192.531px; top: 22.5332px; width: 64.5469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Market v<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>alue</span><span style="position: absolute; display: inline-block; left: 268.766px; top: 22.5332px; width: 92.1211px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">% of share c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>apital </span><span style="position: absolute; display: inline-block; left: 380.219px; top: 22.5332px; width: 68.502px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Nominal value</span><span style="position: absolute; display: inline-block; left: 485.922px; top: 22.5332px; width: 64.5469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Market v<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>alue</span><span style="position: absolute; display: inline-block; left: 561.672px; top: 22.5332px; width: 92.1211px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">% of share c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>apital </span><span style="position: absolute; display: inline-block; left: 672.547px; top: 22.5332px; width: 71.3789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Nominal value </span><span style="position: absolute; display: inline-block; left: 0px; top: 36.3789px; width: 91.4824px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">T<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>re<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>asury shares</span><span style="position: absolute; display: inline-block; left: 218.125px; top: 37.5332px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 273.828px; top: 37.5332px; width: 81.3164px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">at 31 December</span><span style="position: absolute; display: inline-block; left: 408.547px; top: 37.5332px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 511.828px; top: 37.5332px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 567.812px; top: 37.5332px; width: 81.3164px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">at 31 December</span><span style="position: absolute; display: inline-block; left: 702.688px; top: 37.5332px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 0px; top: 59.4551px; width: 741.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Portfolio at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.326px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,339<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8,921<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.4%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.8</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.8457px; width: 746.414px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Cancellation of tr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>easury shares<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.113px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(24,474)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(9.6%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(21.0)</span><span style="position: absolute; display: inline-block; left: 0px; top: 99.502px; width: 153.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Portfolio<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>, adjusted f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>or number </span><span style="position: absolute; display: inline-block; left: 225.828px; top: 99.502px; width: 520.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2,339<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(15,553)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(6.9%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(15.2)</span><span style="position: absolute; display: inline-block; left: 0px; top: 114.502px; width: 45.0879px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">of shares</span><span style="position: absolute; display: inline-block; left: 0px; top: 133.971px; width: 741.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Purchased during the ye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.2227px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,997<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.1%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>20,313<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18.6</span><span style="position: absolute; display: inline-block; left: 0px; top: 153.346px; width: 746.291px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sold during the year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3,983)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1.6%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3.4)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,601)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(0.6%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1.3)</span><span style="position: absolute; display: inline-block; left: 0px; top: 172.736px; width: 741.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>alue adjustment<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.109px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(689)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(820)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 194.066px; width: 214.131px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">P<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ortfolio at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 214.131px; top: 194.066px; width: 42.7969px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">11,664</span><span style="position: absolute; display: inline-block; left: 256.928px; top: 194.066px; width: 68.2207px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 325.148px; top: 194.066px; width: 29.3672px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">4.5%</span><span style="position: absolute; display: inline-block; left: 354.516px; top: 194.066px; width: 74.3906px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 74.3906px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 428.906px; top: 194.066px; width: 19.1426px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">9.8</span><span style="position: absolute; display: inline-block; left: 448.049px; top: 194.066px; width: 67.2246px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 515.273px; top: 194.066px; width: 34.9805px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,339</span><span style="position: absolute; display: inline-block; left: 550.254px; top: 194.066px; width: 68.2207px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 618.475px; top: 194.066px; width: 29.3672px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">1.0%</span><span style="position: absolute; display: inline-block; left: 647.842px; top: 194.066px; width: 74.3906px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 74.3906px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 722.232px; top: 194.066px; width: 19.1426px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2.1</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reserves as present<span class="_ _0"/>ed in the stat<span class="_ _0"/>ement of changes in equity comprise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tre<span class="_ _0"/>asury share r<span class="_ _0"/>eserve, hedging reserve and translation r<span class="_ _0"/>eserve, as spe-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cified on the previous page.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>r<span class="_ _0"/>easury share r<span class="_ _0"/>eserve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises the nominal value of tr<span class="_ _0"/>easury shar<span class="_ _0"/>es. The differ<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ence betw<span class="_ _0"/>een the marke<span class="_ _0"/>t price paid and the nominal value plus dividends </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on tre<span class="_ _0"/>asury shares is r<span class="_ _0"/>ecognised dir<span class="_ _0"/>ectly as r<span class="_ _0"/>etained earnings in equity<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>r<span class="_ _0"/>easury shares ar<span class="_ _0"/>e bought t<span class="_ _0"/>o meet obligations under the Company’<span class="_ _0"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">incentive schemes and t<span class="_ _0"/>o adapt the capital structur<span class="_ _0"/>e. The r<span class="_ _0"/>eser<span class="_ _4"/>ve is a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">distributable r<span class="_ _0"/>eserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging r<span class="_ _0"/>eser<span class="_ _4"/>ve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises the f<span class="_ _0"/>air value of hedging instruments qualifying </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for hedge ac<span class="_ _0"/>counting. Hedge ac<span class="_ _0"/>counting c<span class="_ _0"/>eases when the hedging instru-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment matures or if a hedge is no longer eff<span class="_ _0"/>ective.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation r<span class="_ _0"/>eserve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation arising on the tr<span class="_ _0"/>anslation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of net investments and r<span class="_ _0"/>elated hedging in entities with a functional cur<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rency other than DKK. The reserve is dissolved upon disposal of entities.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reserves as present<span class="_ _0"/>ed in the stat<span class="_ _0"/>ement of changes in equity comprise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tre<span class="_ _0"/>asury share r<span class="_ _0"/>eserve, hedging reserve and translation r<span class="_ _0"/>eserve, as spe-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cified on the previous page.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>r<span class="_ _0"/>easury share r<span class="_ _0"/>eserve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises the nominal value of tr<span class="_ _0"/>easury shar<span class="_ _0"/>es. The differ<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ence betw<span class="_ _0"/>een the marke<span class="_ _0"/>t price paid and the nominal value plus dividends </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on tre<span class="_ _0"/>asury shares is r<span class="_ _0"/>ecognised dir<span class="_ _0"/>ectly as r<span class="_ _0"/>etained earnings in equity<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>r<span class="_ _0"/>easury shares ar<span class="_ _0"/>e bought t<span class="_ _0"/>o meet obligations under the Company’<span class="_ _0"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">incentive schemes and t<span class="_ _0"/>o adapt the capital structur<span class="_ _0"/>e. The r<span class="_ _0"/>eser<span class="_ _4"/>ve is a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">distributable r<span class="_ _0"/>eserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging r<span class="_ _0"/>eser<span class="_ _4"/>ve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises the f<span class="_ _0"/>air value of hedging instruments qualifying </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for hedge ac<span class="_ _0"/>counting. Hedge ac<span class="_ _0"/>counting c<span class="_ _0"/>eases when the hedging instru-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment matures or if a hedge is no longer eff<span class="_ _0"/>ective.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation r<span class="_ _0"/>eserve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The reserve comprises f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency translation arising on the tr<span class="_ _0"/>anslation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of net investments and r<span class="_ _0"/>elated hedging in entities with a functional cur<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rency other than DKK. The reserve is dissolved upon disposal of entities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Shar<span class="_ _0"/>e capital</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At year end, the shar<span class="_ _0"/>e capit<span class="_ _0"/>al of DSV A/S amounted to 219 million shar<span class="_ _0"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: 219 million shares) with a nominal v<span class="_ _0"/>alue of DKK 1 each. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Shares c<span class="_ _0"/>onsist of only one shar<span class="_ _0"/>e class and include no special rights, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pref<span class="_ _0"/>er<span class="_ _0"/>enc<span class="_ _0"/>es or r<span class="_ _0"/>estrictions. All shares ar<span class="_ _0"/>e fully paid up.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4.2 <span class="_ _15e"/>Capital struc<span class="_ _4"/>ture and <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">capital alloc<span class="_ _0"/>ation</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Capital structure</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The capital structur<span class="_ _0"/>e of DSV is intended t<span class="_ _0"/>o maintain financial stability, opti<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mise cost of capit<span class="_ _0"/>al and to ensur<span class="_ _0"/>e financial r<span class="_ _0"/>eadiness allowing t<span class="_ _0"/>o act on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">business opportunities as they present themselves. The gearing r<span class="_ _0"/>atio was </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1.5 at 31 December 2023 (2022: 1.0). The t<span class="_ _0"/>arge<span class="_ _0"/>t gearing ratio is below </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2.0x EBITDA, but may exceed this level f<span class="_ _0"/>ollowing significant ac<span class="_ _0"/>quisitions. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Capital allocation</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group aims t<span class="_ _0"/>o spend its fr<span class="_ _0"/>ee cash flow in the f<span class="_ _0"/>ollowing or<span class="_ _0"/>der of priority<span class="_ _4"/>:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1. <span class="_ _55"> </span> <span class="_ _1"/>Repayment of net int<span class="_ _0"/>eres<span class="_ _0"/>t-bearing debt in periods when the financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gearing ratio is above t<span class="_ _0"/>ar<span class="_ _0"/>get;</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2. <span class="_ _55"> </span> <span class="_ _1"/>V<span class="_ _0"/>alue-adding investments in the f<span class="_ _0"/>orm of ac<span class="_ _0"/>quisitions or development of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the existing business;</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3. <span class="_ _55"> </span> <span class="_ _1"/>Distribution to the Company’<span class="_ _0"/>s shar<span class="_ _0"/>eholders by means of shar<span class="_ _0"/>e buybacks </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and dividends.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Net inter<span class="_ _0"/>est-bearing debt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group incr<span class="_ _0"/>eased its ne<span class="_ _0"/>t inter<span class="_ _0"/>est-bearing debt in 2023 by DKK 4,713 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million (2022: incre<span class="_ _0"/>ased by DKK 625 million).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Net inter<span class="_ _0"/>est-bearing deb<span class="_ _0"/>t can be specified as f<span class="_ _0"/>ollows: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:148.390625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 357.205px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Net inter<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>est-bearing debt <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 22.5332px; width: 356.941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Lease liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 182.361px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>17,947<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16,767</span><span style="position: absolute; display: inline-block; left: 0px; top: 41.9082px; width: 356.959px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est-bearing borr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>owings<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.928px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>22,127<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>22,206</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.2832px; width: 191.584px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Pensions and o<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ther post-employment </span><span style="position: absolute; display: inline-block; left: 0px; top: 76.2832px; width: 356.754px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">benefit plans<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 198.691px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,281<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,183</span><span style="position: absolute; display: inline-block; left: 0px; top: 95.6738px; width: 361.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other rec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eivables<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 181.09px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(320)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(126)</span><span style="position: absolute; display: inline-block; left: 0px; top: 115.049px; width: 361.119px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Cash and cash equivalents<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 128.935px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(6,452)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 16.7637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(10,160)</span><span style="position: absolute; display: inline-block; left: 0px; top: 136.395px; width: 356.912px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 223.049px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>34,583<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 21.3105px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>29,870</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Insuranc<span class="_ _0"/>e collat<span class="_ _0"/>er<span class="_ _0"/>als </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Insuranc<span class="_ _0"/>e collat<span class="_ _0"/>erals c<span class="_ _0"/>onstitut<span class="_ _0"/>e security for outstanding insur<span class="_ _0"/>anc<span class="_ _0"/>e con-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tracts sold to cust<span class="_ _0"/>omers by DSV Insuranc<span class="_ _0"/>e. The amount is r<span class="_ _0"/>egulated and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">measur<span class="_ _0"/>ed in acc<span class="_ _0"/>ordanc<span class="_ _0"/>e with laws and r<span class="_ _0"/>egulations issued by the Danish </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial Supervisor<span class="_ _4"/>y Authority.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Distribution to the Company’<span class="_ _0"/>s shareholder<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2023, the Group spent DKK 13,997 million on the pur<span class="_ _0"/>chase of tr<span class="_ _0"/>eas-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ury shares and DKK 1,424 million on dividends distribut<span class="_ _0"/>ed (2022: DKK </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">20,313 million and DKK 1,320 million, r<span class="_ _0"/>espectively). It is proposed to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">distribute a dividend of DKK 7.00 per shar<span class="_ _0"/>e f<span class="_ _0"/>or 2023 (2022: DKK 6.50).</span> 7 6.5 <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cash and capital restrictions</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cash and cash equivalents comprise cash on hand and short-term liquid </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">assets that ar<span class="_ _0"/>e r<span class="_ _0"/>eadily convertible to c<span class="_ _0"/>ash. Of to<span class="_ _0"/>tal cash and cash equiv<span class="_ _0"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lents, DKK 1,918 million (2022: DKK 1,777 million) ar<span class="_ _0"/>e subject to re-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">strictions implying that the cash may not be r<span class="_ _0"/>eadily available f<span class="_ _0"/>or general </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">use or distribution by the Gr<span class="_ _0"/>oup. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Specification of major types of cash and capital r<span class="_ _0"/>estrictions is provided below: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:95.203125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.982px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Cash and capital restrictions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">2022</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 357.006px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Exchange contr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ol r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>estrictions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.799px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,581<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,498</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 356.877px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Insuranc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e collat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>erals<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 172.975px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>330<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>273</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.8613px; width: 356.795px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other collat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>erals<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.738px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6</span><span style="position: absolute; display: inline-block; left: 0px; top: 83.207px; width: 356.801px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 231.117px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,918<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.7637px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,777</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Exchange contr<span class="_ _3"/>ol restrictions </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Exchange contr<span class="_ _0"/>ol r<span class="_ _0"/>estrictions comprise cash balanc<span class="_ _0"/>es in countries wher<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">various f<span class="_ _0"/>orms of for<span class="_ _0"/>eign e<span class="_ _0"/>xchange c<span class="_ _0"/>ontrols or o<span class="_ _0"/>ther legal r<span class="_ _0"/>estrictions ap-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ply. While the c<span class="_ _0"/>ash balances ar<span class="_ _0"/>e available f<span class="_ _0"/>or the daily oper<span class="_ _0"/>ations of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">local entities, the balances c<span class="_ _0"/>annot be immediat<span class="_ _0"/>ely repatriat<span class="_ _0"/>ed to the ulti-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mate par<span class="_ _0"/>ent company<span class="_ _0"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The financial liabilities of the Gr<span class="_ _0"/>oup are divided int<span class="_ _0"/>o f<span class="_ _0"/>our financing cate-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gories: overdraft and cr<span class="_ _0"/>edit f<span class="_ _0"/>acilities, issued bonds, lease liabilities and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other non-curr<span class="_ _0"/>ent financial liabilities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Over<span class="_ _0"/>draft and cr<span class="_ _0"/>edit facilities ar<span class="_ _0"/>e initially r<span class="_ _0"/>ec<span class="_ _0"/>ognised at fair value ne<span class="_ _0"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">transaction expenses. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Subsequently, the financial liability is measur<span class="_ _0"/>ed at amortised cost, corre-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sponding to the capit<span class="_ _0"/>alised value using the effective inter<span class="_ _0"/>est me<span class="_ _0"/>thod, so </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that the differ<span class="_ _0"/>enc<span class="_ _0"/>e between the pr<span class="_ _0"/>oc<span class="_ _0"/>eeds and the nominal value is r<span class="_ _0"/>ecog-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised in the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s over the term of the loan. L<span class="_ _0"/>ease </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liabilities are described in further det<span class="_ _0"/>ail in <span class="fc7">not<span class="_ _0"/>e 3.6<span class="fc1">.</span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The financial liabilities of the Gr<span class="_ _0"/>oup are divided int<span class="_ _0"/>o f<span class="_ _0"/>our financing cate-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gories: overdraft and cr<span class="_ _0"/>edit f<span class="_ _0"/>acilities, issued bonds, lease liabilities and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other non-curr<span class="_ _0"/>ent financial liabilities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Over<span class="_ _0"/>draft and cr<span class="_ _0"/>edit facilities ar<span class="_ _0"/>e initially r<span class="_ _0"/>ec<span class="_ _0"/>ognised at fair value ne<span class="_ _0"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">transaction expenses. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Subsequently, the financial liability is measur<span class="_ _0"/>ed at amortised cost, corre-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sponding to the capit<span class="_ _0"/>alised value using the effective inter<span class="_ _0"/>est me<span class="_ _0"/>thod, so </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that the differ<span class="_ _0"/>enc<span class="_ _0"/>e between the pr<span class="_ _0"/>oc<span class="_ _0"/>eeds and the nominal value is r<span class="_ _0"/>ecog-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised in the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s over the term of the loan. L<span class="_ _0"/>ease </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liabilities are described in further det<span class="_ _0"/>ail in <span class="fc7">not<span class="_ _0"/>e 3.6<span class="fc1">.</span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4.3 Financial liabilities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The financial liabilities of the Gr<span class="_ _0"/>oup are divided int<span class="_ _0"/>o f<span class="_ _0"/>our financing cate-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gories: overdraft and cr<span class="_ _0"/>edit f<span class="_ _0"/>acilities, issued bonds, lease liabilities and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other non-curr<span class="_ _0"/>ent financial liabilities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Over<span class="_ _0"/>draft and cr<span class="_ _0"/>edit facilities ar<span class="_ _0"/>e initially r<span class="_ _0"/>ec<span class="_ _0"/>ognised at fair value ne<span class="_ _0"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">transaction expenses. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Subsequently, the financial liability is measur<span class="_ _0"/>ed at amortised cost, corre-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sponding to the capit<span class="_ _0"/>alised value using the effective inter<span class="_ _0"/>est me<span class="_ _0"/>thod, so </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that the differ<span class="_ _0"/>enc<span class="_ _0"/>e between the pr<span class="_ _0"/>oc<span class="_ _0"/>eeds and the nominal value is r<span class="_ _0"/>ecog-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised in the stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s over the term of the loan. L<span class="_ _0"/>ease </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liabilities are described in further det<span class="_ _0"/>ail in <span class="fc7">not<span class="_ _0"/>e 3.6<span class="fc1">.</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other liabilities are me<span class="_ _0"/>asured at amortised c<span class="_ _0"/>ost<span class="_ _4"/>, which does not diff<span class="_ _0"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">significantly fr<span class="_ _0"/>om the net r<span class="_ _0"/>ealisable value.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:75.8125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 357.234px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financial liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">2022</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 356.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Non-curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.541px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>34,143<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>34,588</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 356.76px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 179.877px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,947<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,391</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.8164px; width: 356.912px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 223.049px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>40,090<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 21.3105px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>38,979</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:346.986328125px;"><span style="position: absolute; display: inline-block; left: 546.719px; top: 0.0019531px; width: 42.0234px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">For<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eign </span><span style="position: absolute; display: inline-block; left: 538.906px; top: 15.002px; width: 48.6445px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency </span><span style="position: absolute; display: inline-block; left: 375.438px; top: 30.002px; width: 50.8477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Beginning </span><span style="position: absolute; display: inline-block; left: 512.75px; top: 30.002px; width: 72.0703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">exchange r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>at<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e </span><span style="position: absolute; display: inline-block; left: 0px; top: 43.8477px; width: 189.92px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financing activities 2023<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)</span></span><span style="position: absolute; display: inline-block; left: 387.703px; top: 45.002px; width: 117.387px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">of year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Cash flow</span><span style="position: absolute; display: inline-block; left: 521.469px; top: 45.002px; width: 219.885px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">adjustments<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Other<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>*<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 26.9473px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>End of year</span><span style="position: absolute; display: inline-block; left: 0px; top: 66.9395px; width: 741.727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>draft and cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit facilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 257.947px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>829<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(115)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(20)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(17)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>677</span><span style="position: absolute; display: inline-block; left: 0px; top: 86.3145px; width: 742.113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Issued bonds<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 320.678px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,377<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>36<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>37<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6482px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,450</span><span style="position: absolute; display: inline-block; left: 0px; top: 105.689px; width: 741.609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Lease liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 312.164px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16,767<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3,905)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(234)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,319<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>17,947</span><span style="position: absolute; display: inline-block; left: 0px; top: 127.035px; width: 741.838px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal liabilities from financing activities<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 163.272px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">38,973<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(4,020)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(218)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>5,339<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>40,074</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 149.564px; width: 742.002px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other non-curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent financial liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 236.027px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">10<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 170.91px; width: 741.797px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal financial liabilities<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 251.566px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">38,979<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(4,020)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(218)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>5,349<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>40,090</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 207.926px; width: 189.92px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financing activities 2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 231.018px; width: 742.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>draft and cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit facilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 247.975px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,896<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,159)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>92<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>829</span><span style="position: absolute; display: inline-block; left: 0px; top: 250.393px; width: 741.932px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Issued bonds<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 320.678px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>19,557<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.9491px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,833<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>53<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(66)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,377</span><span style="position: absolute; display: inline-block; left: 0px; top: 269.768px; width: 741.662px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Lease liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 312.164px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15,288<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3,734)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(33)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,246<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16,767</span><span style="position: absolute; display: inline-block; left: 0px; top: 291.113px; width: 741.838px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal liabilities from financing activities<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 163.272px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">36,741<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(3,060)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>112<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>5,180<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>38,973</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 313.643px; width: 742.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other non-curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent financial liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 229.377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">12<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 77.4082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.133px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(6)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 71.7772px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>6</span><span style="position: absolute; display: inline-block; left: 0px; top: 334.988px; width: 741.797px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal financial liabilities<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 251.566px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">36,753<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(3,060)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>112<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>5,174<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>38,979</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">* <span class="_ _e2"> </span>Other includes additions and remeasur<span class="_ _0"/>ement of financial liabilities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Non-cash change</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Commitments and amounts dr<span class="_ _0"/>awn on long-term loan f<span class="_ _0"/>acilities at 31 December 2023:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:246.095703125px;"><span style="position: absolute; display: inline-block; left: 197.609px; top: 0.0019531px; width: 84.8438px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Principal amount </span><span style="position: absolute; display: inline-block; left: 290.016px; top: 0.0019531px; width: 84.8438px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Principal amount </span><span style="position: absolute; display: inline-block; left: 395.609px; top: 0.0019531px; width: 74.4727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Fixed/floating </span><span style="position: absolute; display: inline-block; left: 512.75px; top: 0.0019531px; width: 49.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Expiry of </span><span style="position: absolute; display: inline-block; left: 607.156px; top: 0.0019531px; width: 48.7969px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Duration </span><span style="position: absolute; display: inline-block; left: 698.578px; top: 0.0019531px; width: 50.0918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Undrawn </span><span style="position: absolute; display: inline-block; left: 0px; top: 13.8477px; width: 87.0059px; white-space: pre; word-spacing: -0.1275px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Loan facilities </span><span style="position: absolute; display: inline-block; left: 240.625px; top: 15.002px; width: 38.1152px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(EURm)</span><span style="position: absolute; display: inline-block; left: 331.766px; top: 15.002px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 404.281px; top: 15.002px; width: 60.5039px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ate</span><span style="position: absolute; display: inline-block; left: 488.672px; top: 15.002px; width: 68.4844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">commitments</span><span style="position: absolute; display: inline-block; left: 614.312px; top: 15.002px; width: 35.1387px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(years)</span><span style="position: absolute; display: inline-block; left: 703.469px; top: 15.002px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 0px; top: 36.9238px; width: 742.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Bond loan - ISIN XS2387735470<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>500<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,727<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fix<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>17-09-2036<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>12.7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 52.9082px; width: 742.061px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Bond loan - ISIN XS2360881549<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>600<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,472<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fix<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>05-07-2033<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9.5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 68.8926px; width: 742.061px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Bond loan - ISIN XS2308616841<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>500<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,727<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fix<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>03-03-2031<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7.2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.877px; width: 742.061px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Bond loan - ISIN XS2458285355<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>600<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,472<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fix<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16-03-2030<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6.2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.861px; width: 742.09px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Bond loan - ISIN 212542679<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 110.648px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>500<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,727<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.3221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fixed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>26-02-2027<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 116.846px; width: 742.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revolving cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acility I<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 137.455px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>200<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,491<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>03-10-2027<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.6759px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,491</span><span style="position: absolute; display: inline-block; left: 0px; top: 132.83px; width: 742.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revolving cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acility II<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 141.791px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>559<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>31-12-2025<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>559</span><span style="position: absolute; display: inline-block; left: 0px; top: 148.814px; width: 741.99px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revolving cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acility III<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.49px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>200<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.6759px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,491<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16-12-2028<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,491</span><span style="position: absolute; display: inline-block; left: 0px; top: 164.799px; width: 742.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revolving cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acility IV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 130.389px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>200<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,491<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14-12-2028<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.6759px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,491</span><span style="position: absolute; display: inline-block; left: 0px; top: 180.783px; width: 742.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revolving cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acility V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 140.444px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>559<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>31-01-2029<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>559</span><span style="position: absolute; display: inline-block; left: 0px; top: 196.768px; width: 742.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revolving cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acility VI<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 130.389px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>100<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>745<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15-01-2026<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>745</span><span style="position: absolute; display: inline-block; left: 0px; top: 212.752px; width: 742.148px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>draft facility I<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 174.211px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>559<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>31-01-2029<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>559</span><span style="position: absolute; display: inline-block; left: 0px; top: 234.098px; width: 742.189px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal <span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 213.92px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>3,625<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>27,020<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 335.842px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>6,895</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:281.599609375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 237.809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">The Gr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>oup’<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>s financial liabilities fall due as f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ollows:</span><span style="position: absolute; display: inline-block; left: 311.969px; top: 13.4395px; width: 78.8613px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal cash flow, </span><span style="position: absolute; display: inline-block; left: 0px; top: 27.2852px; width: 294.404px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financial liabilities – 2023<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 16.7637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Carrying amount</span></span><span style="position: absolute; display: inline-block; left: 303.688px; top: 28.4395px; width: 437.291px; white-space: pre; word-spacing: -2.88px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">inclu ding <span style="word-spacing: -2.88px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.60156px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>interest<span style="word-spacing: -2.88px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">0-1 year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1-5 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6-10 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">&gt;10 years</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 50.377px; width: 740.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>draft and cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit facilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129.428px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>677<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>700<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>700<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 66.3613px; width: 740.812px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Issued bonds<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 192.791px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,450<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>22,927<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.504px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,670<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,342<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8,578<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8,337</span><span style="position: absolute; display: inline-block; left: 0px; top: 82.3457px; width: 740.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Lease liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 183.668px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>17,947<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,710<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,599<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>12,056<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,622<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>433</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.3301px; width: 740.713px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>rade pay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 183.668px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,111<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,111<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,111<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.676px; width: 740.83px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 224.853px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>53,185<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>58,448<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 46.1018px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>20,080<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>16,398<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>13,200<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>8,770</span><span style="position: absolute; display: inline-block; left: 311.969px; top: 163.377px; width: 81.7383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal cash flow, </span><span style="position: absolute; display: inline-block; left: 0px; top: 177.223px; width: 294.369px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financial liabilities – 2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 16.7637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Carrying amount</span></span></span><span style="position: absolute; display: inline-block; left: 303.688px; top: 178.377px; width: 437.291px; white-space: pre; word-spacing: -2.88px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">inclu ding <span style="word-spacing: -2.88px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.60156px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>interest<span style="word-spacing: -2.88px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">0-1 year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1-5 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6-10 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">&gt;10 years</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 200.314px; width: 740.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>draft and cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit facilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129.428px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>829<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>859<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>859<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 216.299px; width: 740.871px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Issued bonds<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 192.791px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,377<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>23,062<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>186<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,852<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.504px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8,705<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.504px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">8,319</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 232.283px; width: 740.994px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Lease liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 183.668px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16,767<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,278<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,302<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11,059<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,322<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">595</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 248.268px; width: 740.713px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>rade pay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 183.668px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,992<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,992<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,992<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 269.613px; width: 740.83px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 224.853px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>53,965<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>60,191<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 46.1018px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>20,339<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>16,911<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>14,027<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>8,914</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Foreign cur<span class="_ _0"/>rency risk</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Due to our global activities, the Group is t<span class="_ _0"/>o some degr<span class="_ _0"/>ee exposed t<span class="_ _0"/>o ex-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change rat<span class="_ _0"/>e fluctuations. DSV seeks to eliminate f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency risks </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by hedging curr<span class="_ _0"/>ency exposures c<span class="_ _0"/>entr<span class="_ _0"/>ally via the Group<span class="_ _0"/>’<span class="_ _3"/>s T<span class="_ _3"/>re<span class="_ _0"/>asury depart-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment<span class="_ _4"/>. The risk exposur<span class="_ _0"/>e is managed on a net basis, primarily by using </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for<span class="_ _0"/>eign e<span class="_ _0"/>xchange f<span class="_ _0"/>orwar<span class="_ _0"/>d contr<span class="_ _0"/>acts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group<span class="_ _0"/>’<span class="_ _3"/>s for<span class="_ _0"/>eign subsidiaries ar<span class="_ _0"/>e not aff<span class="_ _0"/>ected wher<span class="_ _0"/>e trading inc<span class="_ _0"/>ome </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and costs ar<span class="_ _0"/>e denominat<span class="_ _0"/>ed in the local functional currency<span class="_ _0"/>. This applies </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to a lar<span class="_ _0"/>ge part of the Group<span class="_ _0"/>’<span class="_ _3"/>s subsidiaries. Furthermore, a lar<span class="_ _0"/>ge pr<span class="_ _0"/>oportion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of the income and e<span class="_ _0"/>xpenses of the Group ar<span class="_ _0"/>e denominat<span class="_ _0"/>ed in EUR<span class="_ _4"/>, and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the to<span class="_ _0"/>tal f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency risk is theref<span class="_ _0"/>or<span class="_ _0"/>e limited.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group is e<span class="_ _0"/>xposed to f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency risks relating t<span class="_ _0"/>o the translation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of debt denominated in f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency other than the functional cur-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rency and the tr<span class="_ _0"/>anslation of net investments in entities with a functional</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">curr<span class="_ _0"/>ency other than DKK<span class="_ _4"/>. The former risk aff<span class="_ _0"/>ects profit bef<span class="_ _0"/>or<span class="_ _0"/>e tax. On </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognition of net investments in f<span class="_ _0"/>or<span class="_ _0"/>eign subsidiaries, the Gr<span class="_ _0"/>oup is ex-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">posed to a tr<span class="_ _0"/>anslation risk when the pr<span class="_ _0"/>ofit or loss and equity of for<span class="_ _0"/>eign </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">subsidiaries are tr<span class="_ _0"/>anslat<span class="_ _0"/>ed into DKK at the r<span class="_ _0"/>eporting date based on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">average r<span class="_ _0"/>ates of e<span class="_ _0"/>xchange and the closing r<span class="_ _0"/>ates. The need t<span class="_ _0"/>o hedge the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Par<span class="_ _0"/>ent’<span class="_ _3"/>s net investments in subsidiaries is assessed on a regular basis. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">It is Group policy to r<span class="_ _0"/>educ<span class="_ _0"/>e net investments in Gr<span class="_ _0"/>oup subsidiaries on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an ongoing basis by distributing the subsidiaries’ profits as dividends. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group hedges book<span class="_ _0"/>ed ext<span class="_ _0"/>ernal net curr<span class="_ _0"/>ency positions and curr<span class="_ _0"/>encies </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with large e<span class="_ _0"/>xpected short-term oper<span class="_ _0"/>ational cash flows f<span class="_ _0"/>or up to six </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">months. At year<span class="_ _0"/>-end 2023, 79% of expected six-month c<span class="_ _0"/>ash flows in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">USD wer<span class="_ _0"/>e hedged. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As hedge accounting is only applied t<span class="_ _0"/>o a limited ext<span class="_ _0"/>ent and we do no<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hedge curr<span class="_ _0"/>ency exposure r<span class="_ _0"/>elat<span class="_ _0"/>ed to intr<span class="_ _0"/>a-gr<span class="_ _0"/>oup balances with no under<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lying cash flow impact<span class="_ _4"/>, significant changes in currency rat<span class="_ _0"/>es, especially </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">EUR/<span class="_ _4"/>DKK<span class="_ _4"/>, USD/DKK and CNY<span class="_ _0"/>/DKK<span class="_ _4"/>, will result in mor<span class="_ _0"/>e fluctuations in re-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ported financial items. Unhedged intr<span class="_ _0"/>a- <span class="_ _9"/>gr<span class="_ _0"/>oup balances at 31 Dec<span class="_ _0"/>ember </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are outlined in the main cur<span class="_ _0"/>r<span class="_ _0"/>ency exposures t<span class="_ _0"/>able to the right. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sensitivity analysis</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group does no<span class="_ _0"/>t hedge EUR positions, as it expects that the official </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Danish fixed ex<span class="_ _0"/>change-rat<span class="_ _0"/>e policy against the EUR will continue. The sen-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sitivity analysis of EUR/<span class="_ _4"/>DKK exposure shows the eff<span class="_ _0"/>ect of a 2% increase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in average e<span class="_ _0"/>xchange r<span class="_ _0"/>ates f<span class="_ _0"/>or the year on pr<span class="_ _0"/>ofit/<span class="_ _4"/>loss (EBIT) and the ef-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fect of a 2% incr<span class="_ _0"/>ease in year<span class="_ _0"/>-end closing rat<span class="_ _0"/>es on other c<span class="_ _0"/>ompr<span class="_ _0"/>ehensive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income. The sensitivity analysis of other significant curr<span class="_ _0"/>ency exposur<span class="_ _0"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">shows the effect of a 5% incre<span class="_ _0"/>ase in average e<span class="_ _0"/>xchange r<span class="_ _0"/>ates f<span class="_ _0"/>or the year </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on profit/loss (EBIT<span class="_ _4"/>) and the effect of a 5% increase change in year<span class="_ _0"/>-end </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">closing rat<span class="_ _0"/>es on other c<span class="_ _0"/>ompr<span class="_ _0"/>ehensive income. The Gr<span class="_ _0"/>oup is not signifi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cantly exposed t<span class="_ _0"/>o f<span class="_ _0"/>oreign cur<span class="_ _0"/>r<span class="_ _0"/>ency transaction risk<span class="_ _4"/>. The calculation method </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">applied in the sensitivity analysis is unchanged compared t<span class="_ _0"/>o pr<span class="_ _0"/>evious years.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:230.423828125px;"><span style="position: absolute; display: inline-block; left: 242.359px; top: 0.0019531px; width: 497.168px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Unhedged intra-gr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>oup balanc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>es<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Foreign cur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>rency tr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>anslation risk – sensitivity analy<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>sis</span><span style="position: absolute; display: inline-block; left: 230.625px; top: 21.3477px; width: 463.277px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 114.879px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.879px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 114.082px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7227px; width: 151.723px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Main currency exposur<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>es <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 259.734px; top: 43.877px; width: 52.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Impact on </span><span style="position: absolute; display: inline-block; left: 404.281px; top: 43.877px; width: 52.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Impact on </span><span style="position: absolute; display: inline-block; left: 479.078px; top: 43.877px; width: 52.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Impact on </span><span style="position: absolute; display: inline-block; left: 563.094px; top: 43.877px; width: 36.9727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Impact </span><span style="position: absolute; display: inline-block; left: 625.484px; top: 43.877px; width: 52.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Impact on </span><span style="position: absolute; display: inline-block; left: 707.797px; top: 43.877px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Impact </span><span style="position: absolute; display: inline-block; left: 0px; top: 58.877px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 180.719px; top: 58.877px; width: 59.8945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Net position</span><span style="position: absolute; display: inline-block; left: 256.641px; top: 58.877px; width: 128.285px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">profit/loss<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 16.7637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Net position</span><span style="position: absolute; display: inline-block; left: 401.453px; top: 58.877px; width: 51.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">profit/loss</span><span style="position: absolute; display: inline-block; left: 477.641px; top: 58.877px; width: 51.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">profit/loss</span><span style="position: absolute; display: inline-block; left: 563.094px; top: 58.877px; width: 33.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">on OCI</span><span style="position: absolute; display: inline-block; left: 622.312px; top: 58.877px; width: 51.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">profit/loss</span><span style="position: absolute; display: inline-block; left: 707.797px; top: 58.877px; width: 33.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">on OCI</span><span style="position: absolute; display: inline-block; left: 0px; top: 80.7988px; width: 741.984px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">EUR/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.475px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(27,945)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(559)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 29.2558px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(26,927)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(539)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(89)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>154<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(103)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>130</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.189px; width: 741.732px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">USD/DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.357px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2,781)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(139)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.084px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(7,076)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(354)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(179)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>780<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(275)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>552</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.564px; width: 741.615px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">CNY<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 157.353px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,776)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(89)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.4277px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2,558)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(128)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(68)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>44<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(134)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>74</span><span style="position: absolute; display: inline-block; left: 0px; top: 138.939px; width: 741.826px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">SGD/DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.357px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,352)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6482px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(68)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(845)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(42)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(16)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9727px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(18)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16</span><span style="position: absolute; display: inline-block; left: 0px; top: 158.33px; width: 741.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">PLN/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 157.857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,074)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(54)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(873)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(44)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(15)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>53<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(28)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>38</span><span style="position: absolute; display: inline-block; left: 0px; top: 177.705px; width: 741.85px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">CHF/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 167.092px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(688)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(34)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.4277px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,798)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(90)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(17)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>78<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(18)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>24</span><span style="position: absolute; display: inline-block; left: 0px; top: 197.08px; width: 741.762px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">SEK/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.707px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>351<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(551)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(28)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(20)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>38<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(42)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>33</span><span style="position: absolute; display: inline-block; left: 0px; top: 218.426px; width: 741.393px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 193.172px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>n.a.<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(925)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>n.a.<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(1,225)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(404)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,165<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(618)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>867</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inter<span class="_ _0"/>est r<span class="_ _0"/>ate risk</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dec<span class="_ _0"/>ember 2023, 97% (2022: 96%) of Gr<span class="_ _0"/>oup borr<span class="_ _0"/>owings wer<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">secured thr<span class="_ _0"/>ough fix<span class="_ _0"/>ed-rat<span class="_ _0"/>e loans. The weight<span class="_ _0"/>ed dur<span class="_ _0"/>ation of the fixed-r<span class="_ _0"/>ate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loans is 7.3 years at 31 December 2023 (2022: 8.3 years).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The weight<span class="_ _0"/>ed average int<span class="_ _0"/>er<span class="_ _0"/>est rat<span class="_ _0"/>e on the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s loans, credit and over-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">draft f<span class="_ _0"/>acilities and inter<span class="_ _0"/>est r<span class="_ _0"/>ate hedging w<span class="_ _0"/>as 0.9% at the end of 2023 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: 1.0%).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A 1 perc<span class="_ _0"/>entage point incr<span class="_ _0"/>ease in int<span class="_ _0"/>er<span class="_ _0"/>est rat<span class="_ _0"/>es would no<span class="_ _0"/>t have a signifi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cant impact on the statement of pr<span class="_ _0"/>ofit or loss or o<span class="_ _0"/>ther compr<span class="_ _0"/>ehensive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income, based on aver<span class="_ _0"/>age net int<span class="_ _0"/>eres<span class="_ _0"/>t-bearing debt f<span class="_ _0"/>or 2023. The cal-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cula<span class="_ _4"/>tio<span class="_ _4"/>n m<span class="_ _4"/>etho<span class="_ _4"/>d applied in the sensitivit<span class="_ _4"/>y analysis is unchanged compared </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to pr<span class="_ _0"/>e <span class="_ _9"/>vious years. The Group does no<span class="_ _0"/>t hedge the inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e risk<span class="_ _4"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Foreign cur<span class="_ _0"/>rency risk</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Due to our global activities, the Group is t<span class="_ _0"/>o some degr<span class="_ _0"/>ee exposed t<span class="_ _0"/>o ex-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change rat<span class="_ _0"/>e fluctuations. DSV seeks to eliminate f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency risks </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by hedging curr<span class="_ _0"/>ency exposures c<span class="_ _0"/>entr<span class="_ _0"/>ally via the Group<span class="_ _0"/>’<span class="_ _3"/>s T<span class="_ _3"/>re<span class="_ _0"/>asury depart-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment<span class="_ _4"/>. The risk exposur<span class="_ _0"/>e is managed on a net basis, primarily by using </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for<span class="_ _0"/>eign e<span class="_ _0"/>xchange f<span class="_ _0"/>orwar<span class="_ _0"/>d contr<span class="_ _0"/>acts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group<span class="_ _0"/>’<span class="_ _3"/>s for<span class="_ _0"/>eign subsidiaries ar<span class="_ _0"/>e not aff<span class="_ _0"/>ected wher<span class="_ _0"/>e trading inc<span class="_ _0"/>ome </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and costs ar<span class="_ _0"/>e denominat<span class="_ _0"/>ed in the local functional currency<span class="_ _0"/>. This applies </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to a lar<span class="_ _0"/>ge part of the Group<span class="_ _0"/>’<span class="_ _3"/>s subsidiaries. Furthermore, a lar<span class="_ _0"/>ge pr<span class="_ _0"/>oportion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of the income and e<span class="_ _0"/>xpenses of the Group ar<span class="_ _0"/>e denominat<span class="_ _0"/>ed in EUR<span class="_ _4"/>, and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the to<span class="_ _0"/>tal f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency risk is theref<span class="_ _0"/>or<span class="_ _0"/>e limited.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group is e<span class="_ _0"/>xposed to f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency risks relating t<span class="_ _0"/>o the translation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of debt denominated in f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency other than the functional cur-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rency and the tr<span class="_ _0"/>anslation of net investments in entities with a functional</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">curr<span class="_ _0"/>ency other than DKK<span class="_ _4"/>. The former risk aff<span class="_ _0"/>ects profit bef<span class="_ _0"/>or<span class="_ _0"/>e tax. On </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognition of net investments in f<span class="_ _0"/>or<span class="_ _0"/>eign subsidiaries, the Gr<span class="_ _0"/>oup is ex-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">posed to a tr<span class="_ _0"/>anslation risk when the pr<span class="_ _0"/>ofit or loss and equity of for<span class="_ _0"/>eign </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">subsidiaries are tr<span class="_ _0"/>anslat<span class="_ _0"/>ed into DKK at the r<span class="_ _0"/>eporting date based on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">average r<span class="_ _0"/>ates of e<span class="_ _0"/>xchange and the closing r<span class="_ _0"/>ates. The need t<span class="_ _0"/>o hedge the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Par<span class="_ _0"/>ent’<span class="_ _3"/>s net investments in subsidiaries is assessed on a regular basis. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">It is Group policy to r<span class="_ _0"/>educ<span class="_ _0"/>e net investments in Gr<span class="_ _0"/>oup subsidiaries on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an ongoing basis by distributing the subsidiaries’ profits as dividends. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group hedges book<span class="_ _0"/>ed ext<span class="_ _0"/>ernal net curr<span class="_ _0"/>ency positions and curr<span class="_ _0"/>encies </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with large e<span class="_ _0"/>xpected short-term oper<span class="_ _0"/>ational cash flows f<span class="_ _0"/>or up to six </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">months. At year<span class="_ _0"/>-end 2023, 79% of expected six-month c<span class="_ _0"/>ash flows in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">USD wer<span class="_ _0"/>e hedged. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As hedge accounting is only applied t<span class="_ _0"/>o a limited ext<span class="_ _0"/>ent and we do no<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hedge curr<span class="_ _0"/>ency exposure r<span class="_ _0"/>elat<span class="_ _0"/>ed to intr<span class="_ _0"/>a-gr<span class="_ _0"/>oup balances with no under<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lying cash flow impact<span class="_ _4"/>, significant changes in currency rat<span class="_ _0"/>es, especially </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">EUR/<span class="_ _4"/>DKK<span class="_ _4"/>, USD/DKK and CNY<span class="_ _0"/>/DKK<span class="_ _4"/>, will result in mor<span class="_ _0"/>e fluctuations in re-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ported financial items. Unhedged intr<span class="_ _0"/>a- <span class="_ _9"/>gr<span class="_ _0"/>oup balances at 31 Dec<span class="_ _0"/>ember </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are outlined in the main cur<span class="_ _0"/>r<span class="_ _0"/>ency exposures t<span class="_ _0"/>able to the right. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sensitivity analysis</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group does no<span class="_ _0"/>t hedge EUR positions, as it expects that the official </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Danish fixed ex<span class="_ _0"/>change-rat<span class="_ _0"/>e policy against the EUR will continue. The sen-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sitivity analysis of EUR/<span class="_ _4"/>DKK exposure shows the eff<span class="_ _0"/>ect of a 2% increase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in average e<span class="_ _0"/>xchange r<span class="_ _0"/>ates f<span class="_ _0"/>or the year on pr<span class="_ _0"/>ofit/<span class="_ _4"/>loss (EBIT) and the ef-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fect of a 2% incr<span class="_ _0"/>ease in year<span class="_ _0"/>-end closing rat<span class="_ _0"/>es on other c<span class="_ _0"/>ompr<span class="_ _0"/>ehensive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income. The sensitivity analysis of other significant curr<span class="_ _0"/>ency exposur<span class="_ _0"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">shows the effect of a 5% incre<span class="_ _0"/>ase in average e<span class="_ _0"/>xchange r<span class="_ _0"/>ates f<span class="_ _0"/>or the year </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on profit/loss (EBIT<span class="_ _4"/>) and the effect of a 5% increase change in year<span class="_ _0"/>-end </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">closing rat<span class="_ _0"/>es on other c<span class="_ _0"/>ompr<span class="_ _0"/>ehensive income. The Gr<span class="_ _0"/>oup is not signifi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cantly exposed t<span class="_ _0"/>o f<span class="_ _0"/>oreign cur<span class="_ _0"/>r<span class="_ _0"/>ency transaction risk<span class="_ _4"/>. The calculation method </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">applied in the sensitivity analysis is unchanged compared t<span class="_ _0"/>o pr<span class="_ _0"/>evious years.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:230.423828125px;"><span style="position: absolute; display: inline-block; left: 242.359px; top: 0.0019531px; width: 497.168px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Unhedged intra-gr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>oup balanc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>es<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Foreign cur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>rency tr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>anslation risk – sensitivity analy<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>sis</span><span style="position: absolute; display: inline-block; left: 230.625px; top: 21.3477px; width: 463.277px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 114.879px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.879px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 114.082px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7227px; width: 151.723px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Main currency exposur<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>es <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 259.734px; top: 43.877px; width: 52.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Impact on </span><span style="position: absolute; display: inline-block; left: 404.281px; top: 43.877px; width: 52.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Impact on </span><span style="position: absolute; display: inline-block; left: 479.078px; top: 43.877px; width: 52.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Impact on </span><span style="position: absolute; display: inline-block; left: 563.094px; top: 43.877px; width: 36.9727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Impact </span><span style="position: absolute; display: inline-block; left: 625.484px; top: 43.877px; width: 52.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Impact on </span><span style="position: absolute; display: inline-block; left: 707.797px; top: 43.877px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Impact </span><span style="position: absolute; display: inline-block; left: 0px; top: 58.877px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 180.719px; top: 58.877px; width: 59.8945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Net position</span><span style="position: absolute; display: inline-block; left: 256.641px; top: 58.877px; width: 128.285px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">profit/loss<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 16.7637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Net position</span><span style="position: absolute; display: inline-block; left: 401.453px; top: 58.877px; width: 51.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">profit/loss</span><span style="position: absolute; display: inline-block; left: 477.641px; top: 58.877px; width: 51.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">profit/loss</span><span style="position: absolute; display: inline-block; left: 563.094px; top: 58.877px; width: 33.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">on OCI</span><span style="position: absolute; display: inline-block; left: 622.312px; top: 58.877px; width: 51.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">profit/loss</span><span style="position: absolute; display: inline-block; left: 707.797px; top: 58.877px; width: 33.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">on OCI</span><span style="position: absolute; display: inline-block; left: 0px; top: 80.7988px; width: 741.984px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">EUR/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.475px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(27,945)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(559)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 29.2558px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(26,927)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(539)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(89)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>154<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(103)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>130</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.189px; width: 741.732px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">USD/DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.357px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2,781)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(139)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.084px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(7,076)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(354)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(179)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>780<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(275)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>552</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.564px; width: 741.615px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">CNY<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 157.353px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,776)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(89)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.4277px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2,558)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(128)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(68)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>44<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(134)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>74</span><span style="position: absolute; display: inline-block; left: 0px; top: 138.939px; width: 741.826px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">SGD/DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.357px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,352)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6482px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(68)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(845)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(42)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(16)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9727px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(18)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16</span><span style="position: absolute; display: inline-block; left: 0px; top: 158.33px; width: 741.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">PLN/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 157.857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,074)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(54)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(873)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(44)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(15)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>53<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(28)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>38</span><span style="position: absolute; display: inline-block; left: 0px; top: 177.705px; width: 741.85px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">CHF/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 167.092px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(688)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(34)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.4277px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,798)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(90)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(17)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>78<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(18)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>24</span><span style="position: absolute; display: inline-block; left: 0px; top: 197.08px; width: 741.762px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">SEK/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.707px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>351<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(551)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(28)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(20)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>38<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(42)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>33</span><span style="position: absolute; display: inline-block; left: 0px; top: 218.426px; width: 741.393px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 193.172px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>n.a.<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(925)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>n.a.<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(1,225)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(404)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,165<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(618)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>867</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4.4 Financial risks</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Liquidity risk </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The cash r<span class="_ _0"/>eadiness of the Gr<span class="_ _0"/>oup is ensur<span class="_ _0"/>ed through short and long-t<span class="_ _0"/>erm </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">credit f<span class="_ _0"/>acilities fr<span class="_ _0"/>om the main banks of the Gr<span class="_ _0"/>oup and thr<span class="_ _0"/>ough the issuance </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of bonds. The purpose of issuing bond loans is to diversify the Group<span class="_ _0"/>’<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">long-term debt, making the Group less dependent on bank loans. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group<span class="_ _0"/>’<span class="_ _3"/>s bond loans, credit and over<span class="_ _0"/>dr<span class="_ _0"/>aft facilities ar<span class="_ _0"/>e subject to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">standar<span class="_ _0"/>d clauses, acc<span class="_ _0"/>or<span class="_ _0"/>ding to which the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s debt must be repaid </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in case of a change of contr<span class="_ _0"/>ol. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The to<span class="_ _0"/>tal dur<span class="_ _0"/>ation of the Group<span class="_ _0"/>’<span class="_ _3"/>s long-term loan commitments and the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">undrawn amounts on our cr<span class="_ _0"/>edit lines at 31 Dec<span class="_ _0"/>ember 2023 ar<span class="_ _0"/>e present-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ed in the acc<span class="_ _0"/>ompanying table. The w<span class="_ _0"/>eighted dur<span class="_ _0"/>ation of the Gr<span class="_ _0"/>oup’<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">drawn long-t<span class="_ _0"/>erm loan facilities is 7.8 ye<span class="_ _0"/>ars at 31 December 2023. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Furthermore, a maturity analysis has been provided based on c<span class="_ _0"/>ontractual </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cash flows, including estimated int<span class="_ _0"/>er<span class="_ _0"/>est payments. The amounts have </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not been disc<span class="_ _0"/>ounted and as such do not r<span class="_ _0"/>ec<span class="_ _0"/>oncile dir<span class="_ _0"/>ectly to the stat<span class="_ _0"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment of financial position.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Foreign cur<span class="_ _0"/>rency risk</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Due to our global activities, the Group is t<span class="_ _0"/>o some degr<span class="_ _0"/>ee exposed t<span class="_ _0"/>o ex-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change rat<span class="_ _0"/>e fluctuations. DSV seeks to eliminate f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency risks </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by hedging curr<span class="_ _0"/>ency exposures c<span class="_ _0"/>entr<span class="_ _0"/>ally via the Group<span class="_ _0"/>’<span class="_ _3"/>s T<span class="_ _3"/>re<span class="_ _0"/>asury depart-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment<span class="_ _4"/>. The risk exposur<span class="_ _0"/>e is managed on a net basis, primarily by using </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for<span class="_ _0"/>eign e<span class="_ _0"/>xchange f<span class="_ _0"/>orwar<span class="_ _0"/>d contr<span class="_ _0"/>acts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group<span class="_ _0"/>’<span class="_ _3"/>s for<span class="_ _0"/>eign subsidiaries ar<span class="_ _0"/>e not aff<span class="_ _0"/>ected wher<span class="_ _0"/>e trading inc<span class="_ _0"/>ome </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and costs ar<span class="_ _0"/>e denominat<span class="_ _0"/>ed in the local functional currency<span class="_ _0"/>. This applies </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to a lar<span class="_ _0"/>ge part of the Group<span class="_ _0"/>’<span class="_ _3"/>s subsidiaries. Furthermore, a lar<span class="_ _0"/>ge pr<span class="_ _0"/>oportion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of the income and e<span class="_ _0"/>xpenses of the Group ar<span class="_ _0"/>e denominat<span class="_ _0"/>ed in EUR<span class="_ _4"/>, and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the to<span class="_ _0"/>tal f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency risk is theref<span class="_ _0"/>or<span class="_ _0"/>e limited.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group is e<span class="_ _0"/>xposed to f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency risks relating t<span class="_ _0"/>o the translation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of debt denominated in f<span class="_ _0"/>or<span class="_ _0"/>eign curr<span class="_ _0"/>ency other than the functional cur-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">rency and the tr<span class="_ _0"/>anslation of net investments in entities with a functional</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Commitments and amounts dr<span class="_ _0"/>awn on long-term loan f<span class="_ _0"/>acilities at 31 December 2023:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:246.095703125px;"><span style="position: absolute; display: inline-block; left: 197.609px; top: 0.0019531px; width: 84.8438px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Principal amount </span><span style="position: absolute; display: inline-block; left: 290.016px; top: 0.0019531px; width: 84.8438px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Principal amount </span><span style="position: absolute; display: inline-block; left: 395.609px; top: 0.0019531px; width: 74.4727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Fixed/floating </span><span style="position: absolute; display: inline-block; left: 512.75px; top: 0.0019531px; width: 49.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Expiry of </span><span style="position: absolute; display: inline-block; left: 607.156px; top: 0.0019531px; width: 48.7969px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Duration </span><span style="position: absolute; display: inline-block; left: 698.578px; top: 0.0019531px; width: 50.0918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Undrawn </span><span style="position: absolute; display: inline-block; left: 0px; top: 13.8477px; width: 87.0059px; white-space: pre; word-spacing: -0.1275px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Loan facilities </span><span style="position: absolute; display: inline-block; left: 240.625px; top: 15.002px; width: 38.1152px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(EURm)</span><span style="position: absolute; display: inline-block; left: 331.766px; top: 15.002px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 404.281px; top: 15.002px; width: 60.5039px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ate</span><span style="position: absolute; display: inline-block; left: 488.672px; top: 15.002px; width: 68.4844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">commitments</span><span style="position: absolute; display: inline-block; left: 614.312px; top: 15.002px; width: 35.1387px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(years)</span><span style="position: absolute; display: inline-block; left: 703.469px; top: 15.002px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 0px; top: 36.9238px; width: 742.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Bond loan - ISIN XS2387735470<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>500<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,727<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fix<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>17-09-2036<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>12.7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 52.9082px; width: 742.061px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Bond loan - ISIN XS2360881549<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>600<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,472<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fix<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>05-07-2033<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9.5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 68.8926px; width: 742.061px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Bond loan - ISIN XS2308616841<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>500<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,727<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fix<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>03-03-2031<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7.2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.877px; width: 742.061px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Bond loan - ISIN XS2458285355<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>600<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,472<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fix<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16-03-2030<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6.2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.861px; width: 742.09px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Bond loan - ISIN 212542679<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 110.648px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>500<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,727<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.3221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fixed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>26-02-2027<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 116.846px; width: 742.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revolving cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acility I<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 137.455px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>200<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,491<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>03-10-2027<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.6759px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,491</span><span style="position: absolute; display: inline-block; left: 0px; top: 132.83px; width: 742.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revolving cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acility II<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 141.791px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>559<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>31-12-2025<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>559</span><span style="position: absolute; display: inline-block; left: 0px; top: 148.814px; width: 741.99px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revolving cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acility III<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.49px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>200<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.6759px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,491<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16-12-2028<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,491</span><span style="position: absolute; display: inline-block; left: 0px; top: 164.799px; width: 742.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revolving cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acility IV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 130.389px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>200<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,491<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14-12-2028<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.6759px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,491</span><span style="position: absolute; display: inline-block; left: 0px; top: 180.783px; width: 742.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revolving cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acility V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 140.444px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>559<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>31-01-2029<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>559</span><span style="position: absolute; display: inline-block; left: 0px; top: 196.768px; width: 742.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Revolving cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>acility VI<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 130.389px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>100<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>745<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15-01-2026<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>745</span><span style="position: absolute; display: inline-block; left: 0px; top: 212.752px; width: 742.148px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>draft facility I<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 174.211px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>559<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>31-01-2029<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>559</span><span style="position: absolute; display: inline-block; left: 0px; top: 234.098px; width: 742.189px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal <span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 213.92px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>3,625<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>27,020<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 335.842px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>6,895</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:281.599609375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 237.809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">The Gr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>oup’<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>s financial liabilities fall due as f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ollows:</span><span style="position: absolute; display: inline-block; left: 311.969px; top: 13.4395px; width: 78.8613px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal cash flow, </span><span style="position: absolute; display: inline-block; left: 0px; top: 27.2852px; width: 294.404px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financial liabilities – 2023<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 16.7637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Carrying amount</span></span><span style="position: absolute; display: inline-block; left: 303.688px; top: 28.4395px; width: 437.291px; white-space: pre; word-spacing: -2.88px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">inclu ding <span style="word-spacing: -2.88px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.60156px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>interest<span style="word-spacing: -2.88px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">0-1 year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1-5 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6-10 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">&gt;10 years</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 50.377px; width: 740.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>draft and cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit facilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129.428px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>677<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>700<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>700<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 66.3613px; width: 740.812px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Issued bonds<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 192.791px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,450<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>22,927<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.504px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,670<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,342<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8,578<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8,337</span><span style="position: absolute; display: inline-block; left: 0px; top: 82.3457px; width: 740.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Lease liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 183.668px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>17,947<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,710<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,599<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>12,056<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,622<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>433</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.3301px; width: 740.713px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>rade pay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 183.668px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,111<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,111<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,111<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.676px; width: 740.83px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 224.853px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>53,185<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>58,448<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 46.1018px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>20,080<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>16,398<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>13,200<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>8,770</span><span style="position: absolute; display: inline-block; left: 311.969px; top: 163.377px; width: 81.7383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal cash flow, </span><span style="position: absolute; display: inline-block; left: 0px; top: 177.223px; width: 294.369px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financial liabilities – 2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 16.7637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Carrying amount</span></span></span><span style="position: absolute; display: inline-block; left: 303.688px; top: 178.377px; width: 437.291px; white-space: pre; word-spacing: -2.88px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">inclu ding <span style="word-spacing: -2.88px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.60156px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>interest<span style="word-spacing: -2.88px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">0-1 year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1-5 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6-10 years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">&gt;10 years</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 200.314px; width: 740.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>draft and cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit facilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129.428px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>829<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>859<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>859<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 216.299px; width: 740.871px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Issued bonds<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 192.791px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,377<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>23,062<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>186<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,852<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.504px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8,705<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.504px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">8,319</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 232.283px; width: 740.994px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Lease liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 183.668px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16,767<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,278<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,302<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>11,059<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,322<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">595</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 248.268px; width: 740.713px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>rade pay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 183.668px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,992<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,992<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,992<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 269.613px; width: 740.83px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 224.853px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>53,965<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>60,191<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 46.1018px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>20,339<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>16,911<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>14,027<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>8,914</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">curr<span class="_ _0"/>ency other than DKK<span class="_ _4"/>. The former risk aff<span class="_ _0"/>ects profit bef<span class="_ _0"/>or<span class="_ _0"/>e tax. On </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognition of net investments in f<span class="_ _0"/>or<span class="_ _0"/>eign subsidiaries, the Gr<span class="_ _0"/>oup is ex-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">posed to a tr<span class="_ _0"/>anslation risk when the pr<span class="_ _0"/>ofit or loss and equity of for<span class="_ _0"/>eign </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">subsidiaries are tr<span class="_ _0"/>anslat<span class="_ _0"/>ed into DKK at the r<span class="_ _0"/>eporting date based on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">average r<span class="_ _0"/>ates of e<span class="_ _0"/>xchange and the closing r<span class="_ _0"/>ates. The need t<span class="_ _0"/>o hedge the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Par<span class="_ _0"/>ent’<span class="_ _3"/>s net investments in subsidiaries is assessed on a regular basis. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">It is Group policy to r<span class="_ _0"/>educ<span class="_ _0"/>e net investments in Gr<span class="_ _0"/>oup subsidiaries on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an ongoing basis by distributing the subsidiaries’ profits as dividends. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group hedges book<span class="_ _0"/>ed ext<span class="_ _0"/>ernal net curr<span class="_ _0"/>ency positions and curr<span class="_ _0"/>encies </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with large e<span class="_ _0"/>xpected short-term oper<span class="_ _0"/>ational cash flows f<span class="_ _0"/>or up to six </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">months. At year<span class="_ _0"/>-end 2023, 79% of expected six-month c<span class="_ _0"/>ash flows in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">USD wer<span class="_ _0"/>e hedged. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As hedge accounting is only applied t<span class="_ _0"/>o a limited ext<span class="_ _0"/>ent and we do no<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hedge curr<span class="_ _0"/>ency exposure r<span class="_ _0"/>elat<span class="_ _0"/>ed to intr<span class="_ _0"/>a-gr<span class="_ _0"/>oup balances with no under<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lying cash flow impact<span class="_ _4"/>, significant changes in currency rat<span class="_ _0"/>es, especially </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">EUR/<span class="_ _4"/>DKK<span class="_ _4"/>, USD/DKK and CNY<span class="_ _0"/>/DKK<span class="_ _4"/>, will result in mor<span class="_ _0"/>e fluctuations in re-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ported financial items. Unhedged intr<span class="_ _0"/>a- <span class="_ _9"/>gr<span class="_ _0"/>oup balances at 31 Dec<span class="_ _0"/>ember </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are outlined in the main cur<span class="_ _0"/>r<span class="_ _0"/>ency exposures t<span class="_ _0"/>able to the right. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sensitivity analysis</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group does no<span class="_ _0"/>t hedge EUR positions, as it expects that the official </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Danish fixed ex<span class="_ _0"/>change-rat<span class="_ _0"/>e policy against the EUR will continue. The sen-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sitivity analysis of EUR/<span class="_ _4"/>DKK exposure shows the eff<span class="_ _0"/>ect of a 2% increase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in average e<span class="_ _0"/>xchange r<span class="_ _0"/>ates f<span class="_ _0"/>or the year on pr<span class="_ _0"/>ofit/<span class="_ _4"/>loss (EBIT) and the ef-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fect of a 2% incr<span class="_ _0"/>ease in year<span class="_ _0"/>-end closing rat<span class="_ _0"/>es on other c<span class="_ _0"/>ompr<span class="_ _0"/>ehensive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income. The sensitivity analysis of other significant curr<span class="_ _0"/>ency exposur<span class="_ _0"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">shows the effect of a 5% incre<span class="_ _0"/>ase in average e<span class="_ _0"/>xchange r<span class="_ _0"/>ates f<span class="_ _0"/>or the year </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on profit/loss (EBIT<span class="_ _4"/>) and the effect of a 5% increase change in year<span class="_ _0"/>-end </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">closing rat<span class="_ _0"/>es on other c<span class="_ _0"/>ompr<span class="_ _0"/>ehensive income. The Gr<span class="_ _0"/>oup is not signifi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cantly exposed t<span class="_ _0"/>o f<span class="_ _0"/>oreign cur<span class="_ _0"/>r<span class="_ _0"/>ency transaction risk<span class="_ _4"/>. The calculation method </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">applied in the sensitivity analysis is unchanged compared t<span class="_ _0"/>o pr<span class="_ _0"/>evious years.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:230.423828125px;"><span style="position: absolute; display: inline-block; left: 242.359px; top: 0.0019531px; width: 497.168px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Unhedged intra-gr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>oup balanc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>es<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Foreign cur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>rency tr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>anslation risk – sensitivity analy<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>sis</span><span style="position: absolute; display: inline-block; left: 230.625px; top: 21.3477px; width: 463.277px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 114.879px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.879px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span>2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 114.082px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7227px; width: 151.723px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Main currency exposur<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>es <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 259.734px; top: 43.877px; width: 52.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Impact on </span><span style="position: absolute; display: inline-block; left: 404.281px; top: 43.877px; width: 52.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Impact on </span><span style="position: absolute; display: inline-block; left: 479.078px; top: 43.877px; width: 52.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Impact on </span><span style="position: absolute; display: inline-block; left: 563.094px; top: 43.877px; width: 36.9727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Impact </span><span style="position: absolute; display: inline-block; left: 625.484px; top: 43.877px; width: 52.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Impact on </span><span style="position: absolute; display: inline-block; left: 707.797px; top: 43.877px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Impact </span><span style="position: absolute; display: inline-block; left: 0px; top: 58.877px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 180.719px; top: 58.877px; width: 59.8945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Net position</span><span style="position: absolute; display: inline-block; left: 256.641px; top: 58.877px; width: 128.285px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">profit/loss<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 16.7637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Net position</span><span style="position: absolute; display: inline-block; left: 401.453px; top: 58.877px; width: 51.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">profit/loss</span><span style="position: absolute; display: inline-block; left: 477.641px; top: 58.877px; width: 51.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">profit/loss</span><span style="position: absolute; display: inline-block; left: 563.094px; top: 58.877px; width: 33.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">on OCI</span><span style="position: absolute; display: inline-block; left: 622.312px; top: 58.877px; width: 51.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">profit/loss</span><span style="position: absolute; display: inline-block; left: 707.797px; top: 58.877px; width: 33.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">on OCI</span><span style="position: absolute; display: inline-block; left: 0px; top: 80.7988px; width: 741.984px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">EUR/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.475px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(27,945)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(559)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 29.2558px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(26,927)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(539)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(89)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>154<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(103)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>130</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.189px; width: 741.732px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">USD/DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.357px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2,781)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(139)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.084px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(7,076)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(354)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(179)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>780<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(275)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>552</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.564px; width: 741.615px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">CNY<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 157.353px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,776)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(89)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.4277px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2,558)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(128)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(68)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>44<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(134)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>74</span><span style="position: absolute; display: inline-block; left: 0px; top: 138.939px; width: 741.826px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">SGD/DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.357px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,352)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6482px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(68)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(845)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(42)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(16)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9727px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(18)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16</span><span style="position: absolute; display: inline-block; left: 0px; top: 158.33px; width: 741.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">PLN/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 157.857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,074)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(54)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(873)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(44)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(15)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>53<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(28)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>38</span><span style="position: absolute; display: inline-block; left: 0px; top: 177.705px; width: 741.85px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">CHF/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 167.092px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(688)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(34)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.4277px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,798)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(90)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(17)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>78<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(18)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>24</span><span style="position: absolute; display: inline-block; left: 0px; top: 197.08px; width: 741.762px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">SEK/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>DKK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.707px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>351<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(551)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(28)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(20)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>38<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(42)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>33</span><span style="position: absolute; display: inline-block; left: 0px; top: 218.426px; width: 741.393px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 193.172px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>n.a.<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(925)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 50.9002px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>n.a.<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(1,225)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(404)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,165<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>(618)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>867</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:175.279296875px;"><span style="position: absolute; display: inline-block; left: 302.688px; top: 0.0039062px; width: 318.979px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 259.26px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022</span></span><span style="position: absolute; display: inline-block; left: 290.016px; top: 22.5332px; width: 74.4727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Fixed/floating </span><span style="position: absolute; display: inline-block; left: 580.016px; top: 22.5332px; width: 74.4727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Fixed/floating </span><span style="position: absolute; display: inline-block; left: 0px; top: 36.3789px; width: 123.234px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Loan f<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>acilities <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(DKKm)</span></span><span style="position: absolute; display: inline-block; left: 183.109px; top: 37.5332px; width: 82.3828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Carrying amount</span><span style="position: absolute; display: inline-block; left: 299.297px; top: 37.5332px; width: 255.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ate<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Expir<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>y <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 16.7637px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Carrying amount</span><span style="position: absolute; display: inline-block; left: 588.422px; top: 37.5332px; width: 156.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ate<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Expir<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>y </span><span style="position: absolute; display: inline-block; left: 0px; top: 59.4707px; width: 741.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Bond loans<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.707px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,450<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fixed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2024-2036<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,377<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Fixed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 30.2988px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2024-2036</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.8457px; width: 741.592px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>draft facilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 152.397px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>677<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.133px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2024<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>829<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Floating<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.133px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2023</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.191px; width: 554.766px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Loan f<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>acilities at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">22,127<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.935px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>22,206</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 125.279px; width: 170.842px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ent/non-curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ent classific<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ation:</span><span style="position: absolute; display: inline-block; left: 0px; top: 144.658px; width: 554.76px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Non-curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 120.691px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>19,988<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 251.051px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,392</span><span style="position: absolute; display: inline-block; left: 0px; top: 164.033px; width: 554.982px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 152.397px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,139<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 267.844px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>814</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inter<span class="_ _0"/>est r<span class="_ _0"/>ate risk</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dec<span class="_ _0"/>ember 2023, 97% (2022: 96%) of Gr<span class="_ _0"/>oup borr<span class="_ _0"/>owings wer<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">secured thr<span class="_ _0"/>ough fix<span class="_ _0"/>ed-rat<span class="_ _0"/>e loans. The weight<span class="_ _0"/>ed dur<span class="_ _0"/>ation of the fixed-r<span class="_ _0"/>ate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loans is 7.3 years at 31 December 2023 (2022: 8.3 years).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The weight<span class="_ _0"/>ed average int<span class="_ _0"/>er<span class="_ _0"/>est rat<span class="_ _0"/>e on the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s loans, credit and over-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">draft f<span class="_ _0"/>acilities and inter<span class="_ _0"/>est r<span class="_ _0"/>ate hedging w<span class="_ _0"/>as 0.9% at the end of 2023 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: 1.0%).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A 1 perc<span class="_ _0"/>entage point incr<span class="_ _0"/>ease in int<span class="_ _0"/>er<span class="_ _0"/>est rat<span class="_ _0"/>es would no<span class="_ _0"/>t have a signifi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cant impact on the statement of pr<span class="_ _0"/>ofit or loss or o<span class="_ _0"/>ther compr<span class="_ _0"/>ehensive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income, based on aver<span class="_ _0"/>age net int<span class="_ _0"/>eres<span class="_ _0"/>t-bearing debt f<span class="_ _0"/>or 2023. The cal-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cula<span class="_ _4"/>tio<span class="_ _4"/>n m<span class="_ _4"/>etho<span class="_ _4"/>d applied in the sensitivit<span class="_ _4"/>y analysis is unchanged compared </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">to pr<span class="_ _0"/>e <span class="_ _9"/>vious years. The Group does no<span class="_ _0"/>t hedge the inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e risk<span class="_ _4"/>.</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Credit risk</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group<span class="_ _0"/>’<span class="_ _3"/>s credit risk mainly r<span class="_ _0"/>elat<span class="_ _0"/>es to tr<span class="_ _0"/>ade r<span class="_ _0"/>eceivables.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group is no<span class="_ _0"/>t dependent on particular customer segments or any spe-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cific customers, and all cust<span class="_ _0"/>omers ar<span class="_ _0"/>e subjected to individual cr<span class="_ _0"/>edit as-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sessments and cr<span class="_ _0"/>edit limits in acc<span class="_ _0"/>ordanc<span class="_ _0"/>e with the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s Credit P<span class="_ _0"/>olicy. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As a result, the credit risk of the Gr<span class="_ _0"/>oup is generally c<span class="_ _0"/>onsider<span class="_ _0"/>ed insignificant<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group mainly hedges cr<span class="_ _0"/>edit risks thr<span class="_ _0"/>ough the use of cr<span class="_ _0"/>edit insur<span class="_ _0"/>ance.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For a number of cust<span class="_ _0"/>omers, the Gr<span class="_ _0"/>oup uses non-rec<span class="_ _0"/>ourse f<span class="_ _0"/>ac <span class="_ _9"/>toring. At </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">31 December 2023, non-r<span class="_ _0"/>ecourse f<span class="_ _0"/>actoring amount<span class="_ _0"/>ed to DKK 2,030 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million (2022: DKK 2,288 million).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV is exposed t<span class="_ _0"/>o count<span class="_ _0"/>erpart<span class="_ _4"/>y credit risk when ent<span class="_ _0"/>ering into deriv<span class="_ _0"/>ative </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial instruments. In or<span class="_ _0"/>der to r<span class="_ _0"/>educ<span class="_ _0"/>e this risk, DSV only enters int<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">derivative financial instruments with the exis<span class="_ _0"/>ting banks of the Group </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">whose credit r<span class="_ _0"/>atings fr<span class="_ _0"/>om St<span class="_ _0"/>andar<span class="_ _0"/>d &amp; Poor’<span class="_ _0"/>s are long-t<span class="_ _0"/>erm A or higher<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As a general rule, the Gr<span class="_ _0"/>oup only makes short-term deposits with banks </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rat<span class="_ _0"/>ed short-term A-2 or higher by St<span class="_ _0"/>andar<span class="_ _0"/>d &amp; Poor<span class="_ _4"/>’<span class="_ _3"/>s and/or P-2 or high-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">er by Moody’<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impairment of trade r<span class="_ _0"/>ec<span class="_ _0"/>eivables</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impairment of trade r<span class="_ _0"/>ec<span class="_ _0"/>eivables is assessed on an ongoing basis and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">insuranc<span class="_ _0"/>e policies ar<span class="_ _0"/>e taken out f<span class="_ _0"/>or the majority of these. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dec<span class="_ _0"/>ember 2023, cr<span class="_ _0"/>edit insuranc<span class="_ _0"/>e amounted t<span class="_ _0"/>o DKK 17,598 million, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">corr<span class="_ _0"/>esponding t<span class="_ _0"/>o 79% of to<span class="_ _0"/>tal tr<span class="_ _0"/>ade rec<span class="_ _0"/>eivables (2022: DKK 26,628 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million or 82%). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Loss allowanc<span class="_ _0"/>es f<span class="_ _0"/>or impair<span class="_ _0"/>ed trade r<span class="_ _0"/>ec<span class="_ _0"/>eivables ar<span class="_ _0"/>e pr<span class="_ _0"/>ovided for f<span class="_ _0"/>ollowing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an expected cr<span class="_ _0"/>edit loss model. The model includes uninsur<span class="_ _0"/>ed trade r<span class="_ _0"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ceivables and c<span class="_ _0"/>ontract assets. The model also f<span class="_ _0"/>actors in any own risk </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on insured r<span class="_ _0"/>ec<span class="_ _0"/>eivables. Expected cr<span class="_ _0"/>edit loss at 31 December 2023 and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">31 December 2022 is pr<span class="_ _0"/>esented in the f<span class="_ _0"/>ollowing t<span class="_ _0"/>ables:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:168.328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 154.529px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Expec<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ted cr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>edit loss 2023</span><span style="position: absolute; display: inline-block; left: 185.797px; top: 1.1582px; width: 44.5605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Carrying </span><span style="position: absolute; display: inline-block; left: 249.125px; top: 1.1582px; width: 46.9805px; white-space: pre; word-spacing: 0.24px; letter-spacing: -0.24px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Expected </span><span style="position: absolute; display: inline-block; left: 335.906px; top: 1.1582px; width: 27.6621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Loss </span><span style="position: absolute; display: inline-block; left: 0px; top: 16.1582px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 189.875px; top: 16.1582px; width: 42.1699px; white-space: pre; word-spacing: -0.708px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">amount </span><span style="position: absolute; display: inline-block; left: 238.859px; top: 16.1582px; width: 58.4414px; white-space: pre; word-spacing: 0px; letter-spacing: -0.24px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">loss rat<span style="word-spacing: 0px; letter-spacing: -0.24px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e (%)</span><span style="position: absolute; display: inline-block; left: 309.156px; top: 16.1582px; width: 51.0703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">allowanc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e </span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 356.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.066px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>23,139<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0.1%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>32</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4707px; width: 356.818px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 1-30 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,687<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1.2%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>32</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8457px; width: 356.971px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 31-60 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.027px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>730<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.8%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>28</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2363px; width: 356.971px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 61-90 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.027px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>289<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8.3%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>24</span><span style="position: absolute; display: inline-block; left: 0px; top: 115.611px; width: 356.971px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 91-120 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.9082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>167<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15.6%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>26</span><span style="position: absolute; display: inline-block; left: 0px; top: 134.986px; width: 357.029px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due &gt;121 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.016px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>600<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>31.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>189</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.332px; width: 356.766px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 157.353px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>27,612<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 106.219px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>331</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:168.328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 154.529px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Expec<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ted cr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>edit loss 2022</span><span style="position: absolute; display: inline-block; left: 187.297px; top: 1.1582px; width: 44.5605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Carrying </span><span style="position: absolute; display: inline-block; left: 247.109px; top: 1.1582px; width: 48.9023px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Expected </span><span style="position: absolute; display: inline-block; left: 335.562px; top: 1.1582px; width: 27.6621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Loss </span><span style="position: absolute; display: inline-block; left: 0px; top: 16.1582px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 192.281px; top: 16.1582px; width: 42.1699px; white-space: pre; word-spacing: -0.708px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">amount </span><span style="position: absolute; display: inline-block; left: 236.938px; top: 16.1582px; width: 61.5527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">loss rat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e (%)</span><span style="position: absolute; display: inline-block; left: 309.062px; top: 16.1582px; width: 51.0703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">allowanc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e </span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0801px; width: 356.982px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.31px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>31,530<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0.2%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>76</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4707px; width: 356.807px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 1-30 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.113px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,319<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.2%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>94</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8457px; width: 356.754px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 31-60 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.4043px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,331<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7.1%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>95</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2207px; width: 356.965px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 61-90 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.99px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>615<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>92</span><span style="position: absolute; display: inline-block; left: 0px; top: 115.611px; width: 357.059px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 91-120 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0938px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>368<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>26.9%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>99</span><span style="position: absolute; display: inline-block; left: 0px; top: 134.986px; width: 357.158px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due &gt;121 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.16px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>882<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>47.3%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>417</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.332px; width: 356.824px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 159.645px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>39,045<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 103.986px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>873</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Curr<span class="_ _0"/>ent r<span class="_ _0"/>eceivables ar<span class="_ _0"/>e c<span class="_ _0"/>onsidered t<span class="_ _0"/>o have high cr<span class="_ _0"/>edit <span class="_ _9"/>worthiness with a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">low risk of loss. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The loss allowanc<span class="_ _0"/>e provision f<span class="_ _0"/>or the year is specified below:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:163.953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 145.91px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Loss allow<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ance pr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ovision<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 15.9414px; width: 292.787px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm) <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 286.172px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -95.148px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 356.736px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ovision at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.975px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>873<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>757</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4863px; width: 356.742px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions for the ye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 179.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>713</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8613px; width: 361.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Losses r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ecognised<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 178.582px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(159)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(155)</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2363px; width: 139.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reversal of pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ovisions fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>om </span><span style="position: absolute; display: inline-block; left: 0px; top: 111.236px; width: 361.119px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">previous ye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ars<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 196.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(375)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(443)</span><span style="position: absolute; display: inline-block; left: 0px; top: 130.611px; width: 356.889px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 174.703px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(14)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1</span><span style="position: absolute; display: inline-block; left: 0px; top: 151.957px; width: 356.836px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ovision at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 127.395px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">331<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>873</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impairment losses on trade r<span class="_ _0"/>ec<span class="_ _0"/>eivables f<span class="_ _0"/>or 2023 amounted t<span class="_ _0"/>o DKK 159 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million, corr<span class="_ _0"/>esponding t<span class="_ _0"/>o 0.11% of consolidat<span class="_ _0"/>ed r<span class="_ _0"/>evenue (2022: DKK 155 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million, or 0.07%).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Credit risk</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group<span class="_ _0"/>’<span class="_ _3"/>s credit risk mainly r<span class="_ _0"/>elat<span class="_ _0"/>es to tr<span class="_ _0"/>ade r<span class="_ _0"/>eceivables.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group is no<span class="_ _0"/>t dependent on particular customer segments or any spe-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cific customers, and all cust<span class="_ _0"/>omers ar<span class="_ _0"/>e subjected to individual cr<span class="_ _0"/>edit as-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sessments and cr<span class="_ _0"/>edit limits in acc<span class="_ _0"/>ordanc<span class="_ _0"/>e with the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s Credit P<span class="_ _0"/>olicy. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As a result, the credit risk of the Gr<span class="_ _0"/>oup is generally c<span class="_ _0"/>onsider<span class="_ _0"/>ed insignificant<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group mainly hedges cr<span class="_ _0"/>edit risks thr<span class="_ _0"/>ough the use of cr<span class="_ _0"/>edit insur<span class="_ _0"/>ance.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For a number of cust<span class="_ _0"/>omers, the Gr<span class="_ _0"/>oup uses non-rec<span class="_ _0"/>ourse f<span class="_ _0"/>ac <span class="_ _9"/>toring. At </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">31 December 2023, non-r<span class="_ _0"/>ecourse f<span class="_ _0"/>actoring amount<span class="_ _0"/>ed to DKK 2,030 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million (2022: DKK 2,288 million).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV is exposed t<span class="_ _0"/>o count<span class="_ _0"/>erpart<span class="_ _4"/>y credit risk when ent<span class="_ _0"/>ering into deriv<span class="_ _0"/>ative </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial instruments. In or<span class="_ _0"/>der to r<span class="_ _0"/>educ<span class="_ _0"/>e this risk, DSV only enters int<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">derivative financial instruments with the exis<span class="_ _0"/>ting banks of the Group </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">whose credit r<span class="_ _0"/>atings fr<span class="_ _0"/>om St<span class="_ _0"/>andar<span class="_ _0"/>d &amp; Poor’<span class="_ _0"/>s are long-t<span class="_ _0"/>erm A or higher<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As a general rule, the Gr<span class="_ _0"/>oup only makes short-term deposits with banks </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rat<span class="_ _0"/>ed short-term A-2 or higher by St<span class="_ _0"/>andar<span class="_ _0"/>d &amp; Poor<span class="_ _4"/>’<span class="_ _3"/>s and/or P-2 or high-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">er by Moody’<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impairment of trade r<span class="_ _0"/>ec<span class="_ _0"/>eivables</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impairment of trade r<span class="_ _0"/>ec<span class="_ _0"/>eivables is assessed on an ongoing basis and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">insuranc<span class="_ _0"/>e policies ar<span class="_ _0"/>e taken out f<span class="_ _0"/>or the majority of these. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dec<span class="_ _0"/>ember 2023, cr<span class="_ _0"/>edit insuranc<span class="_ _0"/>e amounted t<span class="_ _0"/>o DKK 17,598 million, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">corr<span class="_ _0"/>esponding t<span class="_ _0"/>o 79% of to<span class="_ _0"/>tal tr<span class="_ _0"/>ade rec<span class="_ _0"/>eivables (2022: DKK 26,628 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million or 82%). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Loss allowanc<span class="_ _0"/>es f<span class="_ _0"/>or impair<span class="_ _0"/>ed trade r<span class="_ _0"/>ec<span class="_ _0"/>eivables ar<span class="_ _0"/>e pr<span class="_ _0"/>ovided for f<span class="_ _0"/>ollowing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an expected cr<span class="_ _0"/>edit loss model. The model includes uninsur<span class="_ _0"/>ed trade r<span class="_ _0"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ceivables and c<span class="_ _0"/>ontract assets. The model also f<span class="_ _0"/>actors in any own risk </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on insured r<span class="_ _0"/>ec<span class="_ _0"/>eivables. Expected cr<span class="_ _0"/>edit loss at 31 December 2023 and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">31 December 2022 is pr<span class="_ _0"/>esented in the f<span class="_ _0"/>ollowing t<span class="_ _0"/>ables:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:168.328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 154.529px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Expec<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ted cr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>edit loss 2023</span><span style="position: absolute; display: inline-block; left: 185.797px; top: 1.1582px; width: 44.5605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Carrying </span><span style="position: absolute; display: inline-block; left: 249.125px; top: 1.1582px; width: 46.9805px; white-space: pre; word-spacing: 0.24px; letter-spacing: -0.24px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Expected </span><span style="position: absolute; display: inline-block; left: 335.906px; top: 1.1582px; width: 27.6621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Loss </span><span style="position: absolute; display: inline-block; left: 0px; top: 16.1582px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 189.875px; top: 16.1582px; width: 42.1699px; white-space: pre; word-spacing: -0.708px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">amount </span><span style="position: absolute; display: inline-block; left: 238.859px; top: 16.1582px; width: 58.4414px; white-space: pre; word-spacing: 0px; letter-spacing: -0.24px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">loss rat<span style="word-spacing: 0px; letter-spacing: -0.24px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e (%)</span><span style="position: absolute; display: inline-block; left: 309.156px; top: 16.1582px; width: 51.0703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">allowanc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e </span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 356.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.066px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>23,139<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0.1%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>32</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4707px; width: 356.818px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 1-30 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,687<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1.2%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>32</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8457px; width: 356.971px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 31-60 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.027px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>730<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.8%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>28</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2363px; width: 356.971px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 61-90 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.027px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>289<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8.3%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>24</span><span style="position: absolute; display: inline-block; left: 0px; top: 115.611px; width: 356.971px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 91-120 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.9082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>167<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15.6%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>26</span><span style="position: absolute; display: inline-block; left: 0px; top: 134.986px; width: 357.029px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due &gt;121 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.016px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>600<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>31.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>189</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.332px; width: 356.766px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 157.353px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>27,612<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 106.219px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>331</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:168.328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 154.529px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Expec<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ted cr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>edit loss 2022</span><span style="position: absolute; display: inline-block; left: 187.297px; top: 1.1582px; width: 44.5605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Carrying </span><span style="position: absolute; display: inline-block; left: 247.109px; top: 1.1582px; width: 48.9023px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Expected </span><span style="position: absolute; display: inline-block; left: 335.562px; top: 1.1582px; width: 27.6621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Loss </span><span style="position: absolute; display: inline-block; left: 0px; top: 16.1582px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 192.281px; top: 16.1582px; width: 42.1699px; white-space: pre; word-spacing: -0.708px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">amount </span><span style="position: absolute; display: inline-block; left: 236.938px; top: 16.1582px; width: 61.5527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">loss rat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e (%)</span><span style="position: absolute; display: inline-block; left: 309.062px; top: 16.1582px; width: 51.0703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">allowanc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e </span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0801px; width: 356.982px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.31px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>31,530<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0.2%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>76</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4707px; width: 356.807px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 1-30 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.113px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,319<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.2%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>94</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8457px; width: 356.754px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 31-60 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.4043px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,331<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7.1%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>95</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2207px; width: 356.965px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 61-90 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.99px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>615<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>92</span><span style="position: absolute; display: inline-block; left: 0px; top: 115.611px; width: 357.059px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 91-120 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0938px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>368<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>26.9%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>99</span><span style="position: absolute; display: inline-block; left: 0px; top: 134.986px; width: 357.158px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due &gt;121 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.16px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>882<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>47.3%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>417</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.332px; width: 356.824px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 159.645px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>39,045<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 103.986px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>873</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Curr<span class="_ _0"/>ent r<span class="_ _0"/>eceivables ar<span class="_ _0"/>e c<span class="_ _0"/>onsidered t<span class="_ _0"/>o have high cr<span class="_ _0"/>edit <span class="_ _9"/>worthiness with a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">low risk of loss. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The loss allowanc<span class="_ _0"/>e provision f<span class="_ _0"/>or the year is specified below:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:163.953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 145.91px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Loss allow<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ance pr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ovision<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 15.9414px; width: 292.787px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm) <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 286.172px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -95.148px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 356.736px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ovision at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.975px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>873<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>757</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4863px; width: 356.742px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions for the ye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 179.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>713</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8613px; width: 361.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Losses r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ecognised<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 178.582px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(159)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(155)</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2363px; width: 139.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reversal of pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ovisions fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>om </span><span style="position: absolute; display: inline-block; left: 0px; top: 111.236px; width: 361.119px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">previous ye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ars<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 196.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(375)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(443)</span><span style="position: absolute; display: inline-block; left: 0px; top: 130.611px; width: 356.889px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 174.703px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(14)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1</span><span style="position: absolute; display: inline-block; left: 0px; top: 151.957px; width: 356.836px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ovision at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 127.395px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">331<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>873</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impairment losses on trade r<span class="_ _0"/>ec<span class="_ _0"/>eivables f<span class="_ _0"/>or 2023 amounted t<span class="_ _0"/>o DKK 159 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million, corr<span class="_ _0"/>esponding t<span class="_ _0"/>o 0.11% of consolidat<span class="_ _0"/>ed r<span class="_ _0"/>evenue (2022: DKK 155 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million, or 0.07%).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impairment of trade r<span class="_ _0"/>ec<span class="_ _0"/>eivables</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impairment of trade r<span class="_ _0"/>ec<span class="_ _0"/>eivables is assessed on an ongoing basis and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">insuranc<span class="_ _0"/>e policies ar<span class="_ _0"/>e taken out f<span class="_ _0"/>or the majority of these. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dec<span class="_ _0"/>ember 2023, cr<span class="_ _0"/>edit insuranc<span class="_ _0"/>e amounted t<span class="_ _0"/>o DKK 17,598 million, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">corr<span class="_ _0"/>esponding t<span class="_ _0"/>o 79% of to<span class="_ _0"/>tal tr<span class="_ _0"/>ade rec<span class="_ _0"/>eivables (2022: DKK 26,628 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million or 82%). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Loss allowanc<span class="_ _0"/>es f<span class="_ _0"/>or impair<span class="_ _0"/>ed trade r<span class="_ _0"/>ec<span class="_ _0"/>eivables ar<span class="_ _0"/>e pr<span class="_ _0"/>ovided for f<span class="_ _0"/>ollowing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an expected cr<span class="_ _0"/>edit loss model. The model includes uninsur<span class="_ _0"/>ed trade r<span class="_ _0"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ceivables and c<span class="_ _0"/>ontract assets. The model also f<span class="_ _0"/>actors in any own risk </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on insured r<span class="_ _0"/>ec<span class="_ _0"/>eivables. Expected cr<span class="_ _0"/>edit loss at 31 December 2023 and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">31 December 2022 is pr<span class="_ _0"/>esented in the f<span class="_ _0"/>ollowing t<span class="_ _0"/>ables:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:168.328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 154.529px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Expec<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ted cr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>edit loss 2023</span><span style="position: absolute; display: inline-block; left: 185.797px; top: 1.1582px; width: 44.5605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Carrying </span><span style="position: absolute; display: inline-block; left: 249.125px; top: 1.1582px; width: 46.9805px; white-space: pre; word-spacing: 0.24px; letter-spacing: -0.24px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Expected </span><span style="position: absolute; display: inline-block; left: 335.906px; top: 1.1582px; width: 27.6621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Loss </span><span style="position: absolute; display: inline-block; left: 0px; top: 16.1582px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 189.875px; top: 16.1582px; width: 42.1699px; white-space: pre; word-spacing: -0.708px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">amount </span><span style="position: absolute; display: inline-block; left: 238.859px; top: 16.1582px; width: 58.4414px; white-space: pre; word-spacing: 0px; letter-spacing: -0.24px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">loss rat<span style="word-spacing: 0px; letter-spacing: -0.24px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e (%)</span><span style="position: absolute; display: inline-block; left: 309.156px; top: 16.1582px; width: 51.0703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">allowanc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e </span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 356.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.066px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>23,139<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0.1%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>32</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4707px; width: 356.818px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 1-30 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,687<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1.2%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>32</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8457px; width: 356.971px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 31-60 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.027px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>730<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.8%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>28</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2363px; width: 356.971px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 61-90 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.027px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>289<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8.3%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>24</span><span style="position: absolute; display: inline-block; left: 0px; top: 115.611px; width: 356.971px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 91-120 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.9082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>167<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15.6%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>26</span><span style="position: absolute; display: inline-block; left: 0px; top: 134.986px; width: 357.029px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due &gt;121 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.016px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>600<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>31.5%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>189</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.332px; width: 356.766px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 157.353px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>27,612<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 106.219px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>331</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:168.328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 154.529px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Expec<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ted cr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>edit loss 2022</span><span style="position: absolute; display: inline-block; left: 187.297px; top: 1.1582px; width: 44.5605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Carrying </span><span style="position: absolute; display: inline-block; left: 247.109px; top: 1.1582px; width: 48.9023px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Expected </span><span style="position: absolute; display: inline-block; left: 335.562px; top: 1.1582px; width: 27.6621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Loss </span><span style="position: absolute; display: inline-block; left: 0px; top: 16.1582px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)</span><span style="position: absolute; display: inline-block; left: 192.281px; top: 16.1582px; width: 42.1699px; white-space: pre; word-spacing: -0.708px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">amount </span><span style="position: absolute; display: inline-block; left: 236.938px; top: 16.1582px; width: 61.5527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">loss rat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e (%)</span><span style="position: absolute; display: inline-block; left: 309.062px; top: 16.1582px; width: 51.0703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">allowanc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e </span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0801px; width: 356.982px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.31px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>31,530<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0.2%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>76</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4707px; width: 356.807px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 1-30 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.113px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,319<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.2%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>94</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8457px; width: 356.754px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 31-60 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.4043px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,331<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>7.1%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>95</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2207px; width: 356.965px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 61-90 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.99px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>615<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>92</span><span style="position: absolute; display: inline-block; left: 0px; top: 115.611px; width: 357.059px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due 91-120 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0938px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>368<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>26.9%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>99</span><span style="position: absolute; display: inline-block; left: 0px; top: 134.986px; width: 357.158px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>due &gt;121 days<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.16px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>882<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>47.3%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.7792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>417</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.332px; width: 356.824px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 159.645px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>39,045<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 103.986px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>873</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Curr<span class="_ _0"/>ent r<span class="_ _0"/>eceivables ar<span class="_ _0"/>e c<span class="_ _0"/>onsidered t<span class="_ _0"/>o have high cr<span class="_ _0"/>edit <span class="_ _9"/>worthiness with a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">low risk of loss. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The loss allowanc<span class="_ _0"/>e provision f<span class="_ _0"/>or the year is specified below:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:163.953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 145.91px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Loss allow<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ance pr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ovision<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 15.9414px; width: 292.787px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm) <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 286.172px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -95.148px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 356.736px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ovision at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.975px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>873<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>757</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4863px; width: 356.742px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions for the ye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 179.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>713</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8613px; width: 361.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Losses r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ecognised<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 178.582px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(159)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(155)</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2363px; width: 139.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Reversal of pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ovisions fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>om </span><span style="position: absolute; display: inline-block; left: 0px; top: 111.236px; width: 361.119px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">previous ye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ars<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 196.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(375)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(443)</span><span style="position: absolute; display: inline-block; left: 0px; top: 130.611px; width: 356.889px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 174.703px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(14)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1</span><span style="position: absolute; display: inline-block; left: 0px; top: 151.957px; width: 356.836px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ovision at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 127.395px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">331<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>873</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impairment losses on trade r<span class="_ _0"/>ec<span class="_ _0"/>eivables f<span class="_ _0"/>or 2023 amounted t<span class="_ _0"/>o DKK 159 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million, corr<span class="_ _0"/>esponding t<span class="_ _0"/>o 0.11% of consolidat<span class="_ _0"/>ed r<span class="_ _0"/>evenue (2022: DKK 155 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million, or 0.07%).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Derivative financial instruments ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised on the tr<span class="_ _0"/>ade date and ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">measur<span class="_ _0"/>ed at fair value. P<span class="_ _0"/>ositive and negative f<span class="_ _0"/>air values ar<span class="_ _0"/>e included in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other curr<span class="_ _0"/>ent r<span class="_ _0"/>e <span class="_ _9"/>ceivables or o<span class="_ _0"/>ther curr<span class="_ _0"/>ent payables in the stat<span class="_ _0"/>ement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial position. Positiv<span class="_ _0"/>e and negative fair values ar<span class="_ _0"/>e only offset if the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Group has a right and an int<span class="_ _0"/>ention t<span class="_ _0"/>o settle several financial ins<span class="_ _0"/>truments </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">net (by means of settlement of diff<span class="_ _0"/>er<span class="_ _0"/>ences). F<span class="_ _0"/>air value is determined </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">based on generally ac<span class="_ _0"/>cept<span class="_ _0"/>ed valuation methods using available observable </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">market dat<span class="_ _0"/>a.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When entering int<span class="_ _0"/>o contr<span class="_ _0"/>acts for financial instruments, an assessment is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">made of whether the instrument qualifies f<span class="_ _0"/>or hedge acc<span class="_ _0"/>ounting, including </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">whether the instrument hedges r<span class="_ _0"/>ecognised asse<span class="_ _0"/>ts and liabilities or net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">investments in f<span class="_ _0"/>or<span class="_ _0"/>eign entities. The effectiveness of r<span class="_ _0"/>ecognised financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">instruments is assessed on a monthly basis, and any in <span class="_ _9"/>effectiveness is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value changes classified as and fulfilling the crit<span class="_ _0"/>eria f<span class="_ _0"/>or rec<span class="_ _0"/>ognition as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a fair value hedge ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss to-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gether with changes in the value of the specific portion of the asset or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liability that has been hedged.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value changes in the part of the derivative which is classified as and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">qualifies for r<span class="_ _0"/>ec<span class="_ _0"/>ognition as a futur<span class="_ _0"/>e cash flow hedge and which eff<span class="_ _0"/>ectively </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hedges against changes in the value of the hedged item ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other c<span class="_ _0"/>omprehensive inc<span class="_ _0"/>ome as a separ<span class="_ _0"/>ate hedging r<span class="_ _0"/>eserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When the underlying hedged item is r<span class="_ _0"/>ealised, any gain or loss on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hedging transaction is transf<span class="_ _0"/>err<span class="_ _0"/>ed fr<span class="_ _0"/>om equity and r<span class="_ _0"/>ecognised t<span class="_ _0"/>ogether </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with the hedged item. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value changes that do no<span class="_ _0"/>t meet the criteria f<span class="_ _0"/>or tr<span class="_ _0"/>eatment as hedging </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">instruments ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised on an ongoing basis in the st<span class="_ _0"/>atement of pr<span class="_ _0"/>ofit </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or loss under financial items.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Derivative financial instruments ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised on the tr<span class="_ _0"/>ade date and ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">measur<span class="_ _0"/>ed at fair value. P<span class="_ _0"/>ositive and negative f<span class="_ _0"/>air values ar<span class="_ _0"/>e included in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other curr<span class="_ _0"/>ent r<span class="_ _0"/>e <span class="_ _9"/>ceivables or o<span class="_ _0"/>ther curr<span class="_ _0"/>ent payables in the stat<span class="_ _0"/>ement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial position. Positiv<span class="_ _0"/>e and negative fair values ar<span class="_ _0"/>e only offset if the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Group has a right and an int<span class="_ _0"/>ention t<span class="_ _0"/>o settle several financial ins<span class="_ _0"/>truments </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">net (by means of settlement of diff<span class="_ _0"/>er<span class="_ _0"/>ences). F<span class="_ _0"/>air value is determined </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">based on generally ac<span class="_ _0"/>cept<span class="_ _0"/>ed valuation methods using available observable </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">market dat<span class="_ _0"/>a.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When entering int<span class="_ _0"/>o contr<span class="_ _0"/>acts for financial instruments, an assessment is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">made of whether the instrument qualifies f<span class="_ _0"/>or hedge acc<span class="_ _0"/>ounting, including </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">whether the instrument hedges r<span class="_ _0"/>ecognised asse<span class="_ _0"/>ts and liabilities or net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">investments in f<span class="_ _0"/>or<span class="_ _0"/>eign entities. The effectiveness of r<span class="_ _0"/>ecognised financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">instruments is assessed on a monthly basis, and any in <span class="_ _9"/>effectiveness is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value changes classified as and fulfilling the crit<span class="_ _0"/>eria f<span class="_ _0"/>or rec<span class="_ _0"/>ognition as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a fair value hedge ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss to-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gether with changes in the value of the specific portion of the asset or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liability that has been hedged.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value changes in the part of the derivative which is classified as and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">qualifies for r<span class="_ _0"/>ec<span class="_ _0"/>ognition as a futur<span class="_ _0"/>e cash flow hedge and which eff<span class="_ _0"/>ectively </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hedges against changes in the value of the hedged item ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other c<span class="_ _0"/>omprehensive inc<span class="_ _0"/>ome as a separ<span class="_ _0"/>ate hedging r<span class="_ _0"/>eserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When the underlying hedged item is r<span class="_ _0"/>ealised, any gain or loss on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hedging transaction is transf<span class="_ _0"/>err<span class="_ _0"/>ed fr<span class="_ _0"/>om equity and r<span class="_ _0"/>ecognised t<span class="_ _0"/>ogether </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with the hedged item. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value changes that do no<span class="_ _0"/>t meet the criteria f<span class="_ _0"/>or tr<span class="_ _0"/>eatment as hedging </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">instruments ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised on an ongoing basis in the st<span class="_ _0"/>atement of pr<span class="_ _0"/>ofit </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or loss under financial items.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Derivative financial instruments ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised on the tr<span class="_ _0"/>ade date and ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">measur<span class="_ _0"/>ed at fair value. P<span class="_ _0"/>ositive and negative f<span class="_ _0"/>air values ar<span class="_ _0"/>e included in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other curr<span class="_ _0"/>ent r<span class="_ _0"/>e <span class="_ _9"/>ceivables or o<span class="_ _0"/>ther curr<span class="_ _0"/>ent payables in the stat<span class="_ _0"/>ement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial position. Positiv<span class="_ _0"/>e and negative fair values ar<span class="_ _0"/>e only offset if the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Group has a right and an int<span class="_ _0"/>ention t<span class="_ _0"/>o settle several financial ins<span class="_ _0"/>truments </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">net (by means of settlement of diff<span class="_ _0"/>er<span class="_ _0"/>ences). F<span class="_ _0"/>air value is determined </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">based on generally ac<span class="_ _0"/>cept<span class="_ _0"/>ed valuation methods using available observable </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">market dat<span class="_ _0"/>a.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When entering int<span class="_ _0"/>o contr<span class="_ _0"/>acts for financial instruments, an assessment is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">made of whether the instrument qualifies f<span class="_ _0"/>or hedge acc<span class="_ _0"/>ounting, including </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">whether the instrument hedges r<span class="_ _0"/>ecognised asse<span class="_ _0"/>ts and liabilities or net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">investments in f<span class="_ _0"/>or<span class="_ _0"/>eign entities. The effectiveness of r<span class="_ _0"/>ecognised financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">instruments is assessed on a monthly basis, and any in <span class="_ _9"/>effectiveness is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value changes classified as and fulfilling the crit<span class="_ _0"/>eria f<span class="_ _0"/>or rec<span class="_ _0"/>ognition as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a fair value hedge ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss to-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gether with changes in the value of the specific portion of the asset or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liability that has been hedged.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value changes in the part of the derivative which is classified as and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">qualifies for r<span class="_ _0"/>ec<span class="_ _0"/>ognition as a futur<span class="_ _0"/>e cash flow hedge and which eff<span class="_ _0"/>ectively </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hedges against changes in the value of the hedged item ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other c<span class="_ _0"/>omprehensive inc<span class="_ _0"/>ome as a separ<span class="_ _0"/>ate hedging r<span class="_ _0"/>eserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When the underlying hedged item is r<span class="_ _0"/>ealised, any gain or loss on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hedging transaction is transf<span class="_ _0"/>err<span class="_ _0"/>ed fr<span class="_ _0"/>om equity and r<span class="_ _0"/>ecognised t<span class="_ _0"/>ogether </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with the hedged item. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value changes that do no<span class="_ _0"/>t meet the criteria f<span class="_ _0"/>or tr<span class="_ _0"/>eatment as hedging </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">instruments ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised on an ongoing basis in the st<span class="_ _0"/>atement of pr<span class="_ _0"/>ofit </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or loss under financial items.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Derivative financial instruments ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised on the tr<span class="_ _0"/>ade date and ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">measur<span class="_ _0"/>ed at fair value. P<span class="_ _0"/>ositive and negative f<span class="_ _0"/>air values ar<span class="_ _0"/>e included in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other curr<span class="_ _0"/>ent r<span class="_ _0"/>e <span class="_ _9"/>ceivables or o<span class="_ _0"/>ther curr<span class="_ _0"/>ent payables in the stat<span class="_ _0"/>ement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial position. Positiv<span class="_ _0"/>e and negative fair values ar<span class="_ _0"/>e only offset if the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Group has a right and an int<span class="_ _0"/>ention t<span class="_ _0"/>o settle several financial ins<span class="_ _0"/>truments </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">net (by means of settlement of diff<span class="_ _0"/>er<span class="_ _0"/>ences). F<span class="_ _0"/>air value is determined </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">based on generally ac<span class="_ _0"/>cept<span class="_ _0"/>ed valuation methods using available observable </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">market dat<span class="_ _0"/>a.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When entering int<span class="_ _0"/>o contr<span class="_ _0"/>acts for financial instruments, an assessment is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">made of whether the instrument qualifies f<span class="_ _0"/>or hedge acc<span class="_ _0"/>ounting, including </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">whether the instrument hedges r<span class="_ _0"/>ecognised asse<span class="_ _0"/>ts and liabilities or net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">investments in f<span class="_ _0"/>or<span class="_ _0"/>eign entities. The effectiveness of r<span class="_ _0"/>ecognised financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">instruments is assessed on a monthly basis, and any in <span class="_ _9"/>effectiveness is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value changes classified as and fulfilling the crit<span class="_ _0"/>eria f<span class="_ _0"/>or rec<span class="_ _0"/>ognition as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a fair value hedge ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss to-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gether with changes in the value of the specific portion of the asset or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liability that has been hedged.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value changes in the part of the derivative which is classified as and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">qualifies for r<span class="_ _0"/>ec<span class="_ _0"/>ognition as a futur<span class="_ _0"/>e cash flow hedge and which eff<span class="_ _0"/>ectively </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hedges against changes in the value of the hedged item ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other c<span class="_ _0"/>omprehensive inc<span class="_ _0"/>ome as a separ<span class="_ _0"/>ate hedging r<span class="_ _0"/>eserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When the underlying hedged item is r<span class="_ _0"/>ealised, any gain or loss on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hedging transaction is transf<span class="_ _0"/>err<span class="_ _0"/>ed fr<span class="_ _0"/>om equity and r<span class="_ _0"/>ecognised t<span class="_ _0"/>ogether </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with the hedged item. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value changes that do no<span class="_ _0"/>t meet the criteria f<span class="_ _0"/>or tr<span class="_ _0"/>eatment as hedging </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">instruments ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised on an ongoing basis in the st<span class="_ _0"/>atement of pr<span class="_ _0"/>ofit </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or loss under financial items.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4.5 Derivativ<span class="_ _0"/>e financial instruments</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Derivative financial instruments ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised on the tr<span class="_ _0"/>ade date and ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">measur<span class="_ _0"/>ed at fair value. P<span class="_ _0"/>ositive and negative f<span class="_ _0"/>air values ar<span class="_ _0"/>e included in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other curr<span class="_ _0"/>ent r<span class="_ _0"/>e <span class="_ _9"/>ceivables or o<span class="_ _0"/>ther curr<span class="_ _0"/>ent payables in the stat<span class="_ _0"/>ement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial position. Positiv<span class="_ _0"/>e and negative fair values ar<span class="_ _0"/>e only offset if the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Group has a right and an int<span class="_ _0"/>ention t<span class="_ _0"/>o settle several financial ins<span class="_ _0"/>truments </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">net (by means of settlement of diff<span class="_ _0"/>er<span class="_ _0"/>ences). F<span class="_ _0"/>air value is determined </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">based on generally ac<span class="_ _0"/>cept<span class="_ _0"/>ed valuation methods using available observable </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">market dat<span class="_ _0"/>a.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When entering int<span class="_ _0"/>o contr<span class="_ _0"/>acts for financial instruments, an assessment is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">made of whether the instrument qualifies f<span class="_ _0"/>or hedge acc<span class="_ _0"/>ounting, including </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">whether the instrument hedges r<span class="_ _0"/>ecognised asse<span class="_ _0"/>ts and liabilities or net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">investments in f<span class="_ _0"/>or<span class="_ _0"/>eign entities. The effectiveness of r<span class="_ _0"/>ecognised financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">instruments is assessed on a monthly basis, and any in <span class="_ _9"/>effectiveness is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value changes classified as and fulfilling the crit<span class="_ _0"/>eria f<span class="_ _0"/>or rec<span class="_ _0"/>ognition as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a fair value hedge ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss to-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gether with changes in the value of the specific portion of the asset or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liability that has been hedged.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value changes in the part of the derivative which is classified as and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">qualifies for r<span class="_ _0"/>ec<span class="_ _0"/>ognition as a futur<span class="_ _0"/>e cash flow hedge and which eff<span class="_ _0"/>ectively </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hedges against changes in the value of the hedged item ar<span class="_ _0"/>e r<span class="_ _0"/>ec<span class="_ _0"/>ognised in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other c<span class="_ _0"/>omprehensive inc<span class="_ _0"/>ome as a separ<span class="_ _0"/>ate hedging r<span class="_ _0"/>eserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When the underlying hedged item is r<span class="_ _0"/>ealised, any gain or loss on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hedging transaction is transf<span class="_ _0"/>err<span class="_ _0"/>ed fr<span class="_ _0"/>om equity and r<span class="_ _0"/>ecognised t<span class="_ _0"/>ogether </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with the hedged item. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value changes that do no<span class="_ _0"/>t meet the criteria f<span class="_ _0"/>or tr<span class="_ _0"/>eatment as hedging </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">instruments ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised on an ongoing basis in the st<span class="_ _0"/>atement of pr<span class="_ _0"/>ofit </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or loss under financial items.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Foreign cur<span class="_ _0"/>rency risk hedging</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group mainly uses f<span class="_ _0"/>or<span class="_ _0"/>eign e<span class="_ _0"/>xchange f<span class="_ _0"/>orward c<span class="_ _0"/>ontr<span class="_ _0"/>acts to hedge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for<span class="_ _0"/>eign cur<span class="_ _0"/>rency risks. The main curr<span class="_ _0"/>ency hedged is USD. The f<span class="_ _0"/>or<span class="_ _0"/>eign </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange f<span class="_ _0"/>orwar<span class="_ _0"/>d contr<span class="_ _0"/>acts are used as f<span class="_ _0"/>air value hedges of curr<span class="_ _0"/>ency </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exposur<span class="_ _0"/>es r<span class="_ _0"/>elating to e<span class="_ _0"/>xternal assets and liabilities as w<span class="_ _0"/>ell as expected </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">short-term operational c<span class="_ _0"/>ash flows. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A gain on hedging instruments of DKK 181 million was r<span class="_ _0"/>ec<span class="_ _0"/>ognised in the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stat<span class="_ _0"/>ement of profit or los<span class="_ _0"/>s for 2023 (2022: a los<span class="_ _0"/>s of DKK 184 million). In </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the same period, a loss of DKK 338 million was r<span class="_ _0"/>ec<span class="_ _0"/>ognised relating t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">assets and liabilities (2022: a gain of DKK 460 million).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:133.248046875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 357.861px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Currency instrument <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.1855px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 357.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Contractual value<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.272px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,131<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,589</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 357.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Maturity (year)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 176.397px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2024<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2023</span><span style="position: absolute; display: inline-block; left: 0px; top: 68.2363px; width: 357.539px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Fair value<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 220.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>37<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.6759px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>93</span><span style="position: absolute; display: inline-block; left: 0px; top: 87.627px; width: 117.727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Of which rec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ognised in </span><span style="position: absolute; display: inline-block; left: 0px; top: 102.627px; width: 357.885px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">profit or los<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>s<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.738px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>40<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>97</span><span style="position: absolute; display: inline-block; left: 0px; top: 122.002px; width: 362.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Of which rec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ognised in OCI<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 136.734px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6094px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(4)</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4.6 Earnings per shar<span class="_ _0"/>e</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:446.810546875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 357.264px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Earnings per share<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.232px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 356.812px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ofit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>or the year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 166.342px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>12,407<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>17,671</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4863px; width: 171.217px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Non-contr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>olling inter<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ests’ shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e of </span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4863px; width: 356.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">consolidat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed profit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>or the year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 125.66px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>92<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>103</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.8164px; width: 126.779px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">DSV A<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>/S shareholder<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>s’<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/> </span><span style="position: absolute; display: inline-block; left: 0px; top: 93.8164px; width: 356.977px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">share of pr<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ofit f<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>or the year<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 100.113px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">12,315<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 21.3105px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>17,568</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 116.346px; width: 356.807px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Amortisation of customer r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>elationships<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>178<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>254</span><span style="position: absolute; display: inline-block; left: 0px; top: 135.736px; width: 356.865px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Share-based payment<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.85px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>267<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>202</span><span style="position: absolute; display: inline-block; left: 0px; top: 155.111px; width: 357.023px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Special items, c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 191.315px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,117</span><span style="position: absolute; display: inline-block; left: 0px; top: 174.486px; width: 361.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Relat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed tax eff<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ect<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 179.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(110)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(376)</span><span style="position: absolute; display: inline-block; left: 0px; top: 195.832px; width: 356.994px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Adjusted pr<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ofit f<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>or the year<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 96.7384px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">12,650<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 20.8535px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>18,765</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 220.924px; width: 66.9609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(‘000 shares)</span><span style="position: absolute; display: inline-block; left: 0px; top: 240.299px; width: 356.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>otal average number of shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>es issued<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.2167px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>219,000<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>235,438</span><span style="position: absolute; display: inline-block; left: 0px; top: 259.674px; width: 361.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ver<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>age number of tr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>easury shares<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(5,482)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.6836px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(8,121)</span><span style="position: absolute; display: inline-block; left: 0px; top: 279.064px; width: 356.959px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ver<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>age number of shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>es outstanding<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>213,518<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>227,317</span><span style="position: absolute; display: inline-block; left: 0px; top: 301.002px; width: 218.713px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ver<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>age dilutive effect of outstanding shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e </span><span style="position: absolute; display: inline-block; left: 0px; top: 316.002px; width: 357px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">options under incentive schemes<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.535px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,000<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,150</span><span style="position: absolute; display: inline-block; left: 0px; top: 337.332px; width: 186.404px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Diluted aver<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>age number of shares </span><span style="position: absolute; display: inline-block; left: 0px; top: 352.332px; width: 357.094px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">outstanding<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 175.951px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>215,518<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 13.3359px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>230,467</span><span style="position: absolute; display: inline-block; left: 0px; top: 377.424px; width: 356.766px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Earnings per shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e of DKK 1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 132.475px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>57.7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>77.3</span><span style="position: absolute; display: inline-block; left: 0px; top: 396.799px; width: 357.053px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Diluted earnings per shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e of DKK 1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.9082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>57.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.8261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>76.2</span><span style="position: absolute; display: inline-block; left: 0px; top: 416.189px; width: 357.035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Adjusted earnings per shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e of DKK 1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.1855px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>59.2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.8261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>82.5</span><span style="position: absolute; display: inline-block; left: 0px; top: 435.564px; width: 356.848px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Diluted adjust<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed earnings per shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e of DKK 1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>58.7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.8261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>81.4</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Diluted av<span class="_ _0"/>erage number of shar<span class="_ _0"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Diluted earnings per shar<span class="_ _0"/>e and dilut<span class="_ _0"/>ed adjusted earnings per shar<span class="_ _0"/>e have been </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">calculated e<span class="_ _0"/>xcluding out-of<span class="_ _0"/>-the money share options. The number of<span class="_ _4"/> <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">non-vested out-of<span class="_ _0"/>-the money shar<span class="_ _0"/>e options was 6,870,263 in 2023 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: 4,325,750).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4.7 <span class="_ _15e"/>Financial instruments — f<span class="_ _3"/>air value hier<span class="_ _0"/>ar<span class="_ _3"/>chy</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value hier<span class="_ _3"/>archy by category</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Derivative financial instruments </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV has no financial instruments measur<span class="_ _0"/>ed at fair value based on lev<span class="_ _0"/>el 1 input<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(quot<span class="_ _0"/>ed active market prices) or level 3 input (non-observable market dat<span class="_ _0"/>a). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial instruments ar<span class="_ _0"/>e measur<span class="_ _0"/>ed based on level 2 input (input other than </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">quot<span class="_ _0"/>ed prices that ar<span class="_ _0"/>e observable either directly or indirectly). The fair value <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of curr<span class="_ _0"/>ency derivatives is determined based on gener<span class="_ _0"/>ally acc<span class="_ _0"/>epted valuation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">methods using available observable market data. Calculated f<span class="_ _0"/>air values ar<span class="_ _0"/>e <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">verified against compar<span class="_ _0"/>able ext<span class="_ _0"/>ernal market quo<span class="_ _0"/>tes on a monthly basis.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Issued bonds</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The fair value of issued bonds me<span class="_ _0"/>asured at amortised c<span class="_ _0"/>ost is within <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">level 1 of the fair value hier<span class="_ _0"/>ar<span class="_ _0"/>chy<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Over<span class="_ _0"/>draft and cr<span class="_ _0"/>edit f<span class="_ _0"/>acilities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The carrying amount of over<span class="_ _0"/>draft and cr<span class="_ _0"/>edit facilities measur<span class="_ _0"/>ed at amortised </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost is no<span class="_ _0"/>t consider<span class="_ _0"/>ed t<span class="_ _0"/>o differ significantly fr<span class="_ _0"/>om the f<span class="_ _0"/>air value.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>rade r<span class="_ _3"/>eceivables, trade payables and o<span class="_ _0"/>ther r<span class="_ _0"/>eceivables</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rec<span class="_ _0"/>eivables and payables pertaining to oper<span class="_ _0"/>ating activities with short churn<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ratios ar<span class="_ _0"/>e c<span class="_ _0"/>onsidered t<span class="_ _0"/>o have a car<span class="_ _0"/>rying amount equal to fair value. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cash and cash equivalents</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The carrying amount of cash and cash equivalents is no<span class="_ _0"/>t consider<span class="_ _0"/>ed to diff<span class="_ _0"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">significantly fr<span class="_ _0"/>om the fair value.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:246.013671875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 741.932px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financial instruments by category<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>arrying amount<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Fair V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Carr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>ying amount<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Fair V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>alue</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0918px; width: 78.1465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Financial assets:</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 742.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency derivatives<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 269.35px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>37<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>37<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 110.648px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>93<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.129px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>93</span><span style="position: absolute; display: inline-block; left: 0px; top: 68.2363px; width: 742.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>rade r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eivables<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 262.389px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>22,296<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>22,296<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.1855px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>32,387<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>32,387</span><span style="position: absolute; display: inline-block; left: 0px; top: 87.6113px; width: 741.914px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other rec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eivables<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 266.889px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6,744<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6,744<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.4043px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6,640<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6,640</span><span style="position: absolute; display: inline-block; left: 0px; top: 106.986px; width: 742.125px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Cash and cash equivalents<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 225.334px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6,452<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6,452<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.1855px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>10,160<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>10,160</span><span style="position: absolute; display: inline-block; left: 0px; top: 128.924px; width: 742.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Financial assets measur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed at amortised cost<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.027px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35,492<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35,492<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.1855px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>49,187<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>49,187</span><span style="position: absolute; display: inline-block; left: 0px; top: 154.701px; width: 89.1738px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Financial liabilities:</span><span style="position: absolute; display: inline-block; left: 0px; top: 174.064px; width: 742.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Issued bonds measur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed at amortised cost<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.816px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,450<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18,364<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,377<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16,615</span><span style="position: absolute; display: inline-block; left: 0px; top: 193.455px; width: 742.09px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>draft and cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit facilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 219.897px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>677<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.5px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>677<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.986px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>829<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.5px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>829</span><span style="position: absolute; display: inline-block; left: 0px; top: 212.83px; width: 742.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>rade pay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 274.377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,111<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,111<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,992<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,992</span><span style="position: absolute; display: inline-block; left: 0px; top: 234.768px; width: 742.02px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Financial liabilities measur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed at amortised cost<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 120.691px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35,238<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>32,152<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.1855px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>37,198<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>32,436</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fair value hier<span class="_ _3"/>archy by category</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Derivative financial instruments </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV has no financial instruments measur<span class="_ _0"/>ed at fair value based on lev<span class="_ _0"/>el 1 input<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(quot<span class="_ _0"/>ed active market prices) or level 3 input (non-observable market dat<span class="_ _0"/>a). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial instruments ar<span class="_ _0"/>e measur<span class="_ _0"/>ed based on level 2 input (input other than </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">quot<span class="_ _0"/>ed prices that ar<span class="_ _0"/>e observable either directly or indirectly). The fair value <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of curr<span class="_ _0"/>ency derivatives is determined based on gener<span class="_ _0"/>ally acc<span class="_ _0"/>epted valuation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">methods using available observable market data. Calculated f<span class="_ _0"/>air values ar<span class="_ _0"/>e <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">verified against compar<span class="_ _0"/>able ext<span class="_ _0"/>ernal market quo<span class="_ _0"/>tes on a monthly basis.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Issued bonds</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The fair value of issued bonds me<span class="_ _0"/>asured at amortised c<span class="_ _0"/>ost is within <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">level 1 of the fair value hier<span class="_ _0"/>ar<span class="_ _0"/>chy<span class="_ _0"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Issued bonds</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The fair value of issued bonds me<span class="_ _0"/>asured at amortised c<span class="_ _0"/>ost is within <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">level 1 of the fair value hier<span class="_ _0"/>ar<span class="_ _0"/>chy<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Over<span class="_ _0"/>draft and cr<span class="_ _0"/>edit f<span class="_ _0"/>acilities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The carrying amount of over<span class="_ _0"/>draft and cr<span class="_ _0"/>edit facilities measur<span class="_ _0"/>ed at amortised </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost is no<span class="_ _0"/>t consider<span class="_ _0"/>ed t<span class="_ _0"/>o differ significantly fr<span class="_ _0"/>om the f<span class="_ _0"/>air value.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _3"/>rade r<span class="_ _3"/>eceivables, trade payables and o<span class="_ _0"/>ther r<span class="_ _0"/>eceivables</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rec<span class="_ _0"/>eivables and payables pertaining to oper<span class="_ _0"/>ating activities with short churn<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ratios ar<span class="_ _0"/>e c<span class="_ _0"/>onsidered t<span class="_ _0"/>o have a car<span class="_ _0"/>rying amount equal to fair value. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cash and cash equivalents</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The carrying amount of cash and cash equivalents is no<span class="_ _0"/>t consider<span class="_ _0"/>ed to diff<span class="_ _0"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">significantly fr<span class="_ _0"/>om the fair value.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:246.013671875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 741.932px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Financial instruments by category<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>arrying amount<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Fair V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.6719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Carr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>ying amount<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Fair V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"/>alue</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0918px; width: 78.1465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Financial assets:</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 742.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency derivatives<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 269.35px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>37<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>37<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 110.648px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>93<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.129px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>93</span><span style="position: absolute; display: inline-block; left: 0px; top: 68.2363px; width: 742.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>rade r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eivables<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 262.389px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>22,296<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>22,296<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.1855px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>32,387<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>32,387</span><span style="position: absolute; display: inline-block; left: 0px; top: 87.6113px; width: 741.914px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other rec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eivables<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 266.889px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6,744<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6,744<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.4043px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6,640<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6,640</span><span style="position: absolute; display: inline-block; left: 0px; top: 106.986px; width: 742.125px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Cash and cash equivalents<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 225.334px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6,452<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6,452<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.1855px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>10,160<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>10,160</span><span style="position: absolute; display: inline-block; left: 0px; top: 128.924px; width: 742.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Financial assets measur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed at amortised cost<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.027px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35,492<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35,492<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.1855px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>49,187<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>49,187</span><span style="position: absolute; display: inline-block; left: 0px; top: 154.701px; width: 89.1738px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Financial liabilities:</span><span style="position: absolute; display: inline-block; left: 0px; top: 174.064px; width: 742.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Issued bonds measur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed at amortised cost<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.816px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,450<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18,364<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>21,377<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>16,615</span><span style="position: absolute; display: inline-block; left: 0px; top: 193.455px; width: 742.09px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Over<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>draft and cr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>edit facilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 219.897px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>677<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.5px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>677<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.986px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>829<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.5px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>829</span><span style="position: absolute; display: inline-block; left: 0px; top: 212.83px; width: 742.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>rade pay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 274.377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,111<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13,111<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,992<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14,992</span><span style="position: absolute; display: inline-block; left: 0px; top: 234.768px; width: 742.02px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Financial liabilities measur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed at amortised cost<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 120.691px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>35,238<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>32,152<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.1855px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>37,198<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>32,436</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Curr<span class="_ _0"/>ent tax payables and r<span class="_ _0"/>ec<span class="_ _0"/>eivables ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial positi<span class="_ _4"/>on as tax calculat<span class="_ _0"/>ed on the taxable inc<span class="_ _0"/>ome f<span class="_ _0"/>or the year ad<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">just<span class="_ _0"/>ed f<span class="_ _0"/>or tax on t<span class="_ _0"/>axable inc<span class="_ _0"/>ome for pr<span class="_ _0"/>evious years and f<span class="_ _0"/>or pr<span class="_ _0"/>epaid tax. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _d"/>ax for the year c<span class="_ _0"/>omprises curr<span class="_ _0"/>ent and def<span class="_ _0"/>err<span class="_ _0"/>ed tax on pr<span class="_ _0"/>ofit or loss f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the year<span class="_ _3"/>, penalties related t<span class="_ _0"/>o pending tax disput<span class="_ _0"/>es and adjustments to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">previous ye<span class="_ _0"/>ars, including adjustments due to t<span class="_ _0"/>ax rulings. T<span class="_ _d"/>ax for the year </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is rec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss, unless the tax e<span class="_ _0"/>xpense </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">relat<span class="_ _0"/>es dir<span class="_ _0"/>ectly to items included in o<span class="_ _0"/>ther compr<span class="_ _0"/>ehensive inc<span class="_ _0"/>ome or equity.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5.1 <span class="_ _15e"/>Income t<span class="_ _0"/>ax</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Curr<span class="_ _0"/>ent tax payables and r<span class="_ _0"/>ec<span class="_ _0"/>eivables ar<span class="_ _0"/>e rec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial positi<span class="_ _4"/>on as tax calculat<span class="_ _0"/>ed on the taxable inc<span class="_ _0"/>ome f<span class="_ _0"/>or the year ad<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">just<span class="_ _0"/>ed f<span class="_ _0"/>or tax on t<span class="_ _0"/>axable inc<span class="_ _0"/>ome for pr<span class="_ _0"/>evious years and f<span class="_ _0"/>or pr<span class="_ _0"/>epaid tax. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _d"/>ax for the year c<span class="_ _0"/>omprises curr<span class="_ _0"/>ent and def<span class="_ _0"/>err<span class="_ _0"/>ed tax on pr<span class="_ _0"/>ofit or loss f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the year<span class="_ _3"/>, penalties related t<span class="_ _0"/>o pending tax disput<span class="_ _0"/>es and adjustments to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">previous ye<span class="_ _0"/>ars, including adjustments due to t<span class="_ _0"/>ax rulings. T<span class="_ _d"/>ax for the year </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is rec<span class="_ _0"/>ognised in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss, unless the tax e<span class="_ _0"/>xpense </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">relat<span class="_ _0"/>es dir<span class="_ _0"/>ectly to items included in o<span class="_ _0"/>ther compr<span class="_ _0"/>ehensive inc<span class="_ _0"/>ome or equity.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:248.734375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 357.035px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Income tax f<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>or the year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.4159px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 356.766px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ax on profit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>or the year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 139.295px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4,083<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,550</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4863px; width: 356.883px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ax on other changes in equity<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.365px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(171)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>322</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.8613px; width: 361.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ax on other compr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ome<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(81)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(52)</span><span style="position: absolute; display: inline-block; left: 0px; top: 83.207px; width: 356.871px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal tax for the year<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 140.444px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">3,831<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.7637px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>5,820</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 109.564px; width: 356.836px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ent tax<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 205.353px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,961<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5,704</span><span style="position: absolute; display: inline-block; left: 0px; top: 128.939px; width: 361.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed tax<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 209.554px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>245<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(302)</span><span style="position: absolute; display: inline-block; left: 0px; top: 148.314px; width: 357.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ax adjustment relating t<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>evious years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.8301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(123)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>148</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.66px; width: 356.906px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal tax on profit f<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>or the year<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 88.3886px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">4,083<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.7637px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>5,550</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 196.018px; width: 361.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Fair value adjustment of hedging instruments <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3534px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2)</span><span style="position: absolute; display: inline-block; left: 0px; top: 215.393px; width: 357.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Actuarial gains/(losses)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.975px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>75<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>54</span><span style="position: absolute; display: inline-block; left: 0px; top: 236.738px; width: 356.924px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal tax on other comprehensiv<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>e income<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 51.9491px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">81<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>52</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:262.859375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 356.994px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">T<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ax rat<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (%) <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 191.783px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 357.164px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Calculated tax on pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ofit f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>or the year bef<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>or<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e tax<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 30.7676px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>22.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>22.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4707px; width: 192.604px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Adjustment of calculated t<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ax in f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>or<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eign </span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4707px; width: 357.064px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Group entities r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>elative t<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o 22.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.904px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.5%</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8457px; width: 200.01px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Change in defer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed tax based on change </span><span style="position: absolute; display: inline-block; left: 0px; top: 91.8457px; width: 356.73px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">in income tax r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>at<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 179.877px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 117.623px; width: 65.3613px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ax effect of:</span><span style="position: absolute; display: inline-block; left: 0px; top: 137.002px; width: 357.123px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Non-deductible expenses/non-taxable inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ome<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1.9%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0.5%</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.377px; width: 177.82px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Non-deductible losses/non-taxable </span><span style="position: absolute; display: inline-block; left: 0px; top: 171.377px; width: 361.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">gains on shares<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 188.373px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(0.4%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 29.2558px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(0.1%)</span><span style="position: absolute; display: inline-block; left: 0px; top: 190.752px; width: 357.047px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ax adjustment relating t<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>evious years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.6759px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(0.7%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0.6%</span><span style="position: absolute; display: inline-block; left: 0px; top: 210.143px; width: 361.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ax asset valuation adjustments, net<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(0.8%)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 29.2558px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2.3%)</span><span style="position: absolute; display: inline-block; left: 0px; top: 229.518px; width: 356.988px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other taxes and adjus<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 125.66px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0.8%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0.7%</span><span style="position: absolute; display: inline-block; left: 0px; top: 250.863px; width: 356.643px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Eff<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ective tax rat<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>e<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 157.857px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">24.8%<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 26.3613px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>23.9%</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Global minimum top-up t<span class="_ _0"/>ax</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In Mar<span class="_ _0"/>ch 2022, the Organisation f<span class="_ _0"/>or E<span class="_ _0"/>conomic Co-oper<span class="_ _0"/>ation and Devel-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">opment (OECD) issued technical guidanc<span class="_ _0"/>e and overview of the potential </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">impact of the OECD Pillar T<span class="_ _0"/>wo e<span class="_ _0"/>xpansion on the financial stat<span class="_ _0"/>ements in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>ordanc<span class="_ _0"/>e with IAS 12 Income T<span class="_ _7"/>axes.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The expansion of Pillar T<span class="_ _3"/>wo aims to addr<span class="_ _0"/>ess Base Er<span class="_ _0"/>osion and P<span class="_ _0"/>rofit Shift-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ing (BEPS) by introducing a global minimum t<span class="_ _0"/>ax r<span class="_ _0"/>ate of 15% and imple-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">menting tax legislation f<span class="_ _0"/>or the allocation of taxing rights.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group<span class="_ _0"/>’<span class="_ _3"/>s ultimate par<span class="_ _0"/>ent is in Denmark, which has enacted new tax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">legislation to implement the global minimum t<span class="_ _0"/>op-up tax, which may </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">consequently be applied with r<span class="_ _0"/>espect to all subsidiaries of the Gr<span class="_ _0"/>oup.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As the newly enac<span class="_ _4"/>ted tax legislation in Denmark is only eff<span class="_ _0"/>ective from </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1 January 2024, there is no curr<span class="_ _0"/>ent t<span class="_ _0"/>ax impact for the year ended </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">31 December 2023.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group has applied a t<span class="_ _0"/>empor<span class="_ _0"/>ary mandatory relief fr<span class="_ _0"/>om def<span class="_ _0"/>err<span class="_ _0"/>ed tax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>ounting for the impacts of the top-up t<span class="_ _0"/>ax and acc<span class="_ _0"/>ounts f<span class="_ _0"/>or it as a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">curr<span class="_ _0"/>ent tax as it is incurr<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group has pr<span class="_ _0"/>epar<span class="_ _0"/>ed a pr<span class="_ _0"/>eliminary T<span class="_ _d"/>ransitional Country-by-Country </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reporting (CbCR) Saf<span class="_ _0"/>e Harbour assessment concluding on fisc<span class="_ _0"/>al year </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023, based on which it expects to be eligible f<span class="_ _0"/>or the T<span class="_ _d"/>ransitional CbCR </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Safe Harbour in the majority of jurisdictions in which the Group is pr<span class="_ _0"/>esent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">during fiscal year 2024. The top-up t<span class="_ _0"/>ax would not have had a mat<span class="_ _0"/>erial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">impact to the Group if it had been applic<span class="_ _0"/>able in 2023. At 31 Dec<span class="_ _0"/>ember </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023, there ar<span class="_ _0"/>e no indic<span class="_ _0"/>ations that the top-up tax will hav<span class="_ _0"/>e material </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">impact to the Group in 2024.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Defer<span class="_ _0"/>r<span class="_ _0"/>ed tax is r<span class="_ _0"/>ecognised based on t<span class="_ _0"/>emporary diff<span class="_ _0"/>erenc<span class="_ _0"/>es betw<span class="_ _0"/>een the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">carrying amount and the tax value of assets and liabilities. No r<span class="_ _0"/>ec<span class="_ _0"/>ognition is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">made of defer<span class="_ _0"/>r<span class="_ _0"/>ed tax on tempor<span class="_ _0"/>ary differ<span class="_ _0"/>enc<span class="_ _0"/>es relating t<span class="_ _0"/>o amortisation or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">depreciation of goodwill, pr<span class="_ _0"/>operties and other it<span class="_ _0"/>ems if disallowed f<span class="_ _0"/>or t<span class="_ _0"/>ax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">purposes, exc<span class="_ _0"/>ept at the acquisition of entities, if such t<span class="_ _0"/>empor<span class="_ _0"/>ary differ<span class="_ _0"/>enc<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es arose on the dat<span class="_ _0"/>e of acquisition without aff<span class="_ _0"/>ecting the results or the <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">taxable inc<span class="_ _0"/>ome. In cases wher<span class="_ _0"/>e it is possible to c<span class="_ _0"/>alculate the tax v<span class="_ _0"/>alue<span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>ording t<span class="_ _0"/>o diff<span class="_ _0"/>erent t<span class="_ _0"/>axation rules, def<span class="_ _0"/>err<span class="_ _0"/>ed tax is measur<span class="_ _0"/>ed on the <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">basis of the planned use of the asset or the settlement of the liability.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Defer<span class="_ _0"/>r<span class="_ _0"/>ed tax assets, including the t<span class="_ _0"/>ax base of tax loss carryforwards, ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognised as other non-cur<span class="_ _0"/>rent as<span class="_ _0"/>sets at the expected value of their <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">utilisation, either by elimination in tax on futur<span class="_ _0"/>e earnings or by offsetting </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">defer<span class="_ _0"/>r<span class="_ _0"/>ed tax liabilities within the same legal tax entity and jurisdiction. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Defer<span class="_ _0"/>r<span class="_ _0"/>ed tax assets and t<span class="_ _0"/>ax liabilities are offse<span class="_ _0"/>t if the enterprise has a <span class="_ _0"/>leg<span class="_ _0"/>ally </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">enfor<span class="_ _0"/>c<span class="_ _0"/>eable right to se<span class="_ _0"/>t off current t<span class="_ _0"/>ax liabilities and tax assets<span class="_ _4"/> <span class="_ _4"/>or<span class="_ _4"/> <span class="_ _4"/>in<span class="_ _4"/>ten<span class="_ _4"/>d<span class="_ _4"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">either to settle cur<span class="_ _0"/>rent t<span class="_ _0"/>ax liabilities and tax assets on a ne<span class="_ _0"/>t basis or to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>alise the assets and liabilities simultaneously<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Defer<span class="_ _0"/>r<span class="_ _0"/>ed tax is adjust<span class="_ _0"/>ed for elimination of unr<span class="_ _0"/>ealised intr<span class="_ _0"/>a-gr<span class="_ _0"/>oup gains and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">losses. Def<span class="_ _0"/>err<span class="_ _0"/>ed tax is measur<span class="_ _0"/>ed on the basis of the tax rules and t<span class="_ _0"/>ax rat<span class="_ _0"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of the relev<span class="_ _0"/>ant countries that will be eff<span class="_ _0"/>ective under current legislation at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the reporting dat<span class="_ _0"/>e on which the defer<span class="_ _0"/>r<span class="_ _0"/>ed tax is expected t<span class="_ _0"/>o materialise as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">curr<span class="_ _0"/>ent tax.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5.2 Def<span class="_ _3"/>erred t<span class="_ _0"/>ax</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Defer<span class="_ _0"/>r<span class="_ _0"/>ed tax is r<span class="_ _0"/>ecognised based on t<span class="_ _0"/>emporary diff<span class="_ _0"/>erenc<span class="_ _0"/>es betw<span class="_ _0"/>een the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">carrying amount and the tax value of assets and liabilities. No r<span class="_ _0"/>ec<span class="_ _0"/>ognition is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">made of defer<span class="_ _0"/>r<span class="_ _0"/>ed tax on tempor<span class="_ _0"/>ary differ<span class="_ _0"/>enc<span class="_ _0"/>es relating t<span class="_ _0"/>o amortisation or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">depreciation of goodwill, pr<span class="_ _0"/>operties and other it<span class="_ _0"/>ems if disallowed f<span class="_ _0"/>or t<span class="_ _0"/>ax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">purposes, exc<span class="_ _0"/>ept at the acquisition of entities, if such t<span class="_ _0"/>empor<span class="_ _0"/>ary differ<span class="_ _0"/>enc<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es arose on the dat<span class="_ _0"/>e of acquisition without aff<span class="_ _0"/>ecting the results or the <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">taxable inc<span class="_ _0"/>ome. In cases wher<span class="_ _0"/>e it is possible to c<span class="_ _0"/>alculate the tax v<span class="_ _0"/>alue<span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>ording t<span class="_ _0"/>o diff<span class="_ _0"/>erent t<span class="_ _0"/>axation rules, def<span class="_ _0"/>err<span class="_ _0"/>ed tax is measur<span class="_ _0"/>ed on the <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">basis of the planned use of the asset or the settlement of the liability.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Defer<span class="_ _0"/>r<span class="_ _0"/>ed tax assets, including the t<span class="_ _0"/>ax base of tax loss carryforwards, ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognised as other non-cur<span class="_ _0"/>rent as<span class="_ _0"/>sets at the expected value of their <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">utilisation, either by elimination in tax on futur<span class="_ _0"/>e earnings or by offsetting </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">defer<span class="_ _0"/>r<span class="_ _0"/>ed tax liabilities within the same legal tax entity and jurisdiction. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Defer<span class="_ _0"/>r<span class="_ _0"/>ed tax assets and t<span class="_ _0"/>ax liabilities are offse<span class="_ _0"/>t if the enterprise has a <span class="_ _0"/>leg<span class="_ _0"/>ally </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">enfor<span class="_ _0"/>c<span class="_ _0"/>eable right to se<span class="_ _0"/>t off current t<span class="_ _0"/>ax liabilities and tax assets<span class="_ _4"/> <span class="_ _4"/>or<span class="_ _4"/> <span class="_ _4"/>in<span class="_ _4"/>ten<span class="_ _4"/>d<span class="_ _4"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">either to settle cur<span class="_ _0"/>rent t<span class="_ _0"/>ax liabilities and tax assets on a ne<span class="_ _0"/>t basis or to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>alise the assets and liabilities simultaneously<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Defer<span class="_ _0"/>r<span class="_ _0"/>ed tax is adjust<span class="_ _0"/>ed for elimination of unr<span class="_ _0"/>ealised intr<span class="_ _0"/>a-gr<span class="_ _0"/>oup gains and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">losses. Def<span class="_ _0"/>err<span class="_ _0"/>ed tax is measur<span class="_ _0"/>ed on the basis of the tax rules and t<span class="_ _0"/>ax rat<span class="_ _0"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of the relev<span class="_ _0"/>ant countries that will be eff<span class="_ _0"/>ective under current legislation at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the reporting dat<span class="_ _0"/>e on which the defer<span class="_ _0"/>r<span class="_ _0"/>ed tax is expected t<span class="_ _0"/>o materialise as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">curr<span class="_ _0"/>ent tax.</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management applies significant estimat<span class="_ _0"/>es when rec<span class="_ _0"/>ognising and measuring </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">defer<span class="_ _0"/>r<span class="_ _0"/>ed tax assets and unc<span class="_ _0"/>ertain tax positions. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Defer<span class="_ _0"/>r<span class="_ _0"/>ed tax assets, including the t<span class="_ _0"/>ax base of tax loss carryforwards, ar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognised if it is assessed that ther<span class="_ _0"/>e will be sufficient futur<span class="_ _0"/>e taxable in<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">come against which the t<span class="_ _0"/>emporary diff<span class="_ _0"/>erenc<span class="_ _0"/>es and unutilised tax losses c<span class="_ _0"/>an </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be utilised. This assessment is based on budgets and business plans f<span class="_ _0"/>or the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">following ye<span class="_ _0"/>ars, including planned business initiatives. Def<span class="_ _0"/>err<span class="_ _0"/>ed tax assets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are t<span class="_ _0"/>est<span class="_ _0"/>ed annually and are only r<span class="_ _0"/>ec<span class="_ _0"/>ognised if it is pr<span class="_ _0"/>obable that futur<span class="_ _0"/>e taxa<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ble profit will allow the def<span class="_ _0"/>er<span class="_ _0"/>red t<span class="_ _0"/>ax asset t<span class="_ _0"/>o be rec<span class="_ _0"/>over<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Uncertain tax positions include ongoing disput<span class="_ _0"/>es with tax authorities and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">have been pr<span class="_ _0"/>ovided for in ac<span class="_ _0"/>cor<span class="_ _0"/>danc<span class="_ _0"/>e with the acc<span class="_ _0"/>ounting policies. Man<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">agement believes that the pr<span class="_ _0"/>ovisions made are adequat<span class="_ _0"/>e. The actual obliga<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion<span class="_ _4"/>s may<span class="_ _4"/> devi<span class="_ _4"/>ate as th<span class="_ _4"/>ey d<span class="_ _4"/>epen<span class="_ _4"/>d on t<span class="_ _4"/>he result of litigations <span class="_ _0"/>and settlements </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with the relev<span class="_ _0"/>ant tax authorities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:187.71875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 183.955px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Def<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>erred t<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ax rec<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ognised in the <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 15.0039px; width: 190.354px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Stat<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ement of financial positions </span><span style="position: absolute; display: inline-block; left: 189.188px; top: 15.9414px; width: 102.967px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.2344px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -95.148px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 356.766px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed tax at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 136.242px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,990<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.1914px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,097</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4707px; width: 356.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed tax f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>or the year<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 144.381px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(245)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>302</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8613px; width: 361.102px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ax adjustment relating t<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>o pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>evious years<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>101<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6482px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(74)</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2363px; width: 361.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ax on changes in equity<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.102px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(139)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(430)</span><span style="position: absolute; display: inline-block; left: 0px; top: 115.611px; width: 356.713px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions from busines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>s combinations<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.9395px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(24)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>79</span><span style="position: absolute; display: inline-block; left: 0px; top: 135.002px; width: 361.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other adjustments<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.779px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>40<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(20)</span><span style="position: absolute; display: inline-block; left: 0px; top: 154.377px; width: 356.678px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 174.703px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(32)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>36</span><span style="position: absolute; display: inline-block; left: 0px; top: 175.723px; width: 356.596px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Def<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>erred t<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ax at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 96.0938px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2,691<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 28.3301px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,990</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:90.8125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 204.123px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Def<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>erred t<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ax not rec<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>og <span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>nised in the </span><span style="position: absolute; display: inline-block; left: 0px; top: 15.0039px; width: 187.459px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Stat<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ement of financial positions</span><span style="position: absolute; display: inline-block; left: 187.297px; top: 15.9414px; width: 105.85px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.2344px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -95.148px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 356.771px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>emporary differ<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ences<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.951px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9727px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>29</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4707px; width: 356.877px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ax loss carry<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>forwar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ds<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.619px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>515<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>853</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.8164px; width: 357.012px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal tax assets not rec<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ognised<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 99.6446px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">519<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 40.4239px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>882</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Of not r<span class="_ _0"/>ecognised t<span class="_ _0"/>ax loss carryforwards, DKK 354 million (2022: DKK </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">574 million) may be carried f<span class="_ _0"/>orward indefinit<span class="_ _0"/>ely<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The def<span class="_ _0"/>erred t<span class="_ _0"/>ax assets and liabilities r<span class="_ _0"/>ecognised ar<span class="_ _0"/>e allocated t<span class="_ _0"/>o the f<span class="_ _0"/>ollowing items: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:246.546875px;"><span style="position: absolute; display: inline-block; left: 722.375px; top: 0.0019531px; width: 53.2148px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">PPE<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>, ROU </span><span style="position: absolute; display: inline-block; left: 982.594px; top: 0.0019531px; width: 55.043px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ax base of</span><span style="position: absolute; display: inline-block; left: 709.234px; top: 15.002px; width: 67.2012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">assets, lease </span><span style="position: absolute; display: inline-block; left: 966.797px; top: 15.002px; width: 70.9277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">tax loss car<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ry-</span><span style="position: absolute; display: inline-block; left: 0px; top: 28.8477px; width: 680.924px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Def<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>erred t<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ax allocation 2023 <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 384.971px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Intangible assets</span></span><span style="position: absolute; display: inline-block; left: 728.359px; top: 30.002px; width: 220.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.8261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ovisions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 15.7031px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Other liabilities</span><span style="position: absolute; display: inline-block; left: 993.344px; top: 30.002px; width: 131.607px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">forwar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ds<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.8301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 51.9395px; width: 1127.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed tax at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 536.385px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(11)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>112<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>953<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>994<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>942<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,990</span><span style="position: absolute; display: inline-block; left: 0px; top: 71.3145px; width: 1131.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Rec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ognised in profit or los<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>s<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 534.232px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>49<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(20)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(176)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(201)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>204<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(144)</span><span style="position: absolute; display: inline-block; left: 0px; top: 90.7051px; width: 1131.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Rec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ognised in equity<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 573.967px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.3261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>81<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(220)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(139)</span><span style="position: absolute; display: inline-block; left: 0px; top: 110.08px; width: 1131.73px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions from busines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>s combinations<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.49px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(24)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.3261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.3261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.3261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(24)</span><span style="position: absolute; display: inline-block; left: 0px; top: 129.455px; width: 1126.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other adjustments<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 582.322px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.9315px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>12<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>40</span><span style="position: absolute; display: inline-block; left: 0px; top: 148.846px; width: 1131.22px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 569.408px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(16)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.3221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(15)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.9219px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.8301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(32)</span><span style="position: absolute; display: inline-block; left: 0px; top: 170.191px; width: 1127.11px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Def<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>erred t<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ax at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 502.676px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">11<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 73.9219px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>99<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 65.8301px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>855<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 65.8301px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>570<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,156<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,691</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 196.561px; width: 108.873px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Rec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ognised as f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ollows:</span><span style="position: absolute; display: inline-block; left: 0px; top: 215.924px; width: 1126.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed tax assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 563.018px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>155<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>209<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,084<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>768<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,084<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,300</span><span style="position: absolute; display: inline-block; left: 0px; top: 235.299px; width: 1131.52px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed tax liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 548.096px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(144)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(110)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(229)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(198)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>72<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(609)</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:246.546875px;"><span style="position: absolute; display: inline-block; left: 722.375px; top: 0.0019531px; width: 53.2148px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">PPE<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>, ROU </span><span style="position: absolute; display: inline-block; left: 982.594px; top: 0.0019531px; width: 57.9199px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ax base of </span><span style="position: absolute; display: inline-block; left: 709.234px; top: 15.002px; width: 67.2012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">assets, lease </span><span style="position: absolute; display: inline-block; left: 966.797px; top: 15.002px; width: 70.9277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">tax loss car<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ry-</span><span style="position: absolute; display: inline-block; left: 0px; top: 28.8477px; width: 680.912px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Def<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>erred t<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ax allocation 2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 384.971px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span>Intangible assets</span></span><span style="position: absolute; display: inline-block; left: 728.359px; top: 30.002px; width: 220.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.8261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ovisions<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 15.7031px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Other liabilities</span><span style="position: absolute; display: inline-block; left: 993.344px; top: 30.002px; width: 131.607px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">forwar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ds<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.8301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 51.9395px; width: 1126.95px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed tax at 1 January<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 529.271px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(290)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(166)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>889<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.504px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,758<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>906<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,097</span><span style="position: absolute; display: inline-block; left: 0px; top: 71.3145px; width: 1127.36px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Rec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ognised in profit or los<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>s<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 527.122px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>277<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>170<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>111<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(298)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.3221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(32)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>228</span><span style="position: absolute; display: inline-block; left: 0px; top: 90.6895px; width: 1131.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Rec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ognised in equity<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 573.967px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.3261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>52<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(482)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(430)</span><span style="position: absolute; display: inline-block; left: 0px; top: 110.08px; width: 1126.99px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Additions from busines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>s combinations<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 489.127px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>90<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(95)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>84<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>79</span><span style="position: absolute; display: inline-block; left: 0px; top: 129.455px; width: 1131.21px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other adjustments<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 582.322px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.3261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>13<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(31)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.3221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(20)</span><span style="position: absolute; display: inline-block; left: 0px; top: 148.83px; width: 1126.98px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ency translation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 573.967px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4082px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>36</span><span style="position: absolute; display: inline-block; left: 0px; top: 170.176px; width: 1126.88px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Def<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>erred t<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ax at 31 December<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 497.336px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">(11)<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 60.2167px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>112<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 65.8301px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>953<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 65.8301px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>994<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 65.8301px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>942<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>2,990</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 196.545px; width: 108.873px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;">Rec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ognised as f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff5; -webkit-text-stroke-width: 0.18px;"/>ollows:</span><span style="position: absolute; display: inline-block; left: 0px; top: 215.908px; width: 1126.88px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed tax assets<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 563.018px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>162<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>273<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,034<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,074<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>951<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,494</span><span style="position: absolute; display: inline-block; left: 0px; top: 235.299px; width: 1131.21px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Defer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed tax liabilities<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 548.096px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(173)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(161)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.3221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(81)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.3221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(80)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.9219px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(9)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.752px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(504)</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When acc<span class="_ _0"/>ounting for busines<span class="_ _0"/>s combinations, the ac<span class="_ _0"/>quisition method is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">applied in acc<span class="_ _0"/>ordanc<span class="_ _0"/>e with IFRS 3.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Acquir<span class="_ _0"/>ees ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the c<span class="_ _0"/>onsolidated financial st<span class="_ _0"/>atements fr<span class="_ _0"/>om </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the date of ac<span class="_ _0"/>quisition. The date of ac<span class="_ _0"/>quisition is the date on which DSV </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">obtains c<span class="_ _0"/>ontr<span class="_ _0"/>ol of the company<span class="_ _0"/>. Entities disposed of ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">consolidat<span class="_ _0"/>ed financial stat<span class="_ _0"/>ements until the date of disposal. The dat<span class="_ _0"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">disposal is the date on which DSV surr<span class="_ _0"/>enders c<span class="_ _0"/>ontr<span class="_ _0"/>ol of the company<span class="_ _0"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When acc<span class="_ _0"/>ounting for busines<span class="_ _0"/>s combinations, the ac<span class="_ _0"/>quisition method is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">applied in acc<span class="_ _0"/>ordanc<span class="_ _0"/>e with IFRS 3.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Acquir<span class="_ _0"/>ees ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the c<span class="_ _0"/>onsolidated financial st<span class="_ _0"/>atements fr<span class="_ _0"/>om </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the date of ac<span class="_ _0"/>quisition. The date of ac<span class="_ _0"/>quisition is the date on which DSV </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">obtains c<span class="_ _0"/>ontr<span class="_ _0"/>ol of the company<span class="_ _0"/>. Entities disposed of ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">consolidat<span class="_ _0"/>ed financial stat<span class="_ _0"/>ements until the date of disposal. The dat<span class="_ _0"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">disposal is the date on which DSV surr<span class="_ _0"/>enders c<span class="_ _0"/>ontr<span class="_ _0"/>ol of the company<span class="_ _0"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">6.1 <span class="_ _15e"/>Acquisition and disposal of entities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When acc<span class="_ _0"/>ounting for busines<span class="_ _0"/>s combinations, the ac<span class="_ _0"/>quisition method is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">applied in acc<span class="_ _0"/>ordanc<span class="_ _0"/>e with IFRS 3.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Acquir<span class="_ _0"/>ees ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the c<span class="_ _0"/>onsolidated financial st<span class="_ _0"/>atements fr<span class="_ _0"/>om </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the date of ac<span class="_ _0"/>quisition. The date of ac<span class="_ _0"/>quisition is the date on which DSV </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">obtains c<span class="_ _0"/>ontr<span class="_ _0"/>ol of the company<span class="_ _0"/>. Entities disposed of ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">consolidat<span class="_ _0"/>ed financial stat<span class="_ _0"/>ements until the date of disposal. The dat<span class="_ _0"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">disposal is the date on which DSV surr<span class="_ _0"/>enders c<span class="_ _0"/>ontr<span class="_ _0"/>ol of the company<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In applying the acquisition method of ac<span class="_ _0"/>counting, estimates ar<span class="_ _0"/>e an int<span class="_ _0"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gral part of assessing f<span class="_ _0"/>air values of sever<span class="_ _0"/>al identifiable assets acquir<span class="_ _0"/>ed and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liabilities assumed, as observable market prices ar<span class="_ _0"/>e typically not available.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _0"/>aluation t<span class="_ _0"/>echniques wher<span class="_ _0"/>e estimates ar<span class="_ _0"/>e applied typically r<span class="_ _0"/>elate t<span class="_ _0"/>o de-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">termining the pr<span class="_ _0"/>esent value of futur<span class="_ _0"/>e uncertain c<span class="_ _0"/>ash flows or assessing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other events in which the out<span class="_ _0"/>come is unc<span class="_ _0"/>ertain at the date of ac<span class="_ _0"/>quisition.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Mor<span class="_ _0"/>e significant estimates ar<span class="_ _0"/>e typically applied in ac<span class="_ _0"/>counting f<span class="_ _0"/>or pr<span class="_ _0"/>operty, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plant and equipment<span class="_ _4"/>, customer r<span class="_ _0"/>elationships, tr<span class="_ _0"/>ade rec<span class="_ _0"/>eivables, def<span class="_ _0"/>err<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax, debt and contingent liabilities. As a result of the unc<span class="_ _0"/>ertainties inher<span class="_ _0"/>ent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in fair value es<span class="_ _0"/>timation, measurement period adjus<span class="_ _0"/>tments may be applied.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Acquisitions and disposals</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">No material entities, non-c<span class="_ _0"/>ontrolling int<span class="_ _0"/>er<span class="_ _0"/>ests or activities wer<span class="_ _0"/>e acquir<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or divested in 2023.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV's share option schemes ar<span class="_ _0"/>e equity-settled, measur<span class="_ _0"/>ed at the gr<span class="_ _0"/>ant <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">date and r<span class="_ _0"/>ecognised in the s<span class="_ _0"/>tatement of pr<span class="_ _0"/>ofit or loss as s<span class="_ _0"/>taff costs over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the vesting period. The offsetting it<span class="_ _0"/>em is rec<span class="_ _0"/>ognised dir<span class="_ _0"/>ectly in equit<span class="_ _4"/>y.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The value of employee services rec<span class="_ _0"/>eived during the vesting period in <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange f<span class="_ _0"/>or shar<span class="_ _0"/>e options gr<span class="_ _0"/>anted c<span class="_ _0"/>orr<span class="_ _0"/>esponds to the f<span class="_ _0"/>air value of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">share options at the dat<span class="_ _0"/>e of gr<span class="_ _0"/>anting. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The fair value of the options gr<span class="_ _0"/>ant<span class="_ _0"/>ed is determined based on the Black &amp; </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Scholes valuation model. The assumptions used in the valuation tak<span class="_ _0"/>es into </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>ount the terms and c<span class="_ _0"/>onditions applicable to the options gr<span class="_ _0"/>anted and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management’<span class="_ _0"/>s expectations of the various par<span class="_ _0"/>amet<span class="_ _0"/>ers on which the <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">valuation model is based.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Upon initial rec<span class="_ _0"/>ognition, an estimat<span class="_ _0"/>e is made of the number of share options </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that the employees are e<span class="_ _0"/>xpected to earn. The es<span class="_ _0"/>timated number of shar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">options is adjusted subsequently t<span class="_ _0"/>o r<span class="_ _0"/>eflect the ac<span class="_ _4"/>tual number of share <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">options earned. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The estimated volatility is based on hist<span class="_ _0"/>orical data over the pr<span class="_ _0"/>ec<span class="_ _0"/>eding<span class="_ _4"/> three </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">years adjusted f<span class="_ _0"/>or any unusual cir<span class="_ _0"/>cumst<span class="_ _0"/>ances during the period. The </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">valuation of the shar<span class="_ _0"/>e options grant<span class="_ _0"/>ed in 2023 and 2022 i<span class="_ _0"/>s based<span class="_ _0"/> on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the following as<span class="_ _0"/>sumptions:</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">6.2 Shar<span class="_ _0"/>e option schemes</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV's share option schemes ar<span class="_ _0"/>e equity-settled, measur<span class="_ _0"/>ed at the gr<span class="_ _0"/>ant <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">date and r<span class="_ _0"/>ecognised in the s<span class="_ _0"/>tatement of pr<span class="_ _0"/>ofit or loss as s<span class="_ _0"/>taff costs over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the vesting period. The offsetting it<span class="_ _0"/>em is rec<span class="_ _0"/>ognised dir<span class="_ _0"/>ectly in equit<span class="_ _4"/>y.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The value of employee services rec<span class="_ _0"/>eived during the vesting period in <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange f<span class="_ _0"/>or shar<span class="_ _0"/>e options gr<span class="_ _0"/>anted c<span class="_ _0"/>orr<span class="_ _0"/>esponds to the f<span class="_ _0"/>air value of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">share options at the dat<span class="_ _0"/>e of gr<span class="_ _0"/>anting. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The fair value of the options gr<span class="_ _0"/>ant<span class="_ _0"/>ed is determined based on the Black &amp; </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Scholes valuation model. The assumptions used in the valuation tak<span class="_ _0"/>es into </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>ount the terms and c<span class="_ _0"/>onditions applicable to the options gr<span class="_ _0"/>anted and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management’<span class="_ _0"/>s expectations of the various par<span class="_ _0"/>amet<span class="_ _0"/>ers on which the <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">valuation model is based.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Upon initial rec<span class="_ _0"/>ognition, an estimat<span class="_ _0"/>e is made of the number of share options </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that the employees are e<span class="_ _0"/>xpected to earn. The es<span class="_ _0"/>timated number of shar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">options is adjusted subsequently t<span class="_ _0"/>o r<span class="_ _0"/>eflect the ac<span class="_ _4"/>tual number of share <span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">options earned. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The estimated volatility is based on hist<span class="_ _0"/>orical data over the pr<span class="_ _0"/>ec<span class="_ _0"/>eding<span class="_ _4"/> three </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">years adjusted f<span class="_ _0"/>or any unusual cir<span class="_ _0"/>cumst<span class="_ _0"/>ances during the period. The </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">valuation of the shar<span class="_ _0"/>e options grant<span class="_ _0"/>ed in 2023 and 2022 i<span class="_ _0"/>s based<span class="_ _0"/> on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the following as<span class="_ _0"/>sumptions:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:111.857421875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 357.146px; white-space: pre; word-spacing: 0.1275px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Assumptions<span style="word-spacing: 0.1275px; letter-spacing: -0.1275px; display: inline-block; margin-left: 0px; width: 186.779px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">2023<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;">2022</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 23.0957px; width: 356.918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Exer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>cise price (DKK)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 152.397px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,485.0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 22.459px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,485.0</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.4863px; width: 357.035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>olatility<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.453px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18.0%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.3418px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>18.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.8613px; width: 357.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Risk-free int<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>er<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ate<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 159.217px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.4%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1.2%</span><span style="position: absolute; display: inline-block; left: 0px; top: 81.2363px; width: 356.719px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Expected dividends<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 172.365px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0.8%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>0.8%</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.611px; width: 357.123px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Expected remaining lif<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e (years)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 123.861px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.5</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:126.857421875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 173.977px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Current shar<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>e option schemes</span><span style="position: absolute; display: inline-block; left: 467.484px; top: 1.1582px; width: 70.3535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Exer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>cise price </span><span style="position: absolute; display: inline-block; left: 571.172px; top: 1.1582px; width: 55.7051px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Number of </span><span style="position: absolute; display: inline-block; left: 645.766px; top: 1.1582px; width: 100.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Fair value at dat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e of </span><span style="position: absolute; display: inline-block; left: 0px; top: 16.1582px; width: 406.811px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Scheme<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 168.779px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Options grant<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6482px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Exer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>cise period</span><span style="position: absolute; display: inline-block; left: 505.016px; top: 16.1582px; width: 29.6895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKK)</span><span style="position: absolute; display: inline-block; left: 571.172px; top: 16.1582px; width: 52.9336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">employees</span><span style="position: absolute; display: inline-block; left: 660.125px; top: 16.1582px; width: 83.1621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">granting (DKKm)</span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 742.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2019<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 203.935px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,735,000<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 21.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>29.03.2022 - 27.03.2024<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>545.0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,624<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>141.7</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4707px; width: 742.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2020<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 203.935px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3,080,750<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 21.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>31.03.2023 - 31.03.2025<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>560.0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,000<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>155.5</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8613px; width: 742.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2021<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 203.935px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,438,300<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 21.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>01.04.2024 - 31.03.2026<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,325.0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,202<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>205.3</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2363px; width: 742.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 203.935px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,640,900<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 21.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>01.04.2025 - 31.03.2027<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,485.0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,524<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>279.8</span><span style="position: absolute; display: inline-block; left: 0px; top: 115.611px; width: 742.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 203.935px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,664,000<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 21.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>01.04.2026 - 31.03.2028<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,485.0<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,516<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.873px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>368.1</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:253.1015625px;"><span style="position: absolute; display: inline-block; left: 658.781px; top: 0.0019531px; width: 85.4766px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ver<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>age ex<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>er<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>cise </span><span style="position: absolute; display: inline-block; left: 0px; top: 13.8477px; width: 259.359px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Share option schemes at 31 Dec<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ember 2023</span><span style="position: absolute; display: inline-block; left: 532.156px; top: 15.002px; width: 23.3379px; white-space: pre; word-spacing: 0.336px; letter-spacing: -0.336px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Ke<span style="word-spacing: 0.336px; letter-spacing: -0.336px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>y <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 664.688px; top: 15.002px; width: 80.918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">price per option </span><span style="position: absolute; display: inline-block; left: 0px; top: 30.002px; width: 461.191px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Scheme<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 342.738px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>Executive Boar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>d</span><span style="position: absolute; display: inline-block; left: 498.266px; top: 30.002px; width: 140.93px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">employees<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.8301px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.66406px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 712.484px; top: 30.002px; width: 29.6895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKK)</span><span style="position: absolute; display: inline-block; left: 0px; top: 51.9395px; width: 741.574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2019*<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4824px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>783,000<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>783,000<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>545.0</span><span style="position: absolute; display: inline-block; left: 0px; top: 71.3145px; width: 741.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2020*<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,653,250<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,653,250<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>560.0</span><span style="position: absolute; display: inline-block; left: 0px; top: 90.7051px; width: 741.586px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2021<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 387.21px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>168,750<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,155,300<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,324,050<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,325.0</span><span style="position: absolute; display: inline-block; left: 0px; top: 110.08px; width: 741.586px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 387.21px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>198,250<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,334,875<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,533,125<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,485.0</span><span style="position: absolute; display: inline-block; left: 0px; top: 129.455px; width: 741.586px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">2023<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 387.21px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>198,750<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,424,950<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,623,700<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,485.0</span><span style="position: absolute; display: inline-block; left: 0px; top: 149.535px; width: 741.732px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Outstanding at 31 December 2023<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 216.92px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">565,750<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 26.9473px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>9,351,375<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>9,917,125<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,219.1</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 175.893px; width: 742.131px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Open for e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>xer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>cise at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ember 2023<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 253.588px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,436,250<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,436,250<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>555.2</span><span style="position: absolute; display: inline-block; left: 0px; top: 195.268px; width: 741.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Life (ye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ars)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 388.605px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>n.a.</span><span style="position: absolute; display: inline-block; left: 0px; top: 214.643px; width: 742.014px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Fair value (DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 358.412px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>26<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,864<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,890<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>n.a.</span><span style="position: absolute; display: inline-block; left: 0px; top: 242.979px; width: 303.803px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff1; -webkit-text-stroke-width: 0.1575px;">* <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 9.5508px; font-size: 10.5px; font-family: ff1; -webkit-text-stroke-width: 0.1575px;"> </span>Share options grant<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 10.5px; font-family: ff1; -webkit-text-stroke-width: 0.1575px;"/>ed in 2019 and 2020 ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 10.5px; font-family: ff1; -webkit-text-stroke-width: 0.1575px;"/>e curr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 10.5px; font-family: ff1; -webkit-text-stroke-width: 0.1575px;"/>ently exer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 10.5px; font-family: ff1; -webkit-text-stroke-width: 0.1575px;"/>cisable.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Share option schemes</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV has launched share-based inc<span class="_ _0"/>entive schemes with the purpose of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">motivating and r<span class="_ _0"/>et<span class="_ _0"/>aining key employees acr<span class="_ _0"/>oss the or<span class="_ _0"/>ganisation. Shar<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">options are aw<span class="_ _0"/>ar<span class="_ _0"/>ded at all levels in the or<span class="_ _0"/>ganisation, e.g. fr<span class="_ _0"/>om team leads, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">specialists, branch managers, c<span class="_ _0"/>ountry managers, up to Executive Man-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">agement<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ret<span class="_ _0"/>ention is motivat<span class="_ _0"/>ed by r<span class="_ _0"/>equiring continued service f<span class="_ _0"/>or a period cover<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ing the vesting period as a minimum. The schemes ar<span class="_ _0"/>e also intended t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">align the inter<span class="_ _0"/>ests of employees and shar<span class="_ _0"/>eholders. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">All active schemes entail a three-year v<span class="_ _0"/>esting period and a two-year ex-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ercise period. In c<span class="_ _0"/>ase of a change of contr<span class="_ _0"/>ol, all outst<span class="_ _0"/>anding share options </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">will vest. E<span class="_ _4"/>xer<span class="_ _0"/>cise prices ar<span class="_ _0"/>e set based on the quo<span class="_ _0"/>ted mark<span class="_ _0"/>et pric<span class="_ _0"/>es lead-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ing up to the dat<span class="_ _0"/>e of granting. The shar<span class="_ _0"/>e options can be e<span class="_ _0"/>xer<span class="_ _0"/>cised by cash </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">purchase of shar<span class="_ _0"/>es only<span class="_ _0"/>. The obligation r<span class="_ _0"/>elating t<span class="_ _0"/>o the schemes is partly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cover<span class="_ _0"/>ed by the Company’<span class="_ _0"/>s tr<span class="_ _0"/>easury shar<span class="_ _0"/>es.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Share options ar<span class="_ _0"/>e gr<span class="_ _0"/>anted in ac<span class="_ _0"/>cor<span class="_ _0"/>danc<span class="_ _0"/>e with the pr<span class="_ _0"/>ocedur<span class="_ _0"/>es outlined in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the Group<span class="_ _0"/>’<span class="_ _3"/>s Remuner<span class="_ _0"/>ation Policy f<span class="_ _0"/>or the r<span class="_ _0"/>espective year<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A to<span class="_ _0"/>tal of 3,117 employees held shar<span class="_ _0"/>e options at 31 December 2023 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: 2,988 employees). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _d"/>otal costs r<span class="_ _0"/>ec<span class="_ _0"/>ognised in 2023 f<span class="_ _0"/>or ser<span class="_ _4"/>vices r<span class="_ _0"/>eceiv<span class="_ _0"/>ed but not r<span class="_ _0"/>ecognised </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as an asset amounted t<span class="_ _0"/>o DKK 267 million (2022: DKK 202 million). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The average shar<span class="_ _0"/>e pric<span class="_ _0"/>e f<span class="_ _0"/>or options exer<span class="_ _0"/>cised in the financial year w<span class="_ _0"/>as DKK </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1,263.6 per share at the dat<span class="_ _0"/>e of ex<span class="_ _0"/>er<span class="_ _0"/>cise (2022: DKK 1,093.4 per shar<span class="_ _0"/>e).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:264.376953125px;"><span style="position: absolute; display: inline-block; left: 660.125px; top: 0.0019531px; width: 85.4766px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ver<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>age ex<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>er<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>cise </span><span style="position: absolute; display: inline-block; left: 401.453px; top: 15.002px; width: 50.8242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Executive </span><span style="position: absolute; display: inline-block; left: 529.5px; top: 15.002px; width: 23.3379px; white-space: pre; word-spacing: 0.336px; letter-spacing: -0.336px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Ke<span style="word-spacing: 0.336px; letter-spacing: -0.336px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>y <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 664.688px; top: 15.002px; width: 80.918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">price per option </span><span style="position: absolute; display: inline-block; left: 0px; top: 28.8477px; width: 154.289px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Outstanding shar<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>e options</span><span style="position: absolute; display: inline-block; left: 417.719px; top: 30.002px; width: 31.8164px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> Board</span><span style="position: absolute; display: inline-block; left: 494.516px; top: 30.002px; width: 149.49px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">employees<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.3906px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">To<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>t<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.16602px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>a<span style="word-spacing: 1.308px; letter-spacing: -1.308px; display: inline-block; margin-left: 0px; width: 1.66406px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 712.484px; top: 30.002px; width: 29.6895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKK)</span><span style="position: absolute; display: inline-block; left: 0px; top: 51.9395px; width: 743.051px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Outstanding at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.42px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>949,000<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9,812,800<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.0742px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>10,761,800<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>940.6</span><span style="position: absolute; display: inline-block; left: 0px; top: 72.1426px; width: 742.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Grant<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 363.897px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>198,750<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,465,250<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,664,000<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,485.0</span><span style="position: absolute; display: inline-block; left: 0px; top: 91.5332px; width: 742.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Exer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>cised<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 352.975px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(582,000)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(2,784,500)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(3,366,500)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.0857px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>533.1</span><span style="position: absolute; display: inline-block; left: 0px; top: 110.908px; width: 742.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Options waived/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>expir<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 325.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(142,175)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(142,175)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.9491px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,365.5</span><span style="position: absolute; display: inline-block; left: 0px; top: 132.254px; width: 742.342px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Outstanding at 31 December 2023<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 204.738px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">565,750<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>9,351,375<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>9,917,125<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 51.3341px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>1,219.1</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 172.893px; width: 742.711px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Outstanding at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.42px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>762,750<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>8,814,648<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>9,577,398<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.8261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>730.9</span><span style="position: absolute; display: inline-block; left: 0px; top: 192.268px; width: 742.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Grant<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 363.897px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>198,250<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,442,650<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2,640,900<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,485.0</span><span style="position: absolute; display: inline-block; left: 0px; top: 211.643px; width: 742.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Exer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>cised<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 359.859px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(12,000)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.002px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,279,573)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.3105px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(1,291,573)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>479.1</span><span style="position: absolute; display: inline-block; left: 0px; top: 231.033px; width: 742.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Options waived/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>expir<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 325.869px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(164,925)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.0509px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>(164,925)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.9491px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1,091.6</span><span style="position: absolute; display: inline-block; left: 0px; top: 252.379px; width: 398.303px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">Outstanding at 31 December 2022<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 204.738px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 398.303px; top: 252.379px; width: 50.6074px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">949,000</span><span style="position: absolute; display: inline-block; left: 448.91px; top: 252.379px; width: 35.7422px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 484.652px; top: 252.379px; width: 62.1504px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">9,812,800</span><span style="position: absolute; display: inline-block; left: 546.803px; top: 252.379px; width: 27.668px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 27.6679px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 574.471px; top: 252.379px; width: 69.9609px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">10,761,800</span><span style="position: absolute; display: inline-block; left: 644.432px; top: 252.379px; width: 63.7324px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 708.164px; top: 252.379px; width: 34.7695px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">940.6</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">6.3 <span class="_ _15e"/>R<span class="_ _0"/>emuner<span class="_ _3"/>ation of the<span class="_ _8"/> <span class="_ _0"/><span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Executiv<span class="_ _0"/>e Boar<span class="_ _0"/>d and<span class="_ _4"/> <span class="_ _0"/><span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the Boar<span class="_ _0"/>d of Dir<span class="_ _0"/>ector<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Executive Boar<span class="_ _0"/>d</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The members of the Executive Boar<span class="_ _0"/>d ar<span class="_ _0"/>e subject to a notice period of up </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to 24 months. R<span class="_ _0"/>emuneration of the members of the Ex<span class="_ _0"/>ecutive Board and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the Board of Dir<span class="_ _0"/>ectors c<span class="_ _0"/>omplies with the principles of the Company’<span class="_ _0"/>s Re-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">muneration P<span class="_ _0"/>olicy and is described in detail in the R<span class="_ _0"/>emuneration R<span class="_ _0"/>eport<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ordinary r<span class="_ _0"/>emuner<span class="_ _0"/>ation to the members of the Executive Boar<span class="_ _0"/>d f<span class="_ _0"/>or 2023 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">was DKK 63.6 million (2022: DKK 54.8 million). Additional DKK 67 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK 0 million) has been included r<span class="_ _0"/>elated t<span class="_ _0"/>o termination benefits. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _d"/>otal aggr<span class="_ _0"/>egate r<span class="_ _0"/>emuner<span class="_ _0"/>ation of the members of the Executive Boar<span class="_ _0"/>d f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023 was DKK 130.6 million (2022: DKK 54.8 million). The t<span class="_ _0"/>ermination </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">benefits relat<span class="_ _0"/>e to the CEO change that will t<span class="_ _0"/>ake eff<span class="_ _0"/>ect in 2024. T<span class="_ _3"/>ermina-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion benefits relating t<span class="_ _0"/>o shar<span class="_ _0"/>e-based payments consis<span class="_ _0"/>ts of share-options </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to be gr<span class="_ _0"/>anted under the Executiv<span class="_ _0"/>e Board shar<span class="_ _0"/>e options pr<span class="_ _0"/>ogr<span class="_ _0"/>amme in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2024 and 2025. In measuring the cost f<span class="_ _0"/>or shar<span class="_ _0"/>e options up f<span class="_ _0"/>or gr<span class="_ _0"/>ant<span class="_ _4"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the Black-Scholes value determined at the gr<span class="_ _0"/>ant of the lat<span class="_ _0"/>est shar<span class="_ _0"/>e op-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tions progr<span class="_ _0"/>amme has been applied. T<span class="_ _d"/>ermination benefits are pr<span class="_ _0"/>esent<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as special items c<span class="_ _0"/>osts in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:168.34375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 181.805px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Executive Boar<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>d r<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>emuner<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ation <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 15.9414px; width: 293.145px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 289.412px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -95.148px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 356.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Fixed salary<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.338px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>39.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>36.1</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4863px; width: 357.117px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Pension<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 238.283px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.9</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8613px; width: 356.607px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Share-based payment<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 160.799px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">21.4<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.8261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15.8</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 95.6445px; width: 356.889px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal ordinary remuner<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ation<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 111.855px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">63.6<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 37.084px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>54.8</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 115.627px; width: 356.783px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Share-based payment - t<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ermination benefits<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.5625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>30.9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 135.002px; width: 357.059px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ermination benefits<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 168.779px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>36.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.348px; width: 357.199px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal aggregate r<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>emuner<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ation<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 95.5429px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">130.6<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 37.084px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>54.8</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Board of Dir<span class="_ _0"/>ectors</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The aggregat<span class="_ _0"/>e r<span class="_ _0"/>emuneration t<span class="_ _0"/>o the Boar<span class="_ _0"/>d of Dir<span class="_ _0"/>ectors of DSV A<span class="_ _4"/>/S for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023 was DKK 8.4 million (2022: DKK 6.9 million).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">6.5 <span class="_ _15e"/>R<span class="_ _0"/>elat<span class="_ _0"/>ed par<span class="_ _4"/>ties</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV has no relat<span class="_ _0"/>ed parties with contr<span class="_ _0"/>ol of the Gr<span class="_ _0"/>oup and no r<span class="_ _0"/>elated par<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ties with significant influence o<span class="_ _0"/>ther than key management personnel – </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mainly in the form of the Boar<span class="_ _0"/>d of Dir<span class="_ _0"/>ectors and the Executive Boar<span class="_ _0"/>d. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Relat<span class="_ _0"/>ed-part<span class="_ _4"/>y tr<span class="_ _0"/>ansactions</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Boar<span class="_ _0"/>d of Directors and Ex<span class="_ _0"/>ecutive Boar<span class="_ _0"/>d</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">No transactions with the Boar<span class="_ _0"/>d of Directors and Ex<span class="_ _0"/>ecutive Board w<span class="_ _0"/>er<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">made in 2023 other than or<span class="_ _0"/>dinary remuner<span class="_ _0"/>ation and t<span class="_ _0"/>ermination benefits, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as described in <span class="fc7">not<span class="_ _0"/>es 6.2 <span class="fc1">and</span> 6.3<span class="fc1">.</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Associated companies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV holds ownership inter<span class="_ _0"/>ests in 9 associat<span class="_ _0"/>es (2022: 8 associates). The </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Group<span class="_ _0"/>’<span class="_ _3"/>s share of associat<span class="_ _0"/>es’ profit f<span class="_ _0"/>or the year amounted t<span class="_ _0"/>o DKK 4 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK 7 million). The carrying amount of the investment was DKK </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">47 million at 31 December 2023 (2022: DKK 50 million).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group had the f<span class="_ _0"/>ollowing tr<span class="_ _0"/>ansactions with associates:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:68.716796875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 206.977px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Associated companies tr<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ansactions </span><span style="position: absolute; display: inline-block; left: 0px; top: 15.9414px; width: 293.145px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 289.412px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -95.148px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 356.877px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Sale of ser<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>vices<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 202.377px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>79<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>128</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4707px; width: 356.889px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Purchase of services <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.137px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>14</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group had the f<span class="_ _0"/>ollowing outst<span class="_ _0"/>anding balances with associat<span class="_ _0"/>es at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">31 December:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:68.716796875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 183.979px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Associated companies balanc<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>es<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 15.9414px; width: 293.145px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 289.412px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -95.148px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 356.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Rec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>eivables<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 214.881px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>199<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>19</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4707px; width: 357.006px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Payables<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 244.787px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.504px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">6.3 <span class="_ _15e"/>R<span class="_ _0"/>emuner<span class="_ _3"/>ation of the<span class="_ _8"/> <span class="_ _0"/><span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Executiv<span class="_ _0"/>e Boar<span class="_ _0"/>d and<span class="_ _4"/> <span class="_ _0"/><span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the Boar<span class="_ _0"/>d of Dir<span class="_ _0"/>ector<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Executive Boar<span class="_ _0"/>d</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The members of the Executive Boar<span class="_ _0"/>d ar<span class="_ _0"/>e subject to a notice period of up </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to 24 months. R<span class="_ _0"/>emuneration of the members of the Ex<span class="_ _0"/>ecutive Board and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the Board of Dir<span class="_ _0"/>ectors c<span class="_ _0"/>omplies with the principles of the Company’<span class="_ _0"/>s Re-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">muneration P<span class="_ _0"/>olicy and is described in detail in the R<span class="_ _0"/>emuneration R<span class="_ _0"/>eport<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ordinary r<span class="_ _0"/>emuner<span class="_ _0"/>ation to the members of the Executive Boar<span class="_ _0"/>d f<span class="_ _0"/>or 2023 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">was DKK 63.6 million (2022: DKK 54.8 million). Additional DKK 67 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK 0 million) has been included r<span class="_ _0"/>elated t<span class="_ _0"/>o termination benefits. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _d"/>otal aggr<span class="_ _0"/>egate r<span class="_ _0"/>emuner<span class="_ _0"/>ation of the members of the Executive Boar<span class="_ _0"/>d f<span class="_ _0"/>or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023 was DKK 130.6 million (2022: DKK 54.8 million). The t<span class="_ _0"/>ermination </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">benefits relat<span class="_ _0"/>e to the CEO change that will t<span class="_ _0"/>ake eff<span class="_ _0"/>ect in 2024. T<span class="_ _3"/>ermina-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion benefits relating t<span class="_ _0"/>o shar<span class="_ _0"/>e-based payments consis<span class="_ _0"/>ts of share-options </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to be gr<span class="_ _0"/>anted under the Executiv<span class="_ _0"/>e Board shar<span class="_ _0"/>e options pr<span class="_ _0"/>ogr<span class="_ _0"/>amme in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2024 and 2025. In measuring the cost f<span class="_ _0"/>or shar<span class="_ _0"/>e options up f<span class="_ _0"/>or gr<span class="_ _0"/>ant<span class="_ _4"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the Black-Scholes value determined at the gr<span class="_ _0"/>ant of the lat<span class="_ _0"/>est shar<span class="_ _0"/>e op-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tions progr<span class="_ _0"/>amme has been applied. T<span class="_ _d"/>ermination benefits are pr<span class="_ _0"/>esent<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as special items c<span class="_ _0"/>osts in the stat<span class="_ _0"/>ement of pr<span class="_ _0"/>ofit or loss. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:168.34375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 181.805px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Executive Boar<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>d r<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>emuner<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ation <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 15.9414px; width: 293.145px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 289.412px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -95.148px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 356.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Fixed salary<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.338px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>39.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>36.1</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4863px; width: 357.117px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Pension<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 238.283px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.0273px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2.9</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8613px; width: 356.607px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Share-based payment<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 160.799px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">21.4<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 39.8261px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>15.8</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 95.6445px; width: 356.889px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal ordinary remuner<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ation<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 111.855px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">63.6<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 37.084px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>54.8</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 115.627px; width: 356.783px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Share-based payment - t<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ermination benefits<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.5625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>30.9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 135.002px; width: 357.059px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ermination benefits<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 168.779px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>36.1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.348px; width: 357.199px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal aggregate r<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>emuner<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ation<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 95.5429px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">130.6<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 37.084px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>54.8</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Board of Dir<span class="_ _0"/>ectors</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The aggregat<span class="_ _0"/>e r<span class="_ _0"/>emuneration t<span class="_ _0"/>o the Boar<span class="_ _0"/>d of Dir<span class="_ _0"/>ectors of DSV A<span class="_ _4"/>/S for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023 was DKK 8.4 million (2022: DKK 6.9 million).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">6.4 <span class="_ _15e"/> <span class="_ _15e"/>Fees t<span class="_ _0"/>o audit<span class="_ _0"/>or<span class="_ _0"/>s<span class="_ _4"/> <span class="_ _0"/><span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">appoint<span class="_ _0"/>ed at the<span class="_ _4"/> <span class="_ _0"/><span class="ls3"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Annual Gener<span class="_ _3"/>al Meeting</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:237.40625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0039062px; width: 140.748px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1275px; margin-left: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;">Audit f<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>ees and ser<span style="word-spacing: 0px; letter-spacing: -0.1275px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12.75px; font-family: ff2; -webkit-text-stroke-width: 0.19125px;"/>vices<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.19125px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 15.9414px; width: 292.787px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">(DKKm) <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 286.172px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2022<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -95.148px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">2023</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 38.0957px; width: 356.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Statut<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ory audit fees<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 180.574px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>47<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4239px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>45</span><span style="position: absolute; display: inline-block; left: 0px; top: 57.4707px; width: 356.854px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other assuranc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>e services<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.85px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>3</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8457px; width: 357.047px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ax and V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>T advisor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>y ser<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>vices<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 140.444px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.2207px; width: 356.982px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Other ser<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>vices<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 213.92px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>5</span><span style="position: absolute; display: inline-block; left: 0px; top: 117.566px; width: 181.02px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal fees t<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>o auditors appoint<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>ed <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 132.566px; width: 356.807px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">at the Annual Gener<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>al Meeting<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 111.393px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">55<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>54</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 158.924px; width: 357.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">Statut<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ory audit fees<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 187.688px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>6</span><span style="position: absolute; display: inline-block; left: 0px; top: 178.314px; width: 357.047px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>ax and V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>T advisor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>y ser<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"/>vices<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 140.444px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 12px; font-family: ff1; -webkit-text-stroke-width: 0.18px;"> </span>2</span><span style="position: absolute; display: inline-block; left: 0px; top: 199.66px; width: 356.953px; white-space: pre; word-spacing: 0px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal fees, other<span style="word-spacing: 0px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 194.672px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>8</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 225.41px; width: 356.596px; white-space: pre; word-spacing: 0.12px; letter-spacing: -0.12px; margin-left: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;">T<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"/>otal<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 250.23px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>60<span style="word-spacing: 0.12px; letter-spacing: -0.12px; display: inline-block; margin-left: 0px; width: 48.1523px; font-size: 12px; font-family: ff2; -webkit-text-stroke-width: 0.18px;"> </span>62</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Non-audit ser<span class="_ _4"/>vices pr<span class="_ _0"/>ovided by PwC Denmark amount<span class="_ _0"/>ed to DKK 5 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in 2023, relating t<span class="_ _0"/>o advisory ser<span class="_ _4"/>vices in r<span class="_ _0"/>elation to legal disput<span class="_ _0"/>es and IT </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">complianc<span class="_ _0"/>e, assuranc<span class="_ _0"/>e and advisory in relation t<span class="_ _0"/>o ESG, various tax adviso-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ry ser<span class="_ _4"/>vices, due diligence services and other advisory services. Non-audit </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ser<span class="_ _4"/>vices pr<span class="_ _0"/>ovided by PwC Denmark did not e<span class="_ _0"/>xc<span class="_ _0"/>eed 70% of the audit f<span class="_ _0"/>ees </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in acc<span class="_ _0"/>ordanc<span class="_ _0"/>e with EU audit legislation.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contingent liabilities comprise possible obligations which hav<span class="_ _0"/>e not yet </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">been confirmed, ar<span class="_ _0"/>e uncertain or c<span class="_ _0"/>annot be measur<span class="_ _0"/>ed r<span class="_ _0"/>eliably, b<span class="_ _0"/>ut <span class="_ _0"/>whic<span class="_ _0"/>h, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">if re<span class="_ _0"/>alised, may result in a dr<span class="_ _0"/>ain on the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s resour<span class="_ _0"/>ces. Oblig<span class="_ _4"/>atio<span class="_ _4"/>ns <span class="_ _4"/>are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognised in the financial stat<span class="_ _0"/>ements only t<span class="_ _0"/>o the extent that the crit<span class="_ _0"/>eria </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for r<span class="_ _0"/>ec<span class="_ _0"/>ognising a pr<span class="_ _0"/>ovision ar<span class="_ _0"/>e met<span class="_ _4"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">6.6 <span class="_ _15e"/>Contingent liabilities and security f<span class="_ _0"/>or debt</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contingent liabilities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contingent liabilities comprise possible obligations which hav<span class="_ _0"/>e not yet </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">been confirmed, ar<span class="_ _0"/>e uncertain or c<span class="_ _0"/>annot be measur<span class="_ _0"/>ed r<span class="_ _0"/>eliably, b<span class="_ _0"/>ut <span class="_ _0"/>whic<span class="_ _0"/>h, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">if re<span class="_ _0"/>alised, may result in a dr<span class="_ _0"/>ain on the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s resour<span class="_ _0"/>ces. Oblig<span class="_ _4"/>atio<span class="_ _4"/>ns <span class="_ _4"/>are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognised in the financial stat<span class="_ _0"/>ements only t<span class="_ _0"/>o the extent that the crit<span class="_ _0"/>eria </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for r<span class="_ _0"/>ec<span class="_ _0"/>ognising a pr<span class="_ _0"/>ovision ar<span class="_ _0"/>e met<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management applies judgements in assessing the exist<span class="_ _0"/>ence of c<span class="_ _0"/>ontingent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liabilities on an ongoing basis and in this r<span class="_ _0"/>egard c<span class="_ _0"/>onsiders if the criteria </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for r<span class="_ _0"/>ec<span class="_ _0"/>ognising a pr<span class="_ _0"/>ovision ar<span class="_ _0"/>e met<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">These judgements may involve advice fr<span class="_ _0"/>om e<span class="_ _0"/>xternal experts, legal </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">advisors, etc.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As an international transport service provider<span class="_ _3"/>, the Group is r<span class="_ _0"/>egul<span class="_ _0"/>arly i<span class="_ _0"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">volved in tax and V<span class="_ _d"/>A<span class="_ _3"/>T disputes, legal proc<span class="_ _0"/>eedings or inquiries fr<span class="_ _0"/>om comp<span class="_ _0"/>e<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tition authorities. Management believes that the cases currently <span class="_ _4"/>iden<span class="_ _4"/>tifi<span class="_ _4"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">will have no material impact on the financial position of the Group.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A detailed disclosur<span class="_ _0"/>e of individual c<span class="_ _0"/>ontingent liabilities is consider<span class="_ _0"/>ed im-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">practicable and is ther<span class="_ _0"/>ef<span class="_ _0"/>ore no<span class="_ _0"/>t included in the not<span class="_ _0"/>es to the financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stat<span class="_ _0"/>ements.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Commitments</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Joint ventur<span class="_ _0"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group has a funding c<span class="_ _0"/>ommitment t<span class="_ _0"/>owar<span class="_ _0"/>ds joint ventur<span class="_ _0"/>es of USD </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2,450 million corr<span class="_ _0"/>esponding t<span class="_ _0"/>o DKK 16,522 million (2022: DKK 0 mil-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lion). The commitment is callable until 31 Dec<span class="_ _0"/>ember 2031. A<span class="_ _0"/>t 31 De-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cember 2023, the Gr<span class="_ _0"/>oup had a r<span class="_ _0"/>emaining commitment of USD 2,450 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million, corr<span class="_ _0"/>esponding t<span class="_ _0"/>o DKK 16,522 million (2022: DKK 0 million) if </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">called. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contr<span class="_ _0"/>acts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV has concluded IT service contr<span class="_ _0"/>acts. Costs r<span class="_ _0"/>elated t<span class="_ _0"/>o these contr<span class="_ _0"/>acts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are r<span class="_ _0"/>ec<span class="_ _0"/>ognised as the services are pr<span class="_ _0"/>ovided.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Security for debt</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bank guarant<span class="_ _0"/>ees</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As par<span class="_ _4"/>t of its ordinary oper<span class="_ _0"/>ations, DSV has pr<span class="_ _0"/>ovided bank guarant<span class="_ _0"/>ees to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">authorities, suppliers, etc. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The count<span class="_ _0"/>erparties may claim appropriation of c<span class="_ _0"/>ollater<span class="_ _0"/>al if DSV fails t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pay any amount due. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pledges</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dec<span class="_ _0"/>ember 2023, pr<span class="_ _0"/>operty, plant and equipment and other financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">assets with a carrying amount of DKK 2 million w<span class="_ _0"/>ere pledged as security </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK 30.9 million). The carrying amount of debt secur<span class="_ _0"/>ed by pledg-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es amounted t<span class="_ _0"/>o DKK 0 million (2022: DKK 0 million).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">6.6 <span class="_ _15e"/>Contingent liabilities and security f<span class="_ _0"/>or debt</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contingent liabilities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contingent liabilities comprise possible obligations which hav<span class="_ _0"/>e not yet </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">been confirmed, ar<span class="_ _0"/>e uncertain or c<span class="_ _0"/>annot be measur<span class="_ _0"/>ed r<span class="_ _0"/>eliably, b<span class="_ _0"/>ut <span class="_ _0"/>whic<span class="_ _0"/>h, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">if re<span class="_ _0"/>alised, may result in a dr<span class="_ _0"/>ain on the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s resour<span class="_ _0"/>ces. Oblig<span class="_ _4"/>atio<span class="_ _4"/>ns <span class="_ _4"/>are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognised in the financial stat<span class="_ _0"/>ements only t<span class="_ _0"/>o the extent that the crit<span class="_ _0"/>eria </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for r<span class="_ _0"/>ec<span class="_ _0"/>ognising a pr<span class="_ _0"/>ovision ar<span class="_ _0"/>e met<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management applies judgements in assessing the exist<span class="_ _0"/>ence of c<span class="_ _0"/>ontingent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liabilities on an ongoing basis and in this r<span class="_ _0"/>egard c<span class="_ _0"/>onsiders if the criteria </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for r<span class="_ _0"/>ec<span class="_ _0"/>ognising a pr<span class="_ _0"/>ovision ar<span class="_ _0"/>e met<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">These judgements may involve advice fr<span class="_ _0"/>om e<span class="_ _0"/>xternal experts, legal </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">advisors, etc.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As an international transport service provider<span class="_ _3"/>, the Group is r<span class="_ _0"/>egul<span class="_ _0"/>arly i<span class="_ _0"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">volved in tax and V<span class="_ _d"/>A<span class="_ _3"/>T disputes, legal proc<span class="_ _0"/>eedings or inquiries fr<span class="_ _0"/>om comp<span class="_ _0"/>e<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tition authorities. Management believes that the cases currently <span class="_ _4"/>iden<span class="_ _4"/>tifi<span class="_ _4"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">will have no material impact on the financial position of the Group.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A detailed disclosur<span class="_ _0"/>e of individual c<span class="_ _0"/>ontingent liabilities is consider<span class="_ _0"/>ed im-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">practicable and is ther<span class="_ _0"/>ef<span class="_ _0"/>ore no<span class="_ _0"/>t included in the not<span class="_ _0"/>es to the financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stat<span class="_ _0"/>ements.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Commitments</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Joint ventur<span class="_ _0"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group has a funding c<span class="_ _0"/>ommitment t<span class="_ _0"/>owar<span class="_ _0"/>ds joint ventur<span class="_ _0"/>es of USD </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2,450 million corr<span class="_ _0"/>esponding t<span class="_ _0"/>o DKK 16,522 million (2022: DKK 0 mil-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lion). The commitment is callable until 31 Dec<span class="_ _0"/>ember 2031. A<span class="_ _0"/>t 31 De-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cember 2023, the Gr<span class="_ _0"/>oup had a r<span class="_ _0"/>emaining commitment of USD 2,450 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million, corr<span class="_ _0"/>esponding t<span class="_ _0"/>o DKK 16,522 million (2022: DKK 0 million) if </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">called. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contr<span class="_ _0"/>acts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV has concluded IT service contr<span class="_ _0"/>acts. Costs r<span class="_ _0"/>elated t<span class="_ _0"/>o these contr<span class="_ _0"/>acts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are r<span class="_ _0"/>ec<span class="_ _0"/>ognised as the services are pr<span class="_ _0"/>ovided.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Security for debt</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bank guarant<span class="_ _0"/>ees</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As par<span class="_ _4"/>t of its ordinary oper<span class="_ _0"/>ations, DSV has pr<span class="_ _0"/>ovided bank guarant<span class="_ _0"/>ees to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">authorities, suppliers, etc. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The count<span class="_ _0"/>erparties may claim appropriation of c<span class="_ _0"/>ollater<span class="_ _0"/>al if DSV fails t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pay any amount due. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pledges</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dec<span class="_ _0"/>ember 2023, pr<span class="_ _0"/>operty, plant and equipment and other financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">assets with a carrying amount of DKK 2 million w<span class="_ _0"/>ere pledged as security </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK 30.9 million). The carrying amount of debt secur<span class="_ _0"/>ed by pledg-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es amounted t<span class="_ _0"/>o DKK 0 million (2022: DKK 0 million).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">6.6 <span class="_ _15e"/>Contingent liabilities and security f<span class="_ _0"/>or debt</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contingent liabilities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contingent liabilities comprise possible obligations which hav<span class="_ _0"/>e not yet </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">been confirmed, ar<span class="_ _0"/>e uncertain or c<span class="_ _0"/>annot be measur<span class="_ _0"/>ed r<span class="_ _0"/>eliably, b<span class="_ _0"/>ut <span class="_ _0"/>whic<span class="_ _0"/>h, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">if re<span class="_ _0"/>alised, may result in a dr<span class="_ _0"/>ain on the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s resour<span class="_ _0"/>ces. Oblig<span class="_ _4"/>atio<span class="_ _4"/>ns <span class="_ _4"/>are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognised in the financial stat<span class="_ _0"/>ements only t<span class="_ _0"/>o the extent that the crit<span class="_ _0"/>eria </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for r<span class="_ _0"/>ec<span class="_ _0"/>ognising a pr<span class="_ _0"/>ovision ar<span class="_ _0"/>e met<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management applies judgements in assessing the exist<span class="_ _0"/>ence of c<span class="_ _0"/>ontingent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liabilities on an ongoing basis and in this r<span class="_ _0"/>egard c<span class="_ _0"/>onsiders if the criteria </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for r<span class="_ _0"/>ec<span class="_ _0"/>ognising a pr<span class="_ _0"/>ovision ar<span class="_ _0"/>e met<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">These judgements may involve advice fr<span class="_ _0"/>om e<span class="_ _0"/>xternal experts, legal </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">advisors, etc.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As an international transport service provider<span class="_ _3"/>, the Group is r<span class="_ _0"/>egul<span class="_ _0"/>arly i<span class="_ _0"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">volved in tax and V<span class="_ _d"/>A<span class="_ _3"/>T disputes, legal proc<span class="_ _0"/>eedings or inquiries fr<span class="_ _0"/>om comp<span class="_ _0"/>e<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tition authorities. Management believes that the cases currently <span class="_ _4"/>iden<span class="_ _4"/>tifi<span class="_ _4"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">will have no material impact on the financial position of the Group.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A detailed disclosur<span class="_ _0"/>e of individual c<span class="_ _0"/>ontingent liabilities is consider<span class="_ _0"/>ed im-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">practicable and is ther<span class="_ _0"/>ef<span class="_ _0"/>ore no<span class="_ _0"/>t included in the not<span class="_ _0"/>es to the financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stat<span class="_ _0"/>ements.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Commitments</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Joint ventur<span class="_ _0"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group has a funding c<span class="_ _0"/>ommitment t<span class="_ _0"/>owar<span class="_ _0"/>ds joint ventur<span class="_ _0"/>es of USD </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2,450 million corr<span class="_ _0"/>esponding t<span class="_ _0"/>o DKK 16,522 million (2022: DKK 0 mil-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lion). The commitment is callable until 31 Dec<span class="_ _0"/>ember 2031. A<span class="_ _0"/>t 31 De-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cember 2023, the Gr<span class="_ _0"/>oup had a r<span class="_ _0"/>emaining commitment of USD 2,450 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million, corr<span class="_ _0"/>esponding t<span class="_ _0"/>o DKK 16,522 million (2022: DKK 0 million) if </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">called. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contr<span class="_ _0"/>acts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV has concluded IT service contr<span class="_ _0"/>acts. Costs r<span class="_ _0"/>elated t<span class="_ _0"/>o these contr<span class="_ _0"/>acts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are r<span class="_ _0"/>ec<span class="_ _0"/>ognised as the services are pr<span class="_ _0"/>ovided.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Security for debt</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bank guarant<span class="_ _0"/>ees</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As par<span class="_ _4"/>t of its ordinary oper<span class="_ _0"/>ations, DSV has pr<span class="_ _0"/>ovided bank guarant<span class="_ _0"/>ees to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">authorities, suppliers, etc. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The count<span class="_ _0"/>erparties may claim appropriation of c<span class="_ _0"/>ollater<span class="_ _0"/>al if DSV fails t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pay any amount due. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pledges</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dec<span class="_ _0"/>ember 2023, pr<span class="_ _0"/>operty, plant and equipment and other financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">assets with a carrying amount of DKK 2 million w<span class="_ _0"/>ere pledged as security </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK 30.9 million). The carrying amount of debt secur<span class="_ _0"/>ed by pledg-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es amounted t<span class="_ _0"/>o DKK 0 million (2022: DKK 0 million).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">6.6 <span class="_ _15e"/>Contingent liabilities and security f<span class="_ _0"/>or debt</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contingent liabilities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contingent liabilities comprise possible obligations which hav<span class="_ _0"/>e not yet </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">been confirmed, ar<span class="_ _0"/>e uncertain or c<span class="_ _0"/>annot be measur<span class="_ _0"/>ed r<span class="_ _0"/>eliably, b<span class="_ _0"/>ut <span class="_ _0"/>whic<span class="_ _0"/>h, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">if re<span class="_ _0"/>alised, may result in a dr<span class="_ _0"/>ain on the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s resour<span class="_ _0"/>ces. Oblig<span class="_ _4"/>atio<span class="_ _4"/>ns <span class="_ _4"/>are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>ognised in the financial stat<span class="_ _0"/>ements only t<span class="_ _0"/>o the extent that the crit<span class="_ _0"/>eria </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for r<span class="_ _0"/>ec<span class="_ _0"/>ognising a pr<span class="_ _0"/>ovision ar<span class="_ _0"/>e met<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management judgements and estimates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Management applies judgements in assessing the exist<span class="_ _0"/>ence of c<span class="_ _0"/>ontingent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liabilities on an ongoing basis and in this r<span class="_ _0"/>egard c<span class="_ _0"/>onsiders if the criteria </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for r<span class="_ _0"/>ec<span class="_ _0"/>ognising a pr<span class="_ _0"/>ovision ar<span class="_ _0"/>e met<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">These judgements may involve advice fr<span class="_ _0"/>om e<span class="_ _0"/>xternal experts, legal </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">advisors, etc.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As an international transport service provider<span class="_ _3"/>, the Group is r<span class="_ _0"/>egul<span class="_ _0"/>arly i<span class="_ _0"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">volved in tax and V<span class="_ _d"/>A<span class="_ _3"/>T disputes, legal proc<span class="_ _0"/>eedings or inquiries fr<span class="_ _0"/>om comp<span class="_ _0"/>e<span class="ls3">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tition authorities. Management believes that the cases currently <span class="_ _4"/>iden<span class="_ _4"/>tifi<span class="_ _4"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">will have no material impact on the financial position of the Group.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A detailed disclosur<span class="_ _0"/>e of individual c<span class="_ _0"/>ontingent liabilities is consider<span class="_ _0"/>ed im-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">practicable and is ther<span class="_ _0"/>ef<span class="_ _0"/>ore no<span class="_ _0"/>t included in the not<span class="_ _0"/>es to the financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stat<span class="_ _0"/>ements.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Commitments</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Joint ventur<span class="_ _0"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group has a funding c<span class="_ _0"/>ommitment t<span class="_ _0"/>owar<span class="_ _0"/>ds joint ventur<span class="_ _0"/>es of USD </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2,450 million corr<span class="_ _0"/>esponding t<span class="_ _0"/>o DKK 16,522 million (2022: DKK 0 mil-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lion). The commitment is callable until 31 Dec<span class="_ _0"/>ember 2031. A<span class="_ _0"/>t 31 De-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cember 2023, the Gr<span class="_ _0"/>oup had a r<span class="_ _0"/>emaining commitment of USD 2,450 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million, corr<span class="_ _0"/>esponding t<span class="_ _0"/>o DKK 16,522 million (2022: DKK 0 million) if </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">called. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contr<span class="_ _0"/>acts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DSV has concluded IT service contr<span class="_ _0"/>acts. Costs r<span class="_ _0"/>elated t<span class="_ _0"/>o these contr<span class="_ _0"/>acts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are r<span class="_ _0"/>ec<span class="_ _0"/>ognised as the services are pr<span class="_ _0"/>ovided.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Security for debt</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bank guarant<span class="_ _0"/>ees</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As par<span class="_ _4"/>t of its ordinary oper<span class="_ _0"/>ations, DSV has pr<span class="_ _0"/>ovided bank guarant<span class="_ _0"/>ees to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">authorities, suppliers, etc. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The count<span class="_ _0"/>erparties may claim appropriation of c<span class="_ _0"/>ollater<span class="_ _0"/>al if DSV fails t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pay any amount due. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pledges</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dec<span class="_ _0"/>ember 2023, pr<span class="_ _0"/>operty, plant and equipment and other financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">assets with a carrying amount of DKK 2 million w<span class="_ _0"/>ere pledged as security </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK 30.9 million). The carrying amount of debt secur<span class="_ _0"/>ed by pledg-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es amounted t<span class="_ _0"/>o DKK 0 million (2022: DKK 0 million).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Security for debt</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bank guarant<span class="_ _0"/>ees</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As par<span class="_ _4"/>t of its ordinary oper<span class="_ _0"/>ations, DSV has pr<span class="_ _0"/>ovided bank guarant<span class="_ _0"/>ees to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">authorities, suppliers, etc. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The count<span class="_ _0"/>erparties may claim appropriation of c<span class="_ _0"/>ollater<span class="_ _0"/>al if DSV fails t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pay any amount due. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pledges</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dec<span class="_ _0"/>ember 2023, pr<span class="_ _0"/>operty, plant and equipment and other financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">assets with a carrying amount of DKK 2 million w<span class="_ _0"/>ere pledged as security </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK 30.9 million). The carrying amount of debt secur<span class="_ _0"/>ed by pledg-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es amounted t<span class="_ _0"/>o DKK 0 million (2022: DKK 0 million).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gr<span class="_ _3"/>oup company<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">over<span class="_ _8"/>view</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The overview below is a list of companies in the DSV Group at 31 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">December 2023 showing the c<span class="_ _0"/>ompanies by segment and not by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">legal structure.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Air &amp; Sea<span class="_ _14"> </span>Road<span class="_ _124"> </span>Solutions<span class="_ _e7"> </span>Gr<span class="_ _0"/>oup<span class="_ _22a"/><span class="ff2">Activit<span class="_ _4"/>y:</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:357.625px;"><span style="position: absolute; display: inline-block; left: 260.797px; top: 0.0058593px; width: 51.4512px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ownership </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.7559px; width: 254.391px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Company<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 174.703px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Country</span><span style="position: absolute; display: inline-block; left: 284.891px; top: 12.7559px; width: 81.2402px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">share<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 21.6973px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Ac<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tivity</span><span style="position: absolute; display: inline-block; left: 0px; top: 51.4473px; width: 34.2656px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">Par<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;"/>ent</span><span style="position: absolute; display: inline-block; left: 0px; top: 70.459px; width: 254.607px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV A<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>/S<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 173.707px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Denmark</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 107.885px; width: 61.1719px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">Subsidiaries</span><span style="position: absolute; display: inline-block; left: 0px; top: 145.697px; width: 36.2168px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">Europe</span><span style="position: absolute; display: inline-block; left: 0px; top: 164.709px; width: 310.061px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Andorra, SL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>U<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 135.181px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Andorra<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 183.521px; width: 309.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.939px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Austria<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 202.334px; width: 309.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Austria GmbH in Liquidation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Austria<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 221.146px; width: 309.879px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 144.381px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Austria<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 239.959px; width: 121.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>entral Asia EC </span><span style="position: absolute; display: inline-block; left: 206.734px; top: 239.959px; width: 103.143px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Azerbaijan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 252.709px; width: 90.8262px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">- Azerbaijan Branch</span><span style="position: absolute; display: inline-block; left: 0px; top: 271.521px; width: 309.545px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea NV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 136.242px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 290.334px; width: 309.586px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orld T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport N.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 309.146px; width: 309.451px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">AD Handling NV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 144.381px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 327.943px; width: 309.686px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">ABX W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orldwide Holdings NV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>/SA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7772px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 346.756px; width: 309.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Holding NV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.861px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Europe (c<span class="_ _0"/>ontinued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:537.578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.85px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Belgium NV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.7384px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions N.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.49px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 309.521px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Logistics N.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.283px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4434px; width: 309.762px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road N.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.066px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2559px; width: 309.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">MCI Br<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>okers N.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 139.799px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>99.9%</span><span style="position: absolute; display: inline-block; left: 0px; top: 94.0684px; width: 309.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Ghent NV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.7384px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.865px; width: 309.516px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea EOOD<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 121.125px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Bulgaria<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 131.678px; width: 309.785px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road EOOD<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 140.444px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Bulgaria<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 150.49px; width: 310.049px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Hrvatska d.o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129.844px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Croatia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.303px; width: 309.967px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea s.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.5429px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Czech Republic<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 188.115px; width: 309.744px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina Cz<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ech S.R.O.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.4315px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Czech R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>epublic<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 206.928px; width: 309.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Czech R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>epublic s.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.2188px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Cz<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ech R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>epublic<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 225.74px; width: 309.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Cz<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ech Republic s.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.3027px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Czech R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>epublic<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 244.553px; width: 310.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions s.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.5429px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Czech Republic<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 263.365px; width: 309.908px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road a.s.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 121.125px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Czech Republic<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 282.178px; width: 309.85px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Insuranc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 125.66px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 300.99px; width: 309.574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Group Services A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.6446px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 319.787px; width: 309.762px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV FS A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 158.303px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 338.6px; width: 309.873px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Anpartselskabet af 25. januar 2017<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 357.412px; width: 309.475px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Ringst<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 376.225px; width: 309.58px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Holding A/S<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 92.6719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 395.037px; width: 309.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 127.395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 413.85px; width: 309.645px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Ocean T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.4043px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 432.662px; width: 309.803px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PC KH ApS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.85px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 451.475px; width: 309.785px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Denmark ApS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.9315px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 470.287px; width: 309.75px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Holding A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5897px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 489.1px; width: 309.814px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.814px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 507.896px; width: 309.604px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Duisbur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>g A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 526.709px; width: 309.832px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Holding A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.16px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Europe (c<span class="_ _0"/>ontinued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:531.515625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.619px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Horsens A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.2636px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Hedeland 5 A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4434px; width: 309.504px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Services A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2559px; width: 309.633px; white-space: pre; word-spacing: 0px; letter-spacing: -0.315px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: -0.315px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Oem A/S<span style="word-spacing: 0px; letter-spacing: -0.315px; display: inline-block; margin-left: 0px; width: 101.027px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 94.0684px; width: 309.961px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Estonia AS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.065px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Estonia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.865px; width: 309.609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Oy<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 141.322px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Finland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 131.678px; width: 309.662px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Oy<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 141.322px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Finland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 150.49px; width: 310.037px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Oy<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 160.799px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Finland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.303px; width: 310.008px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea SAS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 138.621px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ance<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 188.115px; width: 310.043px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV International Air &amp; Sea F<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ranc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ance<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 206.928px; width: 310.066px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions SAS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 138.621px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ance<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 225.74px; width: 309.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Holding S.A.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 120.691px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Franc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 244.553px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road SAS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 157.353px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Franc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 263.365px; width: 309.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina Geor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>gia LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.861px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Georgia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 282.178px; width: 309.797px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Group Services GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 300.99px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Germany GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 319.787px; width: 309.686px; white-space: pre; word-spacing: 0px; letter-spacing: -0.28125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Deutschland GmbH<span style="word-spacing: 0px; letter-spacing: -0.28125px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 338.6px; width: 142.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Duisbur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>g A/S </span><span style="position: absolute; display: inline-block; left: 212.516px; top: 338.6px; width: 97.2715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 351.35px; width: 79.5176px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">- German Branch</span><span style="position: absolute; display: inline-block; left: 0px; top: 370.162px; width: 309.844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Group GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.742px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 388.975px; width: 309.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.418px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 407.787px; width: 309.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Stuttgart GmbH &amp; Co. K<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>G<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 426.6px; width: 309.609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Stuttgart V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>er<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>waltung GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 445.412px; width: 309.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 134.549px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 464.225px; width: 309.803px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Services GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.799px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 483.037px; width: 309.832px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Single Member S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.2716px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Greec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 501.85px; width: 309.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Single Member S.A.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.742px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Gr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eece<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 520.646px; width: 309.65px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Hungary Kft<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.9395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hungar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Europe (c<span class="_ _0"/>ontinued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:531.515625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Hungary Kft<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.9395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hungar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8027px; width: 309.545px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Hungaria Kft<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 132.065px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hungary<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6152px; width: 310.072px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Hungary Kft<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Hungar<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 19.0429px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4277px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.602px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ireland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2402px; width: 309.48px; white-space: pre; word-spacing: 0px; letter-spacing: -0.3375px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina W<span style="word-spacing: 0px; letter-spacing: -0.3375px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orld T<span style="word-spacing: 0px; letter-spacing: -0.3375px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport (Ireland) Ltd.<span style="word-spacing: 0px; letter-spacing: -0.3375px; display: inline-block; margin-left: 0px; width: 56.1562px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ir<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 94.0527px; width: 309.598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV GIL Ireland Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.928px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ireland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 112.865px; width: 309.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">LEP Shannon Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 145.125px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ir<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 131.678px; width: 309.521px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (Ir<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eland) Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ireland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 150.49px; width: 309.521px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 139.295px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ir<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 169.303px; width: 132.463px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTI Inventory Management </span><span style="position: absolute; display: inline-block; left: 224.453px; top: 169.303px; width: 85.2422px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ireland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 182.037px; width: 79.1602px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Solutions Limited</span><span style="position: absolute; display: inline-block; left: 0px; top: 200.85px; width: 309.422px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 141.791px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ireland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 219.662px; width: 309.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV S.p.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.779px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Italy<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 238.475px; width: 309.375px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rasporti Mondiali S.p.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.9551px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">It<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>aly<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 257.287px; width: 309.615px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate S.p.A.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.283px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Italy<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>89.8%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 276.1px; width: 309.691px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTi Italy SrL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 179.877px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Italy<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 294.912px; width: 309.381px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Italy S.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.l.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.814px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">It<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>aly<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 313.725px; width: 309.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions S.R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.365px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Italy<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 332.537px; width: 309.521px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Novar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>a S.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.l.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Italy<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>66.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 351.35px; width: 309.369px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Modena S.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.l.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.113px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Italy<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 370.162px; width: 309.668px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road S.R.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.619px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Italy<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 388.959px; width: 309.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>er<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ona S.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.l.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 159.217px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Italy<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 407.771px; width: 309.375px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Kazakhstan LLP<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.232px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Kazakhst<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>an<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 426.584px; width: 309.732px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Latvia SIA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 159.217px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Latvia<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 445.396px; width: 309.65px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Lithuania UAB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 127.395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Lithuania<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 464.209px; width: 309.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air Services<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 121.529px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Luxembour<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>g<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 483.021px; width: 309.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Lead Logistics B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 501.834px; width: 309.545px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics International BV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.9491px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 520.646px; width: 309.404px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GeoLogistics Eur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>opean Holdings B.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Europe (c<span class="_ _0"/>ontinued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:531.53125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.639px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>elmidas AMS B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.418px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransOc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eanic Holdings BV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 309.592px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Finance B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.602px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4434px; width: 309.609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">African Investments BV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.9748px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2559px; width: 309.498px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTi (Netherlands) Holdings BV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.2167px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 94.0684px; width: 309.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Nederland B.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.133px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 112.881px; width: 309.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Shared Services B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.742px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 131.693px; width: 309.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Holding B.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 150.506px; width: 309.621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Nederland B.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.133px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 169.318px; width: 309.381px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">IMS Holdings BV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 123.861px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 188.115px; width: 309.732px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions (Moer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>dijk) B.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ne<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>therlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 206.928px; width: 309.357px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Dallas Holding B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 225.74px; width: 309.539px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Maastricht B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 244.553px; width: 309.504px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Moer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>dijk B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.9824px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 263.365px; width: 309.633px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Moer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>dijk Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oject B.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 282.178px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Holding N.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.5429px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 300.99px; width: 309.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.787px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 319.803px; width: 309.551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Eindhoven B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.1562px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 338.615px; width: 309.562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV ROAD DOOEL Sk<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>opje<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">North Macedonia<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 357.428px; width: 309.434px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea AS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 139.295px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Norway<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 376.225px; width: 309.381px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina AS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 160.799px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Norway<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 395.037px; width: 309.662px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Norway AS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.065px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Norway<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 413.85px; width: 309.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions AS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 139.295px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Norway<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 432.662px; width: 309.334px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road AS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 157.857px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Nor<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>way<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 451.475px; width: 120.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV International Shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed </span><span style="position: absolute; display: inline-block; left: 224.516px; top: 451.475px; width: 85.1719px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Poland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 464.225px; width: 82.8691px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Services Sp. z o.o.</span><span style="position: absolute; display: inline-block; left: 0px; top: 483.037px; width: 309.346px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>arsaw II Sp. z o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">P<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 501.85px; width: 309.422px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Sp. z o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.418px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">P<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 520.662px; width: 309.686px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>olska Sp. z o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Poland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Europe (c<span class="_ _0"/>ontinued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:537.59375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL POL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>AND Sp. z o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 121.125px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Poland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.557px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oland Sp. z o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.9315px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Poland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 309.598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Services Sp. z o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.799px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Poland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4434px; width: 309.504px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Sp. z o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 134.549px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">P<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2559px; width: 309.357px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Sp. z o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.879px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Poland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 94.0684px; width: 309.352px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Lodz Sp. z o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.4159px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">P<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 112.881px; width: 309.504px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Group Services Unipessoal, Lda<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Portugal<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 131.693px; width: 309.633px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ortugal, LDA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">P<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ortugal<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 150.506px; width: 309.557px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions, Lda.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 127.395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Portugal<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 169.318px; width: 309.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV SGPS, Lda.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 144.381px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Portugal<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 188.115px; width: 309.498px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>arios, Lda.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.275px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Portugal<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 206.928px; width: 309.381px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea SRL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.027px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Romania<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 225.74px; width: 309.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL AIR&amp;SEA S.R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 128.935px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Romania<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 244.553px; width: 309.551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions S.R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 123.07px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Romania<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 263.365px; width: 309.352px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road S.R.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.365px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Romania<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 282.178px; width: 309.633px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road d.o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.31px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Serbia<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 300.99px; width: 309.404px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Slovakia s. r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.3261px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Slovakia<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 319.803px; width: 309.562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Slovakia s.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.9395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Slovakia<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 338.615px; width: 309.404px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Br<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>atislava s.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.2188px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Slovakia<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 357.428px; width: 309.428px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Slovakia, s.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.027px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Slovakia<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 376.225px; width: 309.727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport d.o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.602px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Slovenia<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 395.037px; width: 309.598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea d.o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.447px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Slovenia<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 413.85px; width: 309.363px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>acisa T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransitaria S.L.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 134.549px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Spain<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 432.662px; width: 309.621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea International, S.L.U.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.9219px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Spain<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 451.475px; width: 309.633px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Spain S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.U.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.393px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Spain<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 470.287px; width: 309.398px; white-space: pre; word-spacing: 0px; letter-spacing: -0.30375px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Servicios Logisticos Integr<span style="word-spacing: 0px; letter-spacing: -0.30375px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ados SLI, S.A<span style="word-spacing: 0px; letter-spacing: -0.30375px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: -0.30375px; display: inline-block; margin-left: 0px; width: 61.6759px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Spain<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 489.1px; width: 309.557px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Spain S.A.U.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 127.395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Spain<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 507.912px; width: 309.732px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Holding Spain S.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.047px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Spain<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 526.725px; width: 309.662px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea, S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.U.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.283px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Spain<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Europe (c<span class="_ _0"/>ontinued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:531.53125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.357px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV REAL EST<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>A<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TE L<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>A BISBAL S.L<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 81.4159px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Spain<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.803px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea AB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 137.889px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sw<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 310.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Nor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>dic AB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sweden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4434px; width: 309.908px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility AB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 174.211px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>weden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2559px; width: 309.844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions AB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 137.455px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sweden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 94.0684px; width: 310.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Landskr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ona 2 AB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.133px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>weden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.881px; width: 309.961px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Helsingbor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>g AB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7772px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sweden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 131.693px; width: 309.943px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Group AB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.066px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sweden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 150.506px; width: 309.803px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road AB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.938px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sw<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.318px; width: 309.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Göinge Fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>akt EK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 145.125px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sw<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 188.115px; width: 309.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>roperty Holding AB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sw<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 206.928px; width: 309.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Switz<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>erland 4 AG<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.129px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Switzerland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 225.74px; width: 310.008px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>elttransport Holding AG<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Switzerland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 244.553px; width: 309.926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Corporat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e Services AG<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.2188px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>witzerland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 263.365px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina Int<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ernational AG<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.8866px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Switz<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>erland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 282.178px; width: 310.078px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea AG<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.799px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Switzerland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 300.99px; width: 309.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Switz<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>erland 2 AG<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.129px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Switzerland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 319.803px; width: 309.832px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Logistics S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.275px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>witzerland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 338.615px; width: 309.891px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.S.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 135.832px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ürkiye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 357.428px; width: 126.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV International Hava ve </span><span style="position: absolute; display: inline-block; left: 221.062px; top: 357.428px; width: 88.8281px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ürkiye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 370.162px; width: 129.586px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Deniz T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>aşimaciliği Ltd.Şirketi</span><span style="position: absolute; display: inline-block; left: 0px; top: 388.975px; width: 309.85px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road &amp; Solutions A.S.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.113px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ürkiye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 407.787px; width: 309.961px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orld T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.8866px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Ukraine<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 426.6px; width: 309.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Logistics LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 137.455px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Ukr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>aine<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 445.412px; width: 309.633px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 128.297px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Ukraine<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 464.225px; width: 309.557px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV GIL Holding Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 483.037px; width: 309.967px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4123px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 501.85px; width: 310.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orld T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 520.662px; width: 309.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV GIL UK Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.2227px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Europe (c<span class="_ _0"/>ontinued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:544.28125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV GIL Fairs &amp; Events Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV GIL Pension T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rustees Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 26.3613px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea 2018 (UK) Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 26.3613px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Unit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4434px; width: 309.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Lead Logistics Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2559px; width: 309.779px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV GIL Solutions Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 94.0684px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV GIL Management Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.6719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.881px; width: 309.797px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Thr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>apston Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 21.6973px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 131.693px; width: 309.574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Holding Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4082px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 150.506px; width: 309.967px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Commer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>cials Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.9551px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.318px; width: 310.002px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.418px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 188.115px; width: 310.061px; white-space: pre; word-spacing: 0px; letter-spacing: -0.405px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Global Options W<span style="word-spacing: 0px; letter-spacing: -0.405px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orldwide Express (Lt<span style="word-spacing: 0px; letter-spacing: -0.405px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d)<span style="word-spacing: 0px; letter-spacing: -0.405px; display: inline-block; margin-left: 0px; width: 12.7148px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 206.928px; width: 309.545px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Pension T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rustees Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6094px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 225.74px; width: 309.65px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.5429px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 244.553px; width: 309.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DFDS T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 263.365px; width: 309.738px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>amworth Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 282.178px; width: 309.809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">G T Exhibitions Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 319.604px; width: 74.8242px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">North America</span><span style="position: absolute; display: inline-block; left: 0px; top: 338.615px; width: 309.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 136.734px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Canada<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 357.428px; width: 309.545px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 136.734px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Canada<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 376.225px; width: 309.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road, Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.31px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Canada<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 395.037px; width: 310.008px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea, S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. de C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2949px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Mexico<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 413.85px; width: 120.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV International Shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed </span><span style="position: absolute; display: inline-block; left: 222.031px; top: 413.85px; width: 88.875px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Mexic<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>o<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 426.6px; width: 94.7812px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Services S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. de C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.V.</span><span style="position: absolute; display: inline-block; left: 0px; top: 445.412px; width: 136.922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransOc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eanic Shipping Co. S. </span><span style="position: absolute; display: inline-block; left: 222.031px; top: 445.412px; width: 88.875px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Mexic<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>o<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 458.162px; width: 61.1074px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">de RL de C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.V.</span><span style="position: absolute; display: inline-block; left: 0px; top: 476.975px; width: 309.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. de C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.6446px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Mexico<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 495.787px; width: 309.691px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road, S.A. de C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.431px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Mexic<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>o<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 514.6px; width: 309.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV 4PL Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.283px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Unit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed Stat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 533.412px; width: 309.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Holding Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United St<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">North America (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:544.90625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.785px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.16px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Unit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed Stat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 131.303px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea International </span><span style="position: absolute; display: inline-block; left: 192.281px; top: 18.8184px; width: 117.445px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">United St<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 31.5684px; width: 53.5547px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Holding Inc.</span><span style="position: absolute; display: inline-block; left: 0px; top: 50.3809px; width: 309.926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions, LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United St<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 69.1934px; width: 136.939px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Inventory Management </span><span style="position: absolute; display: inline-block; left: 192.281px; top: 69.1934px; width: 117.445px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">United St<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 81.9434px; width: 60.8965px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Solutions Inc.</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.756px; width: 309.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Dallas Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Unit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed St<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.568px; width: 309.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Market Indus<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tries LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Stat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 138.381px; width: 310.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>, Inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United States<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 157.193px; width: 309.891px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road, Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 125.66px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Unit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed St<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 176.006px; width: 309.979px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV US Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>operty Holding<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>, Inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United St<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 194.818px; width: 309.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Los Angeles, LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.8261px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Stat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 213.615px; width: 310.049px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Phoenix, LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United States<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 232.428px; width: 309.967px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate New Jersey, LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.6719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United St<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 251.24px; width: 310.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Chicago<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United States<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 270.053px; width: 310.061px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate New Albany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United States<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 288.865px; width: 309.697px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Pharr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.9082px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Stat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 307.678px; width: 309.873px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tlanta, LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.6759px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Stat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 345.104px; width: 76.4941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">South America</span><span style="position: absolute; display: inline-block; left: 0px; top: 364.115px; width: 310.061px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTi Logistics Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>gentina S.A.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Argentina<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 382.928px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.939px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>gentina<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 401.725px; width: 106.787px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GeoLogistics Holdings </span><span style="position: absolute; display: inline-block; left: 212.516px; top: 401.725px; width: 96.5098px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Bermuda<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 414.475px; width: 86.3789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Bermuda) Limited</span><span style="position: absolute; display: inline-block; left: 0px; top: 433.287px; width: 139.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Brasil Serviços </span><span style="position: absolute; display: inline-block; left: 228.938px; top: 433.287px; width: 80.6016px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Brazil<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 446.037px; width: 80.1094px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">de Logística Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>da.</span><span style="position: absolute; display: inline-block; left: 0px; top: 464.85px; width: 309.891px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Brasil Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>da.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.855px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Brazil<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 483.662px; width: 310.084px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTi W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orldwide Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.1855px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Brit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. Virgin Islands<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 502.475px; width: 310.031px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTi Logistics (Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oprie<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tary) Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 15.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Brit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. Virgin Islands<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 521.287px; width: 137.613px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Thomas International F<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>reight </span><span style="position: absolute; display: inline-block; left: 172.453px; top: 521.287px; width: 137.561px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Brit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. Virgin Islands<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 534.037px; width: 75.4336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Auditors Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">South America (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:526.09375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTi Kazakhst<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>an Investments Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Brit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. Virgin Islands<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility (A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>sia/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>Pacific) Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Brit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. Virgin Islands<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 310.014px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PWC Global Logistics Holdings Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 14.8359px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Brit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. Virgin Islands<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4434px; width: 144.023px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (Latin America) </span><span style="position: absolute; display: inline-block; left: 232.047px; top: 56.4434px; width: 77.707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Chile<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 69.1934px; width: 55.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Holding S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.0059px; width: 309.551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.619px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Chile<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 106.818px; width: 309.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics Corp. Holding SpA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.9219px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Chile<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 125.631px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics Chile SA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 120.047px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Chile<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 144.443px; width: 309.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.S.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.861px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Colombia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 163.256px; width: 136.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">AGENCIA DE ADUANAS DSV </span><span style="position: absolute; display: inline-block; left: 211.609px; top: 163.256px; width: 98.1855px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Colombia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 175.99px; width: 65.2441px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.S. NIVEL 1</span><span style="position: absolute; display: inline-block; left: 0px; top: 194.818px; width: 309.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.S.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.861px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Colombia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 213.615px; width: 309.621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Zona F<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ranca SAS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Colombia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 232.428px; width: 309.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 121.125px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Costa Rica<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 251.24px; width: 145.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV AIR &amp; SEA DOMINIC<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ANA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>, </span><span style="position: absolute; display: inline-block; left: 206.734px; top: 251.24px; width: 51.0469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Dominican <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 251.24px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 263.99px; width: 25.3535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">S.R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.</span><span style="position: absolute; display: inline-block; left: 215.953px; top: 263.99px; width: 38.7832px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Republic</span><span style="position: absolute; display: inline-block; left: 0px; top: 282.803px; width: 309.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV-AIR&amp;SEA S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 130.389px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Ecuador<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 301.615px; width: 309.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea, S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. de C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>El Salvador<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 320.428px; width: 309.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>A Inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 120.047px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Panama<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 339.24px; width: 309.832px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina SEM, S.A.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 128.935px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>anama<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 358.053px; width: 309.82px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina S.A.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 155.52px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>anama<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 376.865px; width: 309.686px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Almacenador<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>a Mer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>cantil S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Panama<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 395.678px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.102px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Peru<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 414.475px; width: 309.75px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics Peru S.A.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.861px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Peru<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 433.287px; width: 309.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (PR) Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.5px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Puerto Rico<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 452.1px; width: 96.1699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Arabella Shipping Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d</span><span style="position: absolute; display: inline-block; left: 173.609px; top: 452.1px; width: 84.4102px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Saint Vincent And </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 452.1px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 183.203px; top: 464.85px; width: 71.6777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">The Grenadines</span><span style="position: absolute; display: inline-block; left: 0px; top: 483.662px; width: 111.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Uruguay </span><span style="position: absolute; display: inline-block; left: 215.953px; top: 483.662px; width: 93.8496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Uruguay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 496.412px; width: 113.221px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">- Servicios Logisticos SA</span><span style="position: absolute; display: inline-block; left: 0px; top: 515.225px; width: 309.814px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Uruguay S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.9395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Uruguay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:551.15234375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 21.9082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">Asia</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0059px; width: 309.984px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.275px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Bangladesh<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.8184px; width: 309.803px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.31px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Bangladesh<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.6309px; width: 309.809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (Cambodia) Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.1018px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Cambodia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.4434px; width: 309.697px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Prime Car<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>go (Cambodia) Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Cambodia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 94.2559px; width: 309.668px; white-space: pre; word-spacing: 0px; letter-spacing: -0.16875px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Integr<span style="word-spacing: 0px; letter-spacing: -0.16875px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ation 1 (Cambodia) Co., Ltd.<span style="word-spacing: 0px; letter-spacing: -0.16875px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Cambodia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 113.068px; width: 309.943px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.99px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Cambodia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 131.881px; width: 110.496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTi W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orldwide Co. Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d. </span><span style="position: absolute; display: inline-block; left: 208.406px; top: 131.881px; width: 101.109px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Cambodia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 144.631px; width: 119.941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">- Cambodia Branch (USD)</span><span style="position: absolute; display: inline-block; left: 0px; top: 163.443px; width: 309.691px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 123.07px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 182.256px; width: 309.662px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Co., Ltd. (China)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 201.068px; width: 107.35px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Baisui United Logis<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tics </span><span style="position: absolute; display: inline-block; left: 229.266px; top: 201.068px; width: 80.7773px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 213.803px; width: 87.6855px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Shanghai) Co. Ltd.</span><span style="position: absolute; display: inline-block; left: 0px; top: 232.615px; width: 309.732px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics (Shanghai) Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 251.428px; width: 309.639px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Logistics Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.939px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 270.24px; width: 309.691px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina W<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orld T<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport (PRC) Ltd.<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 62.9824px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 289.053px; width: 125.789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Zhejiang DSV supply chain </span><span style="position: absolute; display: inline-block; left: 229.266px; top: 289.053px; width: 80.7773px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 301.803px; width: 99.9375px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">management CO<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.,L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TD</span><span style="position: absolute; display: inline-block; left: 0px; top: 320.615px; width: 309.744px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 123.07px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 339.428px; width: 309.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Logistics (Nanjing) Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.8866px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 358.24px; width: 310.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.799px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hong Kong<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 377.053px; width: 309.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Pant<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ainer (H.K<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.393px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hong K<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ong<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 395.865px; width: 310.008px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.5429px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hong Kong<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 414.678px; width: 309.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">ECT T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.742px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hong Kong<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 433.475px; width: 309.914px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.129px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hong Kong<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 452.287px; width: 309.773px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (HK) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.5px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hong Kong<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 471.1px; width: 309.803px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina China Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 112.254px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hong Kong<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 489.912px; width: 309.516px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Pvt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.047px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>India<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 508.725px; width: 131.303px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea International </span><span style="position: absolute; display: inline-block; left: 232.969px; top: 508.725px; width: 76.7988px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">India<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 521.475px; width: 69.2461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Privat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e Limited</span><span style="position: absolute; display: inline-block; left: 0px; top: 540.287px; width: 310.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Coload &amp; Clear<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ance Pvt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.9551px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>India<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Asia (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:532.15625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.832px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Privat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0938px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>India<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.797px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PT<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. DSV T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport Indonesia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.9315px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Indonesia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 309.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PT GIL Solusi Indonesia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.668px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Indonesia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4434px; width: 309.814px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PT DSV Solutions Indonesia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Indonesia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2559px; width: 309.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PT Syner<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>gy Indonesia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.232px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Indonesia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 94.0684px; width: 309.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PT Sarana P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rima Optima<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.6446px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Indonesia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.881px; width: 309.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Japan GK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.799px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Japan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 131.693px; width: 309.574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.602px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Japan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 150.506px; width: 309.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.602px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Japan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.318px; width: 309.463px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 143.215px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ko<span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rea<span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span></span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 188.115px; width: 309.516px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.816px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">K<span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ore<span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>a<span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span></span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 206.928px; width: 309.615px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea International Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ko<span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>re<span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>a<span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span></span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 225.74px; width: 309.498px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air and Sea Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.855px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Macao<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 244.553px; width: 309.516px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Sdn. Bhd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.986px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Malaysia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 263.365px; width: 133.072px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina Cus<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>toms Services </span><span style="position: absolute; display: inline-block; left: 214.859px; top: 263.365px; width: 95.2793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Malaysia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 276.115px; width: 64.8809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(M) SDN BHD</span><span style="position: absolute; display: inline-block; left: 0px; top: 294.928px; width: 309.668px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Litvest Corporation Sdn Bhd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.742px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Malay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>sia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 313.74px; width: 309.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions (DC) Sdn. 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Bhd.<span style="word-spacing: 0px; letter-spacing: -0.39375px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Malay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>sia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 388.975px; width: 309.668px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Logistics Sdn. Bhd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.668px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Malay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>sia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 407.787px; width: 309.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV ST<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TIONARY SDN. BHD.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Malay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>sia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 426.6px; width: 95.1387px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport </span><span style="position: absolute; display: inline-block; left: 214.859px; top: 426.6px; width: 95.2793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Malaysia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 439.35px; width: 93.5449px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Malaysia) Sdn. Bhd.</span><span style="position: absolute; display: inline-block; left: 0px; top: 458.162px; width: 134.127px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Inventory Management <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span></span><span style="position: absolute; display: inline-block; left: 214.859px; top: 458.162px; width: 94.5469px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Malaysia<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 470.912px; width: 85.4121px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Solutions Sdn. Bhd.</span><span style="position: absolute; display: inline-block; left: 0px; top: 489.725px; width: 309.58px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (Myanmar) Limit<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Myanmar<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 508.537px; width: 117.574px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air and Sea Pakis<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tan <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span></span><span style="position: absolute; display: inline-block; left: 217.859px; top: 508.537px; width: 92.1328px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Pakist<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>an<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 521.287px; width: 102.979px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(SMC-Privat<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e) Limited</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Asia (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:526.8125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV SOLUTIONS (PRIV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TE) LIMITED<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>akistan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.9121px; width: 257.244px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.939px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Papua <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 18.9121px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 199.094px; top: 31.6465px; width: 55.4766px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">New Guinea</span><span style="position: absolute; display: inline-block; left: 0px; top: 50.4746px; width: 161.016px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina Global Business Services </span><span style="position: absolute; display: inline-block; left: 206.734px; top: 50.4746px; width: 103.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.209px; width: 86.8066px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(GBS) - Philippines</span><span style="position: absolute; display: inline-block; left: 0px; top: 82.0215px; width: 120.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV International Shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed </span><span style="position: absolute; display: inline-block; left: 206.734px; top: 82.0215px; width: 103.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 94.7715px; width: 57.6094px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Services Inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.</span><span style="position: absolute; display: inline-block; left: 0px; top: 113.584px; width: 309.662px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.602px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 132.396px; width: 309.809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Holding Co Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.326px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 151.209px; width: 310.008px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Logistics Holding Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.9748px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 170.021px; width: 309.592px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL International Logis<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tics Inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 188.834px; width: 113.344px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Logistics Solutions </span><span style="position: absolute; display: inline-block; left: 206.734px; top: 188.834px; width: 103.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 201.584px; width: 69.6094px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Philippines, Inc.</span><span style="position: absolute; display: inline-block; left: 0px; top: 220.396px; width: 125.062px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orld T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport </span><span style="position: absolute; display: inline-block; left: 206.734px; top: 220.396px; width: 103.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 233.146px; width: 75.0762px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Philippines) Inc.</span><span style="position: absolute; display: inline-block; left: 0px; top: 251.959px; width: 309.955px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Global Solutions Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 270.771px; width: 309.891px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Logistics Distribution Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 289.584px; width: 309.879px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics Holdings P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>te Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Singapore<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 308.381px; width: 309.797px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics Holdings (S) P<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>te. Lt<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d.<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Singapore<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 327.193px; width: 127.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Singapore R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eal Estat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e </span><span style="position: absolute; display: inline-block; left: 208.344px; top: 327.193px; width: 101.145px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Singapore<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 339.943px; width: 76.2305px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Holding Pte. Ltd.</span><span style="position: absolute; display: inline-block; left: 0px; top: 358.756px; width: 138.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility International Logistics </span><span style="position: absolute; display: inline-block; left: 208.344px; top: 358.756px; width: 101.145px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Singapore<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 371.506px; width: 38.6484px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Pte. Ltd.</span><span style="position: absolute; display: inline-block; left: 0px; top: 390.318px; width: 309.85px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">China Baisui Logistics Pte Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Singapor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 409.131px; width: 309.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Pte Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Singapor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 427.943px; width: 309.943px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Singapor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e Pte. Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Singapore<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 446.756px; width: 136.939px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Inventory Management </span><span style="position: absolute; display: inline-block; left: 208.344px; top: 446.756px; width: 101.145px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Singapore<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 459.506px; width: 81.1465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Solutions Pte. Ltd</span><span style="position: absolute; display: inline-block; left: 0px; top: 478.318px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTi P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ership (Pvt) Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sri Lanka<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>51.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 497.131px; width: 309.773px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Pership (P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rivate) Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sri Lanka<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>40.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 515.943px; width: 309.82px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.275px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>aiwan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Asia (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:513.96875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.949px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>aiwan) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.5429px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>aiwan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.873px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.275px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>aiwan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 144.398px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina Asia-P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>acific Ser<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>vices </span><span style="position: absolute; display: inline-block; left: 216.797px; top: 37.6309px; width: 93.2578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Thailand<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 50.3809px; width: 66.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Thailand) Ltd.</span><span style="position: absolute; display: inline-block; left: 0px; top: 69.1934px; width: 309.809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Supreme Eliga C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>o. Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.232px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Thailand<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.0059px; width: 309.633px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Air &amp; Sea (Thailand) Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.3221px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Thailand<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 106.818px; width: 309.697px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.027px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Thailand<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 125.631px; width: 310.049px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Holding (Thailand) Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Thailand<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 144.443px; width: 125.062px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orld T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport </span><span style="position: absolute; display: inline-block; left: 216.797px; top: 144.443px; width: 93.2578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Thailand<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 157.178px; width: 66.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Thailand) Ltd.</span><span style="position: absolute; display: inline-block; left: 0px; top: 176.006px; width: 309.645px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.027px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Thailand<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 194.818px; width: 309.516px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Company Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Viet Nam<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>99.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 213.615px; width: 309.609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Co., Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.393px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Viet Nam<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 232.428px; width: 118.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics Vietnam </span><span style="position: absolute; display: inline-block; left: 212.484px; top: 232.428px; width: 97.7461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Viet Nam<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 245.178px; width: 61.7109px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Company Ltd</span><span style="position: absolute; display: inline-block; left: 0px; top: 263.99px; width: 309.855px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.211px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Viet Nam<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>71.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 282.803px; width: 310.037px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Vietnam Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Viet Nam<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 301.615px; width: 114.182px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Inventory Management </span><span style="position: absolute; display: inline-block; left: 212.484px; top: 301.615px; width: 97.7461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Viet Nam<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 314.365px; width: 120.252px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Solutions Vietnam Limited</span><span style="position: absolute; display: inline-block; left: 0px; top: 351.791px; width: 60.6504px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">Middle East</span><span style="position: absolute; display: inline-block; left: 0px; top: 370.803px; width: 309.896px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Afghanistan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 389.615px; width: 309.926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV AIR &amp; SEA W.L.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 120.691px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Bahrain<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 408.428px; width: 309.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>entral Asia EC<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Bahrain<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 427.225px; width: 310.061px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions B.S.C Closed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.5429px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Bahrain<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 446.037px; width: 106.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Al-Alb Co. f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>or General </span><span style="position: absolute; display: inline-block; left: 237.5px; top: 446.037px; width: 72.8027px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Iraq<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 458.787px; width: 100.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransportation (PLL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C)</span><span style="position: absolute; display: inline-block; left: 0px; top: 477.6px; width: 142.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Kurdis<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tan Company f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>or </span><span style="position: absolute; display: inline-block; left: 237.5px; top: 477.6px; width: 72.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Iraq<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>67.5%</span><span style="position: absolute; display: inline-block; left: 0px; top: 490.35px; width: 160.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Administration of W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>arehouses and </span><span style="position: absolute; display: inline-block; left: 0px; top: 503.1px; width: 154.184px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Facilitat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e St<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orage P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>roc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ess Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Middle East (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:534.046875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 147.199px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">The W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ehousing Company f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>or </span><span style="position: absolute; display: inline-block; left: 236.938px; top: 0.0058593px; width: 72.8027px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Iraq<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.7559px; width: 159.064px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Shipping, Discharging and Cust<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>om </span><span style="position: absolute; display: inline-block; left: 0px; top: 25.5059px; width: 64.6758px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Clearanc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.3184px; width: 309.949px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 145.125px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Israel<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.1309px; width: 309.908px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Marine Insuranc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e Agency Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Israel<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 81.9434px; width: 309.984px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV - E-CO<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>MMERCE L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TD.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.9px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Israel<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.756px; width: 310.066px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 147.621px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Israel<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.568px; width: 141.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">U.T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.I.-Invent<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ory Management </span><span style="position: absolute; display: inline-block; left: 230.5px; top: 119.568px; width: 79.4648px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Israel<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 132.318px; width: 134.555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Solutions Limited partnership</span><span style="position: absolute; display: inline-block; left: 0px; top: 151.131px; width: 309.738px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTI IMS Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.707px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Isr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ael<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.943px; width: 309.891px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Jor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>dan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.814px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Jor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>dan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 188.756px; width: 140.021px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Public war<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ehousing Company </span><span style="position: absolute; display: inline-block; left: 224.328px; top: 188.756px; width: 85.7285px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Jordan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 201.49px; width: 57.4688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">-Jordan PSC</span><span style="position: absolute; display: inline-block; left: 0px; top: 220.318px; width: 154.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Public W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ehousing Company f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>or </span><span style="position: absolute; display: inline-block; left: 224.328px; top: 220.318px; width: 85.7285px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Jordan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 233.053px; width: 153.639px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Stor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>age and Distribution Services</span><span style="position: absolute; display: inline-block; left: 0px; top: 251.865px; width: 140.021px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Public war<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ehousing Company </span><span style="position: absolute; display: inline-block; left: 224.328px; top: 251.865px; width: 85.7285px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Jordan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 264.615px; width: 131.227px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">-Jordan PSC - Aqaba Br<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>anch</span><span style="position: absolute; display: inline-block; left: 0px; top: 283.428px; width: 125.514px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Holding for C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ompany </span><span style="position: absolute; display: inline-block; left: 223.266px; top: 283.428px; width: 86.8418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Kuwait<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 296.178px; width: 131.795px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Business Management W.L.L</span><span style="position: absolute; display: inline-block; left: 0px; top: 314.99px; width: 131.549px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Global Logistics f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>or General </span><span style="position: absolute; display: inline-block; left: 223.266px; top: 314.99px; width: 86.8418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Kuwait<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 327.74px; width: 151.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rading and Contr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>acting Co. WLL</span><span style="position: absolute; display: inline-block; left: 0px; top: 346.553px; width: 309.727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Co. W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.904px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>K<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>uwait<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>49.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 365.365px; width: 125.689px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV A&amp;S for Shipping and </span><span style="position: absolute; display: inline-block; left: 223.266px; top: 365.365px; width: 86.8418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Kuwait<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 378.115px; width: 74.9121px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L</span><span style="position: absolute; display: inline-block; left: 0px; top: 396.928px; width: 148.729px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions for W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>arehousing </span><span style="position: absolute; display: inline-block; left: 223.266px; top: 396.912px; width: 86.8418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Kuwait<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 409.678px; width: 146.291px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">and Third P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>arty Inventory Man-</span><span style="position: absolute; display: inline-block; left: 0px; top: 422.412px; width: 83.3496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">agement Co. S.P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.C</span><span style="position: absolute; display: inline-block; left: 0px; top: 441.24px; width: 309.738px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Logistics Cargo T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport W.L.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Kuwait<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 460.053px; width: 123.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eight Forwarding </span><span style="position: absolute; display: inline-block; left: 214.859px; top: 460.053px; width: 94.2656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Lebanon<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 472.803px; width: 73.7344px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Lebanon) SARL</span><span style="position: absolute; display: inline-block; left: 0px; top: 491.615px; width: 139.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PWC T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rading and c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ontracting </span><span style="position: absolute; display: inline-block; left: 214.859px; top: 491.615px; width: 94.2656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Lebanon<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 504.35px; width: 105.135px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Lebanon SAL (Holding)</span><span style="position: absolute; display: inline-block; left: 0px; top: 523.178px; width: 309.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PWC Lebanon (Holding) SAL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Lebanon<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Middle East (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:540.71875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PWC investments (Lebanon) SARL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Lebanon<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air and Sea LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.283px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Oman<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>70.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 309.686px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Global Logistics (Oman) LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.7384px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Oman<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>50.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4434px; width: 309.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air and Sea Shipping WLL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.9395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Qatar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>49.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2559px; width: 106.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Panalpina Marine </span><span style="position: absolute; display: inline-block; left: 228.297px; top: 75.2559px; width: 81.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Qatar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.0059px; width: 70.0312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Shipping W.L.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.</span><span style="position: absolute; display: inline-block; left: 0px; top: 106.818px; width: 138.574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air and Sea f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>or Logistics </span><span style="position: absolute; display: inline-block; left: 199.094px; top: 106.818px; width: 111.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Saudi Arabia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.568px; width: 84.9727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Services Company</span><span style="position: absolute; display: inline-block; left: 0px; top: 138.381px; width: 129.387px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions for L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ogistics </span><span style="position: absolute; display: inline-block; left: 199.094px; top: 138.381px; width: 111.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Saudi Arabia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 151.131px; width: 84.9727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Services Company</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.943px; width: 155.355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL INTERNA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TIONAL HOLDINGS I </span><span style="position: absolute; display: inline-block; left: 200.375px; top: 169.943px; width: 56.6426px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">United Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 169.943px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 182.678px; width: 39.6035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">LIMITED</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 182.678px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 201.506px; width: 158.016px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL INTERNA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TIONAL HOLDINGS II </span><span style="position: absolute; display: inline-block; left: 200.375px; top: 201.506px; width: 56.6426px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">United Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 201.506px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 214.24px; width: 39.6035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">LIMITED</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 214.24px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 233.068px; width: 160.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL INTERNA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TIONAL HOLDINGS III </span><span style="position: absolute; display: inline-block; left: 200.375px; top: 233.068px; width: 56.6426px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">United Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 233.068px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 245.803px; width: 39.6035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">LIMITED</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 245.803px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 264.615px; width: 257.309px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.52px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Arab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 264.615px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 277.365px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 296.178px; width: 257.215px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions DWC-LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Arab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 296.178px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 308.928px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 327.74px; width: 256.975px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina Jebel Ali Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2949px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 327.74px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 340.49px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 359.303px; width: 256.969px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Gulf Customs Br<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ok<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>er LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 279.688px; top: 359.303px; width: 30.668px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">49.0%</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 372.053px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 390.865px; width: 257.051px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air and Sea DWC-LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 390.865px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 403.615px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 422.428px; width: 136.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air and Sea Middle East </span><span style="position: absolute; display: inline-block; left: 200.375px; top: 422.428px; width: 56.6426px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">United Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 422.428px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 435.178px; width: 46.8398px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DWC-LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 435.178px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 453.99px; width: 257.326px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>JSC<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.393px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Unit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed Arab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 279.688px; top: 453.99px; width: 30.668px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">49.0%</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 466.74px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 485.553px; width: 257.203px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.016px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Unit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed Arab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 485.553px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 498.303px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 517.115px; width: 257.291px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions MENA FZE<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.742px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Arab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 517.115px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 529.85px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Middle East (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:532.15625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 257.057px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions - FZE<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.52px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.797px; top: 0.0058593px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 215.156px; top: 12.7559px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 31.5684px; width: 257.168px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">G T M E Logistics LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.535px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Arab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.797px; top: 31.5684px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 215.156px; top: 44.3184px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 81.7441px; width: 41.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">Oceania</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.756px; width: 309.938px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y. Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.16px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Aus<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tralia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.568px; width: 309.99px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y. Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.16px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ustralia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 138.381px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.N. 116 779 876 PT<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>Y L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TD<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Austr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>alia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 157.193px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.N. 004 265 721 PT<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>Y L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TD<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Austr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>alia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 176.006px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.N. 007 430 935 PT<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>Y L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TD<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Austr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>alia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 194.818px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.N. 078 189 296 PT<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>Y L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TD<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Austr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>alia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 213.615px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.N. 082 751 460 PT<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>Y L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TD<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Austr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>alia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 232.428px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.N. 144 885 156 PT<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>Y L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TD<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Austr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>alia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 251.24px; width: 309.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.4043px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>New Zealand<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 288.666px; width: 32.6367px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">Africa</span><span style="position: absolute; display: inline-block; left: 0px; top: 307.678px; width: 309.557px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Maghreb Sarl<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129.428px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Algeria<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>49.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 326.49px; width: 309.814px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics SARL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.447px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Algeria<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 345.303px; width: 309.574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ans Maas Algerie S.a.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.l.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.016px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Algeria<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 364.115px; width: 146.766px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransportes Mundiais </span><span style="position: absolute; display: inline-block; left: 223.484px; top: 364.115px; width: 86.3203px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Angola<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>52.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 376.85px; width: 140.062px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Navegãçao e T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rânsitos S.A.R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.</span><span style="position: absolute; display: inline-block; left: 0px; top: 395.678px; width: 309.773px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Global Integr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ated Logis<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tics Lda<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.9315px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Angola<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 414.475px; width: 309.926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (PTY) Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.9551px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Bo<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tswana<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 433.287px; width: 145.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransports Mondiaux </span><span style="position: absolute; display: inline-block; left: 207.078px; top: 433.287px; width: 102.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Cameroon<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>90.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 446.037px; width: 85.0195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Cameroun S.A.R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.</span><span style="position: absolute; display: inline-block; left: 0px; top: 464.85px; width: 309.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV-UTI Egypt Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 136.242px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Egypt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 483.662px; width: 309.609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orld T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport Eg<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ypt LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Eg<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ypt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 502.475px; width: 309.439px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Egypt Limited Liability Company<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Eg<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ypt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 521.287px; width: 309.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.E<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.283px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Eg<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ypt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Afri<span class="_ _4"/>ca (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:545.53125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 161.051px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Global Options W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orldwide Express </span><span style="position: absolute; display: inline-block; left: 216.219px; top: 0.0058593px; width: 93.3105px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Eswatini<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.7559px; width: 101.689px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Investments (Pty) Ltd</span><span style="position: absolute; display: inline-block; left: 0px; top: 31.5684px; width: 148.236px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransports Mondiaux </span><span style="position: absolute; display: inline-block; left: 224.328px; top: 31.5684px; width: 84.9492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Gabon<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>89.8%</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.3184px; width: 50.3086px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Gabon S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.1309px; width: 309.908px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.939px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Kenya<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 81.9434px; width: 309.984px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina K<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>enya Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.283px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Kenya<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.756px; width: 309.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Africa Holdings Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Mauritius<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.568px; width: 309.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina Mor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>co S.A.R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.9395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.2025px; letter-spacing: -0.2025px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Mo<span style="word-spacing: 0.2025px; letter-spacing: -0.2025px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rocco<span style="word-spacing: 0.2025px; letter-spacing: -0.2025px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span></span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 138.381px; width: 127.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Global Integr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ated Logis<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tics </span><span style="position: absolute; display: inline-block; left: 212.516px; top: 138.381px; width: 96px; white-space: pre; word-spacing: 0.2025px; letter-spacing: -0.2025px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Moro<span style="word-spacing: 0.2025px; letter-spacing: -0.2025px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>cco<span style="word-spacing: 0.2025px; letter-spacing: -0.2025px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 151.131px; width: 86.4141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Company SARL AU</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.943px; width: 309.732px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport Int'l S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.904px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.2025px; letter-spacing: -0.2025px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Morocco<span style="word-spacing: 0.2025px; letter-spacing: -0.2025px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span></span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 188.756px; width: 309.744px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Limitada<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Mozambique<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 207.568px; width: 309.779px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Mozambique, LD<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Mozambique<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 226.365px; width: 146.906px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Globeflight W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orldwide Express </span><span style="position: absolute; display: inline-block; left: 217.859px; top: 226.365px; width: 91.9512px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Namibia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 239.115px; width: 42.1758px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y) Ltd</span><span style="position: absolute; display: inline-block; left: 0px; top: 257.928px; width: 309.727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eight International Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.9082px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Nigeria<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 276.74px; width: 79.5762px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air and Sea </span><span style="position: absolute; display: inline-block; left: 196.719px; top: 276.74px; width: 112.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 289.49px; width: 96.3809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oprietary) Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed</span><span style="position: absolute; display: inline-block; left: 0px; top: 308.303px; width: 309.697px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV South Africa (Pty) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>75.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 327.115px; width: 309.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Shared Services (Pty) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.7031px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 345.928px; width: 125.695px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTi Logistics (Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oprie<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tary) </span><span style="position: absolute; display: inline-block; left: 196.719px; top: 345.928px; width: 112.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 358.678px; width: 119.783px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Limited - SC OCS Division</span><span style="position: absolute; display: inline-block; left: 0px; top: 377.49px; width: 309.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV AFRIC<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>A HOLDING (Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 396.303px; width: 309.885px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Sky<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>services (P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ty) Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 415.115px; width: 309.814px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Scorpion Shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e Block (Pty) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 433.928px; width: 144.908px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Johannesbur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>g </span><span style="position: absolute; display: inline-block; left: 196.719px; top: 433.928px; width: 112.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 446.662px; width: 44.6074px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y) Ltd.</span><span style="position: absolute; display: inline-block; left: 0px; top: 465.475px; width: 163.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Fir<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>efly Investments 337 Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>operties </span><span style="position: absolute; display: inline-block; left: 196.719px; top: 465.475px; width: 112.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 478.225px; width: 88.2598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oprietary Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed</span><span style="position: absolute; display: inline-block; left: 0px; top: 497.037px; width: 309.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Linkit lnvestments (Pty) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.3221px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>80.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 515.85px; width: 309.662px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL South Africa 1 (Pty) Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.6017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 534.662px; width: 309.574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Healthcar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e (Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Afri<span class="_ _4"/>ca (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:412.578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 310.066px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions (Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8027px; width: 309.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Assembly Ser<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>vices (Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>65.3%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6152px; width: 309.645px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Mounties (Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.742px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4277px; width: 309.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road (Pty) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2402px; width: 146.906px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Globeflight W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orldwide Express </span><span style="position: absolute; display: inline-block; left: 197.641px; top: 75.2402px; width: 112.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 87.9902px; width: 57.2168px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(SA) P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ty Ltd</span><span style="position: absolute; display: inline-block; left: 0px; top: 106.803px; width: 310.008px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Mer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>cury Couriers (Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y) Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 125.615px; width: 309.615px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.861px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Uganda<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 144.428px; width: 309.885px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.393px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Uganda<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 163.24px; width: 309.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.326px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Zambia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 182.053px; width: 309.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (Privat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e) Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.6759px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Zimbabwe<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 219.463px; width: 55.207px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">Associates</span><span style="position: absolute; display: inline-block; left: 0px; top: 238.475px; width: 309.65px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rans-Link Cambodia Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.4043px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Cambodia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>49.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 257.287px; width: 309.639px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GT Stev<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>edores Oy<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 137.889px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Finland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>25.5%</span><span style="position: absolute; display: inline-block; left: 0px; top: 276.1px; width: 309.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">KM Logistik GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.047px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>35.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 294.912px; width: 309.434px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">IDS Logistik GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.047px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>28.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 313.725px; width: 309.545px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">AEP Logistics Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>operties V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>enlo B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Netherlands<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>30.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 332.537px; width: 309.598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ristar T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport (Private) Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Pakis<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>50.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 351.35px; width: 309.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TS Air T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport Service AG<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Switz<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>erland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>48.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 370.162px; width: 83.2324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Polymer L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ogistics </span><span style="position: absolute; display: inline-block; left: 200.375px; top: 370.162px; width: 56.6426px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">United Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 279.688px; top: 370.162px; width: 30.668px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">36.5%</span><span style="position: absolute; display: inline-block; left: 0px; top: 382.896px; width: 76.875px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Investments LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 382.896px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 401.709px; width: 309.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Key Logis<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tics, Inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.393px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>49.0%</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gr<span class="_ _3"/>oup company<span class="_ _4"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">over<span class="_ _8"/>view</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The overview below is a list of companies in the DSV Group at 31 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">December 2023 showing the c<span class="_ _0"/>ompanies by segment and not by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">legal structure.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Air &amp; Sea<span class="_ _14"> </span>Road<span class="_ _124"> </span>Solutions<span class="_ _e7"> </span>Gr<span class="_ _0"/>oup<span class="_ _22a"/><span class="ff2">Activit<span class="_ _4"/>y:</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:357.625px;"><span style="position: absolute; display: inline-block; left: 260.797px; top: 0.0058593px; width: 51.4512px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ownership </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.7559px; width: 254.391px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Company<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 174.703px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Country</span><span style="position: absolute; display: inline-block; left: 284.891px; top: 12.7559px; width: 81.2402px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">share<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 21.6973px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Ac<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tivity</span><span style="position: absolute; display: inline-block; left: 0px; top: 51.4473px; width: 34.2656px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">Par<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;"/>ent</span><span style="position: absolute; display: inline-block; left: 0px; top: 70.459px; width: 254.607px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV A<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>/S<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 173.707px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Denmark</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 107.885px; width: 61.1719px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">Subsidiaries</span><span style="position: absolute; display: inline-block; left: 0px; top: 145.697px; width: 36.2168px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">Europe</span><span style="position: absolute; display: inline-block; left: 0px; top: 164.709px; width: 310.061px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Andorra, SL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>U<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 135.181px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Andorra<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 183.521px; width: 309.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.939px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Austria<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 202.334px; width: 309.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Austria GmbH in Liquidation<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Austria<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 221.146px; width: 309.879px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 144.381px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Austria<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 239.959px; width: 121.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>entral Asia EC </span><span style="position: absolute; display: inline-block; left: 206.734px; top: 239.959px; width: 103.143px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Azerbaijan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 252.709px; width: 90.8262px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">- Azerbaijan Branch</span><span style="position: absolute; display: inline-block; left: 0px; top: 271.521px; width: 309.545px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea NV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 136.242px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 290.334px; width: 309.586px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orld T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport N.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 309.146px; width: 309.451px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">AD Handling NV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 144.381px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 327.943px; width: 309.686px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">ABX W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orldwide Holdings NV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>/SA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7772px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 346.756px; width: 309.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Holding NV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.861px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Europe (c<span class="_ _0"/>ontinued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:537.578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.85px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Belgium NV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.7384px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions N.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.49px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 309.521px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Logistics N.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.283px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4434px; width: 309.762px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road N.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.066px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2559px; width: 309.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">MCI Br<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>okers N.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 139.799px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>99.9%</span><span style="position: absolute; display: inline-block; left: 0px; top: 94.0684px; width: 309.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Ghent NV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.7384px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Belgium<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.865px; width: 309.516px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea EOOD<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 121.125px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Bulgaria<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 131.678px; width: 309.785px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road EOOD<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 140.444px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Bulgaria<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 150.49px; width: 310.049px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Hrvatska d.o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129.844px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Croatia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.303px; width: 309.967px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea s.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.5429px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Czech Republic<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 188.115px; width: 309.744px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina Cz<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ech S.R.O.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.4315px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Czech R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>epublic<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 206.928px; width: 309.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Czech R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>epublic s.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.2188px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Cz<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ech R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>epublic<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 225.74px; width: 309.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Cz<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ech Republic s.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 23.3027px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Czech R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>epublic<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 244.553px; width: 310.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions s.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.5429px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Czech Republic<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 263.365px; width: 309.908px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road a.s.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 121.125px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Czech Republic<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 282.178px; width: 309.85px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Insuranc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 125.66px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 300.99px; width: 309.574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Group Services A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.6446px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 319.787px; width: 309.762px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV FS A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 158.303px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 338.6px; width: 309.873px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Anpartselskabet af 25. januar 2017<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 357.412px; width: 309.475px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Ringst<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 376.225px; width: 309.58px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Holding A/S<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 92.6719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 395.037px; width: 309.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 127.395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 413.85px; width: 309.645px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Ocean T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.4043px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 432.662px; width: 309.803px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PC KH ApS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.85px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 451.475px; width: 309.785px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Denmark ApS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.9315px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 470.287px; width: 309.75px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Holding A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5897px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 489.1px; width: 309.814px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.814px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 507.896px; width: 309.604px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Duisbur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>g A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 526.709px; width: 309.832px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Holding A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.16px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Europe (c<span class="_ _0"/>ontinued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:531.515625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.619px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Horsens A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.2636px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Hedeland 5 A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4434px; width: 309.504px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Services A/S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2559px; width: 309.633px; white-space: pre; word-spacing: 0px; letter-spacing: -0.315px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: -0.315px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Oem A/S<span style="word-spacing: 0px; letter-spacing: -0.315px; display: inline-block; margin-left: 0px; width: 101.027px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Denmark<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 94.0684px; width: 309.961px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Estonia AS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.065px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Estonia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.865px; width: 309.609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Oy<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 141.322px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Finland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 131.678px; width: 309.662px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Oy<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 141.322px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Finland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 150.49px; width: 310.037px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Oy<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 160.799px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Finland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.303px; width: 310.008px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea SAS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 138.621px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ance<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 188.115px; width: 310.043px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV International Air &amp; Sea F<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ranc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ance<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 206.928px; width: 310.066px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions SAS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 138.621px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ance<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 225.74px; width: 309.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Holding S.A.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 120.691px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Franc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 244.553px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road SAS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 157.353px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Franc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 263.365px; width: 309.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina Geor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>gia LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.861px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Georgia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 282.178px; width: 309.797px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Group Services GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 300.99px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Germany GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 319.787px; width: 309.686px; white-space: pre; word-spacing: 0px; letter-spacing: -0.28125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Deutschland GmbH<span style="word-spacing: 0px; letter-spacing: -0.28125px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 338.6px; width: 142.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Duisbur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>g A/S </span><span style="position: absolute; display: inline-block; left: 212.516px; top: 338.6px; width: 97.2715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 351.35px; width: 79.5176px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">- German Branch</span><span style="position: absolute; display: inline-block; left: 0px; top: 370.162px; width: 309.844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Group GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.742px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 388.975px; width: 309.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.418px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 407.787px; width: 309.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Stuttgart GmbH &amp; Co. K<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>G<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 426.6px; width: 309.609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Stuttgart V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>er<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>waltung GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.256px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 445.412px; width: 309.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 134.549px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 464.225px; width: 309.803px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Services GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.799px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 483.037px; width: 309.832px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Single Member S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.2716px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Greec<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 501.85px; width: 309.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Single Member S.A.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.742px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Gr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eece<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 520.646px; width: 309.65px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Hungary Kft<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.9395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hungar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Europe (c<span class="_ _0"/>ontinued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:531.515625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Hungary Kft<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.9395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hungar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8027px; width: 309.545px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Hungaria Kft<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 132.065px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hungary<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6152px; width: 310.072px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Hungary Kft<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Hungar<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 19.0429px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4277px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.602px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ireland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2402px; width: 309.48px; white-space: pre; word-spacing: 0px; letter-spacing: -0.3375px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina W<span style="word-spacing: 0px; letter-spacing: -0.3375px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orld T<span style="word-spacing: 0px; letter-spacing: -0.3375px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport (Ireland) Ltd.<span style="word-spacing: 0px; letter-spacing: -0.3375px; display: inline-block; margin-left: 0px; width: 56.1562px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ir<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 94.0527px; width: 309.598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV GIL Ireland Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.928px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ireland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 112.865px; width: 309.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">LEP Shannon Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 145.125px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ir<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 131.678px; width: 309.521px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (Ir<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eland) Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ireland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 150.49px; width: 309.521px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 139.295px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ir<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 169.303px; width: 132.463px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTI Inventory Management </span><span style="position: absolute; display: inline-block; left: 224.453px; top: 169.303px; width: 85.2422px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ireland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 182.037px; width: 79.1602px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Solutions Limited</span><span style="position: absolute; display: inline-block; left: 0px; top: 200.85px; width: 309.422px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 141.791px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ireland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 219.662px; width: 309.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV S.p.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.779px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Italy<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 238.475px; width: 309.375px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rasporti Mondiali S.p.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.9551px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">It<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>aly<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 257.287px; width: 309.615px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate S.p.A.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.283px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Italy<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 25.2715px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>89.8%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 276.1px; width: 309.691px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTi Italy SrL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 179.877px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Italy<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 294.912px; width: 309.381px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Italy S.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.l.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.814px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">It<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>aly<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 313.725px; width: 309.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions S.R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.365px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Italy<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 332.537px; width: 309.521px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Novar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>a S.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.l.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Italy<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>66.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 351.35px; width: 309.369px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Modena S.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.l.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.113px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Italy<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 370.162px; width: 309.668px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road S.R.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.619px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Italy<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 388.959px; width: 309.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>er<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ona S.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.l.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 159.217px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Italy<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 407.771px; width: 309.375px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Kazakhstan LLP<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.232px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Kazakhst<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>an<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 426.584px; width: 309.732px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Latvia SIA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 159.217px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Latvia<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 445.396px; width: 309.65px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Lithuania UAB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 127.395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Lithuania<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 464.209px; width: 309.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air Services<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 121.529px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Luxembour<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>g<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 483.021px; width: 309.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Lead Logistics B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 501.834px; width: 309.545px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics International BV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.9491px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 520.646px; width: 309.404px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GeoLogistics Eur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>opean Holdings B.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5898px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Europe (c<span class="_ _0"/>ontinued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:531.53125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.639px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>elmidas AMS B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.418px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransOc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eanic Holdings BV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 309.592px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Finance B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.602px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4434px; width: 309.609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">African Investments BV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.9748px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2559px; width: 309.498px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTi (Netherlands) Holdings BV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.2167px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 94.0684px; width: 309.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Nederland B.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.133px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 112.881px; width: 309.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Shared Services B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.742px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 131.693px; width: 309.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Holding B.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 150.506px; width: 309.621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Nederland B.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.133px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 169.318px; width: 309.381px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">IMS Holdings BV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 123.861px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 188.115px; width: 309.732px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions (Moer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>dijk) B.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ne<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>therlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 206.928px; width: 309.357px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Dallas Holding B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.8417px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 225.74px; width: 309.539px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Maastricht B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.0625px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 244.553px; width: 309.504px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Moer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>dijk B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.9824px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 263.365px; width: 309.633px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Moer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>dijk Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oject B.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 282.178px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Holding N.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.5429px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 300.99px; width: 309.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.787px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 319.803px; width: 309.551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Eindhoven B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.1562px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Netherlands<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 338.615px; width: 309.562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV ROAD DOOEL Sk<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>opje<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.4123px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">North Macedonia<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 357.428px; width: 309.434px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea AS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 139.295px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Norway<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 376.225px; width: 309.381px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina AS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 160.799px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Norway<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 395.037px; width: 309.662px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Norway AS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.065px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Norway<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 413.85px; width: 309.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions AS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 139.295px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Norway<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 432.662px; width: 309.334px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road AS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 157.857px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Nor<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>way<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 451.475px; width: 120.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV International Shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed </span><span style="position: absolute; display: inline-block; left: 224.516px; top: 451.475px; width: 85.1719px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Poland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 464.225px; width: 82.8691px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Services Sp. z o.o.</span><span style="position: absolute; display: inline-block; left: 0px; top: 483.037px; width: 309.346px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>arsaw II Sp. z o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">P<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 501.85px; width: 309.422px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Sp. z o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.418px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">P<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 520.662px; width: 309.686px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>olska Sp. z o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Poland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Europe (c<span class="_ _0"/>ontinued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:537.59375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL POL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>AND Sp. z o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 121.125px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Poland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.557px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oland Sp. z o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.9315px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Poland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 309.598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Services Sp. z o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.799px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Poland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4434px; width: 309.504px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Sp. z o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 134.549px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">P<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2559px; width: 309.357px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Sp. z o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.879px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Poland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 94.0684px; width: 309.352px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Lodz Sp. z o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.4159px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">P<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oland<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 112.881px; width: 309.504px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Group Services Unipessoal, Lda<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.3846px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Portugal<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 131.693px; width: 309.633px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ortugal, LDA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">P<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ortugal<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 150.506px; width: 309.557px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions, Lda.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 127.395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Portugal<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 169.318px; width: 309.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV SGPS, Lda.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 144.381px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Portugal<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 188.115px; width: 309.498px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>arios, Lda.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.275px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Portugal<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 206.928px; width: 309.381px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea SRL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.027px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Romania<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 225.74px; width: 309.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL AIR&amp;SEA S.R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 128.935px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Romania<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 244.553px; width: 309.551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions S.R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 123.07px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Romania<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 263.365px; width: 309.352px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road S.R.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.365px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Romania<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 282.178px; width: 309.633px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road d.o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.31px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Serbia<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 300.99px; width: 309.404px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Slovakia s. r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.3261px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Slovakia<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 319.803px; width: 309.562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Slovakia s.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.9395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Slovakia<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 338.615px; width: 309.404px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Br<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>atislava s.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.2188px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Slovakia<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 357.428px; width: 309.428px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Slovakia, s.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.027px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Slovakia<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 376.225px; width: 309.727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport d.o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.602px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Slovenia<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 395.037px; width: 309.598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea d.o.o.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.447px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Slovenia<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 413.85px; width: 309.363px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>acisa T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransitaria S.L.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 134.549px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Spain<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 432.662px; width: 309.621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea International, S.L.U.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.9219px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Spain<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 451.475px; width: 309.633px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Spain S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.U.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.393px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Spain<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 470.287px; width: 309.398px; white-space: pre; word-spacing: 0px; letter-spacing: -0.30375px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Servicios Logisticos Integr<span style="word-spacing: 0px; letter-spacing: -0.30375px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ados SLI, S.A<span style="word-spacing: 0px; letter-spacing: -0.30375px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: -0.30375px; display: inline-block; margin-left: 0px; width: 61.6759px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Spain<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 489.1px; width: 309.557px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Spain S.A.U.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 127.395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Spain<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 507.912px; width: 309.732px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Holding Spain S.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.047px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Spain<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 526.725px; width: 309.662px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea, S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.U.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.283px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Spain<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Europe (c<span class="_ _0"/>ontinued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:531.53125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.357px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV REAL EST<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>A<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TE L<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>A BISBAL S.L<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 81.4159px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Spain<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.803px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea AB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 137.889px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sw<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 310.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Nor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>dic AB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sweden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4434px; width: 309.908px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility AB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 174.211px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>weden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2559px; width: 309.844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions AB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 137.455px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sweden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 94.0684px; width: 310.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Landskr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ona 2 AB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.133px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>weden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.881px; width: 309.961px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Helsingbor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>g AB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7772px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sweden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 131.693px; width: 309.943px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Group AB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.066px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sweden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 150.506px; width: 309.803px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road AB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.938px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sw<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.318px; width: 309.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Göinge Fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>akt EK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 145.125px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sw<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 188.115px; width: 309.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>roperty Holding AB<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1955px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sw<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eden<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 206.928px; width: 309.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Switz<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>erland 4 AG<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.129px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Switzerland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 225.74px; width: 310.008px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>elttransport Holding AG<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.7422px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Switzerland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 244.553px; width: 309.926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Corporat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e Services AG<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.2188px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>witzerland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 263.365px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina Int<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ernational AG<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.8866px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Switz<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>erland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 282.178px; width: 310.078px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea AG<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.799px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Switzerland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 300.99px; width: 309.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Switz<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>erland 2 AG<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.129px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Switzerland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 319.803px; width: 309.832px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Logistics S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.275px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>witzerland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 338.615px; width: 309.891px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.S.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 135.832px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ürkiye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 357.428px; width: 126.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV International Hava ve </span><span style="position: absolute; display: inline-block; left: 221.062px; top: 357.428px; width: 88.8281px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ürkiye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 370.162px; width: 129.586px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Deniz T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>aşimaciliği Ltd.Şirketi</span><span style="position: absolute; display: inline-block; left: 0px; top: 388.975px; width: 309.85px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road &amp; Solutions A.S.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.113px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ürkiye<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 407.787px; width: 309.961px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orld T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.8866px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Ukraine<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 426.6px; width: 309.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Logistics LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 137.455px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Ukr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>aine<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 445.412px; width: 309.633px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 128.297px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Ukraine<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 464.225px; width: 309.557px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV GIL Holding Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 483.037px; width: 309.967px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4123px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 501.85px; width: 310.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orld T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 520.662px; width: 309.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV GIL UK Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.2227px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Europe (c<span class="_ _0"/>ontinued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:544.28125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV GIL Fairs &amp; Events Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.3377px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV GIL Pension T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rustees Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 26.3613px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea 2018 (UK) Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 26.3613px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Unit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4434px; width: 309.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Lead Logistics Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2559px; width: 309.779px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV GIL Solutions Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 94.0684px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV GIL Management Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.6719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.881px; width: 309.797px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Thr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>apston Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 21.6973px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 131.693px; width: 309.574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Holding Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4082px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 150.506px; width: 309.967px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Commer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>cials Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.9551px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.318px; width: 310.002px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.418px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 188.115px; width: 310.061px; white-space: pre; word-spacing: 0px; letter-spacing: -0.405px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Global Options W<span style="word-spacing: 0px; letter-spacing: -0.405px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orldwide Express (Lt<span style="word-spacing: 0px; letter-spacing: -0.405px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d)<span style="word-spacing: 0px; letter-spacing: -0.405px; display: inline-block; margin-left: 0px; width: 12.7148px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 206.928px; width: 309.545px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Pension T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rustees Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6094px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 225.74px; width: 309.65px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.5429px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 244.553px; width: 309.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DFDS T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 263.365px; width: 309.738px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>amworth Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.881px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 282.178px; width: 309.809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">G T Exhibitions Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Kingdom<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 319.604px; width: 74.8242px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">North America</span><span style="position: absolute; display: inline-block; left: 0px; top: 338.615px; width: 309.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 136.734px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Canada<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 357.428px; width: 309.545px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 136.734px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Canada<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 376.225px; width: 309.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road, Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.31px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Canada<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 395.037px; width: 310.008px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea, S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. de C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2949px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Mexico<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 413.85px; width: 120.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV International Shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed </span><span style="position: absolute; display: inline-block; left: 222.031px; top: 413.85px; width: 88.875px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Mexic<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>o<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 426.6px; width: 94.7812px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Services S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. de C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.V.</span><span style="position: absolute; display: inline-block; left: 0px; top: 445.412px; width: 136.922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransOc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eanic Shipping Co. S. </span><span style="position: absolute; display: inline-block; left: 222.031px; top: 445.412px; width: 88.875px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Mexic<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>o<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 458.162px; width: 61.1074px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">de RL de C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.V.</span><span style="position: absolute; display: inline-block; left: 0px; top: 476.975px; width: 309.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. de C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.6446px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Mexico<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 495.787px; width: 309.691px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road, S.A. de C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.431px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Mexic<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>o<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 514.6px; width: 309.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV 4PL Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.283px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Unit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed Stat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 533.412px; width: 309.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Holding Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United St<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">North America (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:544.90625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.785px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.16px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Unit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed Stat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 131.303px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea International </span><span style="position: absolute; display: inline-block; left: 192.281px; top: 18.8184px; width: 117.445px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">United St<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 31.5684px; width: 53.5547px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Holding Inc.</span><span style="position: absolute; display: inline-block; left: 0px; top: 50.3809px; width: 309.926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions, LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United St<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 69.1934px; width: 136.939px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Inventory Management </span><span style="position: absolute; display: inline-block; left: 192.281px; top: 69.1934px; width: 117.445px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">United St<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 81.9434px; width: 60.8965px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Solutions Inc.</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.756px; width: 309.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Dallas Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Unit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed St<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.568px; width: 309.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Market Indus<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tries LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Stat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 138.381px; width: 310.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>, Inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United States<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 157.193px; width: 309.891px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road, Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 125.66px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Unit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed St<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 176.006px; width: 309.979px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV US Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>operty Holding<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>, Inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United St<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 194.818px; width: 309.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Los Angeles, LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.8261px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Stat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 213.615px; width: 310.049px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Phoenix, LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United States<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 232.428px; width: 309.967px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate New Jersey, LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.6719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United St<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ates<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 251.24px; width: 310.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Chicago<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0585px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United States<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 270.053px; width: 310.061px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate New Albany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United States<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 288.865px; width: 309.697px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Pharr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.9082px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Stat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 307.678px; width: 309.873px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tlanta, LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.6759px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Stat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 345.104px; width: 76.4941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">South America</span><span style="position: absolute; display: inline-block; left: 0px; top: 364.115px; width: 310.061px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTi Logistics Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>gentina S.A.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Argentina<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 382.928px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.939px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>gentina<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 401.725px; width: 106.787px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GeoLogistics Holdings </span><span style="position: absolute; display: inline-block; left: 212.516px; top: 401.725px; width: 96.5098px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Bermuda<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 414.475px; width: 86.3789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Bermuda) Limited</span><span style="position: absolute; display: inline-block; left: 0px; top: 433.287px; width: 139.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Brasil Serviços </span><span style="position: absolute; display: inline-block; left: 228.938px; top: 433.287px; width: 80.6016px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Brazil<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 446.037px; width: 80.1094px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">de Logística Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>da.</span><span style="position: absolute; display: inline-block; left: 0px; top: 464.85px; width: 309.891px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Brasil Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>da.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.855px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Brazil<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 483.662px; width: 310.084px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTi W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orldwide Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.1855px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Brit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. Virgin Islands<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 502.475px; width: 310.031px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTi Logistics (Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oprie<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tary) Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 15.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Brit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. Virgin Islands<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 521.287px; width: 137.613px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Thomas International F<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>reight </span><span style="position: absolute; display: inline-block; left: 172.453px; top: 521.287px; width: 137.561px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Brit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. Virgin Islands<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 534.037px; width: 75.4336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Auditors Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">South America (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:526.09375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTi Kazakhst<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>an Investments Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Brit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. Virgin Islands<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility (A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>sia/<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>Pacific) Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Brit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. Virgin Islands<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 310.014px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PWC Global Logistics Holdings Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 14.8359px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Brit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. Virgin Islands<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4434px; width: 144.023px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (Latin America) </span><span style="position: absolute; display: inline-block; left: 232.047px; top: 56.4434px; width: 77.707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Chile<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 69.1934px; width: 55.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Holding S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.0059px; width: 309.551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.619px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Chile<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 106.818px; width: 309.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics Corp. Holding SpA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.9219px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Chile<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 125.631px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics Chile SA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 120.047px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Chile<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 144.443px; width: 309.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.S.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.861px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Colombia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 163.256px; width: 136.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">AGENCIA DE ADUANAS DSV </span><span style="position: absolute; display: inline-block; left: 211.609px; top: 163.256px; width: 98.1855px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Colombia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 175.99px; width: 65.2441px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.S. NIVEL 1</span><span style="position: absolute; display: inline-block; left: 0px; top: 194.818px; width: 309.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.S.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.861px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Colombia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 213.615px; width: 309.621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Zona F<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ranca SAS<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.2248px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Colombia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 232.428px; width: 309.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 121.125px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Costa Rica<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 251.24px; width: 145.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV AIR &amp; SEA DOMINIC<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ANA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>, </span><span style="position: absolute; display: inline-block; left: 206.734px; top: 251.24px; width: 51.0469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Dominican <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 251.24px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 263.99px; width: 25.3535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">S.R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.</span><span style="position: absolute; display: inline-block; left: 215.953px; top: 263.99px; width: 38.7832px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Republic</span><span style="position: absolute; display: inline-block; left: 0px; top: 282.803px; width: 309.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV-AIR&amp;SEA S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 130.389px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Ecuador<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 301.615px; width: 309.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea, S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. de C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.V.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>El Salvador<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 320.428px; width: 309.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>A Inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 120.047px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Panama<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 339.24px; width: 309.832px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina SEM, S.A.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 128.935px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>anama<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 358.053px; width: 309.82px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina S.A.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 155.52px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>anama<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 376.865px; width: 309.686px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Almacenador<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>a Mer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>cantil S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Panama<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 395.678px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.102px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Peru<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 414.475px; width: 309.75px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics Peru S.A.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.861px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Peru<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 433.287px; width: 309.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (PR) Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.5px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Puerto Rico<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 452.1px; width: 96.1699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Arabella Shipping Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d</span><span style="position: absolute; display: inline-block; left: 173.609px; top: 452.1px; width: 84.4102px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Saint Vincent And </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 452.1px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 183.203px; top: 464.85px; width: 71.6777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">The Grenadines</span><span style="position: absolute; display: inline-block; left: 0px; top: 483.662px; width: 111.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Uruguay </span><span style="position: absolute; display: inline-block; left: 215.953px; top: 483.662px; width: 93.8496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Uruguay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 496.412px; width: 113.221px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">- Servicios Logisticos SA</span><span style="position: absolute; display: inline-block; left: 0px; top: 515.225px; width: 309.814px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Uruguay S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.9395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Uruguay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:551.15234375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 21.9082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">Asia</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0059px; width: 309.984px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.275px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Bangladesh<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.8184px; width: 309.803px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.31px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Bangladesh<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.6309px; width: 309.809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (Cambodia) Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.1018px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Cambodia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.4434px; width: 309.697px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Prime Car<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>go (Cambodia) Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Cambodia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 94.2559px; width: 309.668px; white-space: pre; word-spacing: 0px; letter-spacing: -0.16875px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Integr<span style="word-spacing: 0px; letter-spacing: -0.16875px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ation 1 (Cambodia) Co., Ltd.<span style="word-spacing: 0px; letter-spacing: -0.16875px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Cambodia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 113.068px; width: 309.943px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.99px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Cambodia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 131.881px; width: 110.496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTi W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orldwide Co. Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d. </span><span style="position: absolute; display: inline-block; left: 208.406px; top: 131.881px; width: 101.109px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Cambodia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 144.631px; width: 119.941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">- Cambodia Branch (USD)</span><span style="position: absolute; display: inline-block; left: 0px; top: 163.443px; width: 309.691px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 123.07px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 182.256px; width: 309.662px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Co., Ltd. (China)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.6134px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 201.068px; width: 107.35px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Baisui United Logis<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tics </span><span style="position: absolute; display: inline-block; left: 229.266px; top: 201.068px; width: 80.7773px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 213.803px; width: 87.6855px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Shanghai) Co. Ltd.</span><span style="position: absolute; display: inline-block; left: 0px; top: 232.615px; width: 309.732px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics (Shanghai) Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 251.428px; width: 309.639px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Logistics Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.939px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 270.24px; width: 309.691px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina W<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orld T<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport (PRC) Ltd.<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 62.9824px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 289.053px; width: 125.789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Zhejiang DSV supply chain </span><span style="position: absolute; display: inline-block; left: 229.266px; top: 289.053px; width: 80.7773px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 301.803px; width: 99.9375px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">management CO<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.,L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TD</span><span style="position: absolute; display: inline-block; left: 0px; top: 320.615px; width: 309.744px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 123.07px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 339.428px; width: 309.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Logistics (Nanjing) Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.8866px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>China<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 358.24px; width: 310.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.799px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hong Kong<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 377.053px; width: 309.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Pant<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ainer (H.K<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.393px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hong K<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ong<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 395.865px; width: 310.008px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.5429px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hong Kong<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 414.678px; width: 309.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">ECT T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.742px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hong Kong<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 433.475px; width: 309.914px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.129px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hong Kong<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 452.287px; width: 309.773px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (HK) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.5px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hong Kong<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 471.1px; width: 309.803px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina China Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 112.254px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Hong Kong<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 489.912px; width: 309.516px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Pvt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.047px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>India<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 508.725px; width: 131.303px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea International </span><span style="position: absolute; display: inline-block; left: 232.969px; top: 508.725px; width: 76.7988px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">India<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 521.475px; width: 69.2461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Privat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e Limited</span><span style="position: absolute; display: inline-block; left: 0px; top: 540.287px; width: 310.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Coload &amp; Clear<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ance Pvt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.9551px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>India<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Asia (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:532.15625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.832px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Privat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0938px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>India<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.797px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PT<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>. DSV T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport Indonesia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.9315px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Indonesia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 309.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PT GIL Solusi Indonesia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.668px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Indonesia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4434px; width: 309.814px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PT DSV Solutions Indonesia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Indonesia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2559px; width: 309.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PT Syner<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>gy Indonesia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.232px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Indonesia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 94.0684px; width: 309.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PT Sarana P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rima Optima<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.6446px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Indonesia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.881px; width: 309.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Japan GK<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.799px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Japan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 131.693px; width: 309.574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.602px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Japan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 150.506px; width: 309.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.602px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Japan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.318px; width: 309.463px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 143.215px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ko<span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rea<span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span></span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 188.115px; width: 309.516px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.816px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">K<span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ore<span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>a<span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span></span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 206.928px; width: 309.615px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea International Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.4355px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Ko<span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>re<span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>a<span style="word-spacing: 0.34875px; letter-spacing: -0.34875px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span></span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 225.74px; width: 309.498px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air and Sea Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.855px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Macao<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 244.553px; width: 309.516px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Sdn. Bhd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.986px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Malaysia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 263.365px; width: 133.072px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina Cus<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>toms Services </span><span style="position: absolute; display: inline-block; left: 214.859px; top: 263.365px; width: 95.2793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Malaysia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 276.115px; width: 64.8809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(M) SDN BHD</span><span style="position: absolute; display: inline-block; left: 0px; top: 294.928px; width: 309.668px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Litvest Corporation Sdn Bhd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.742px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Malay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>sia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 313.74px; width: 309.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions (DC) Sdn. Bhd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.9551px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Malaysia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 332.553px; width: 309.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GOCT Logistics Sdn Bhd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.99px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Malaysia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 351.365px; width: 309.691px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Shared Services Asia Sdn Bhd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.1562px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Malay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>sia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 370.178px; width: 309.639px; white-space: pre; word-spacing: 0px; letter-spacing: -0.39375px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions (Management) Sdn. Bhd.<span style="word-spacing: 0px; letter-spacing: -0.39375px; display: inline-block; margin-left: 0px; width: 45.4279px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Malay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>sia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 388.975px; width: 309.668px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Logistics Sdn. Bhd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.668px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Malay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>sia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 407.787px; width: 309.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV ST<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TIONARY SDN. BHD.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.9123px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Malay<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>sia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 426.6px; width: 95.1387px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport </span><span style="position: absolute; display: inline-block; left: 214.859px; top: 426.6px; width: 95.2793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Malaysia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 439.35px; width: 93.5449px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Malaysia) Sdn. Bhd.</span><span style="position: absolute; display: inline-block; left: 0px; top: 458.162px; width: 134.127px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Inventory Management <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span></span><span style="position: absolute; display: inline-block; left: 214.859px; top: 458.162px; width: 94.5469px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Malaysia<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.6679px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 470.912px; width: 85.4121px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Solutions Sdn. Bhd.</span><span style="position: absolute; display: inline-block; left: 0px; top: 489.725px; width: 309.58px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (Myanmar) Limit<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Myanmar<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 508.537px; width: 117.574px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air and Sea Pakis<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tan <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span></span><span style="position: absolute; display: inline-block; left: 217.859px; top: 508.537px; width: 92.1328px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Pakist<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>an<span style="word-spacing: 0.1125px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 521.287px; width: 102.979px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(SMC-Privat<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e) Limited</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Asia (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:526.8125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV SOLUTIONS (PRIV<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TE) LIMITED<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.7071px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>akistan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.9121px; width: 257.244px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.939px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Papua <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 18.9121px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 199.094px; top: 31.6465px; width: 55.4766px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">New Guinea</span><span style="position: absolute; display: inline-block; left: 0px; top: 50.4746px; width: 161.016px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina Global Business Services </span><span style="position: absolute; display: inline-block; left: 206.734px; top: 50.4746px; width: 103.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.209px; width: 86.8066px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(GBS) - Philippines</span><span style="position: absolute; display: inline-block; left: 0px; top: 82.0215px; width: 120.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV International Shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed </span><span style="position: absolute; display: inline-block; left: 206.734px; top: 82.0215px; width: 103.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 94.7715px; width: 57.6094px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Services Inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.</span><span style="position: absolute; display: inline-block; left: 0px; top: 113.584px; width: 309.662px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.602px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 132.396px; width: 309.809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Holding Co Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.326px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 151.209px; width: 310.008px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Logistics Holding Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.9748px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 170.021px; width: 309.592px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL International Logis<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tics Inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2207px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 188.834px; width: 113.344px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Logistics Solutions </span><span style="position: absolute; display: inline-block; left: 206.734px; top: 188.834px; width: 103.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 201.584px; width: 69.6094px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Philippines, Inc.</span><span style="position: absolute; display: inline-block; left: 0px; top: 220.396px; width: 125.062px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orld T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport </span><span style="position: absolute; display: inline-block; left: 206.734px; top: 220.396px; width: 103.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 233.146px; width: 75.0762px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Philippines) Inc.</span><span style="position: absolute; display: inline-block; left: 0px; top: 251.959px; width: 309.955px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Global Solutions Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 270.771px; width: 309.891px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Logistics Distribution Inc.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Philippines<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 289.584px; width: 309.879px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics Holdings P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>te Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.3417px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Singapore<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 308.381px; width: 309.797px; white-space: pre; word-spacing: 0px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics Holdings (S) P<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>te. Lt<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d.<span style="word-spacing: 0px; letter-spacing: -0.1125px; display: inline-block; margin-left: 0px; width: 41.2792px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Singapore<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 327.193px; width: 127.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Singapore R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eal Estat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e </span><span style="position: absolute; display: inline-block; left: 208.344px; top: 327.193px; width: 101.145px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Singapore<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 339.943px; width: 76.2305px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Holding Pte. Ltd.</span><span style="position: absolute; display: inline-block; left: 0px; top: 358.756px; width: 138.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility International Logistics </span><span style="position: absolute; display: inline-block; left: 208.344px; top: 358.756px; width: 101.145px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Singapore<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 371.506px; width: 38.6484px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Pte. Ltd.</span><span style="position: absolute; display: inline-block; left: 0px; top: 390.318px; width: 309.85px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">China Baisui Logistics Pte Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.0761px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Singapor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 409.131px; width: 309.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Pte Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Singapor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 427.943px; width: 309.943px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Singapor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e Pte. Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Singapore<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 446.756px; width: 136.939px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Inventory Management </span><span style="position: absolute; display: inline-block; left: 208.344px; top: 446.756px; width: 101.145px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Singapore<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 459.506px; width: 81.1465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Solutions Pte. Ltd</span><span style="position: absolute; display: inline-block; left: 0px; top: 478.318px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTi P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ership (Pvt) Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.0392px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sri Lanka<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>51.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 497.131px; width: 309.773px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Pership (P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rivate) Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Sri Lanka<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>40.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 515.943px; width: 309.82px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.275px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>aiwan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Asia (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:513.96875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.949px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>aiwan) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.5429px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>aiwan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.873px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.275px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>aiwan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 144.398px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina Asia-P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>acific Ser<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>vices </span><span style="position: absolute; display: inline-block; left: 216.797px; top: 37.6309px; width: 93.2578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Thailand<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 50.3809px; width: 66.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Thailand) Ltd.</span><span style="position: absolute; display: inline-block; left: 0px; top: 69.1934px; width: 309.809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Supreme Eliga C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>o. Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.232px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Thailand<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.0059px; width: 309.633px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Air &amp; Sea (Thailand) Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.3221px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Thailand<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 106.818px; width: 309.697px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.027px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Thailand<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 125.631px; width: 310.049px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Holding (Thailand) Co., Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Thailand<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 144.443px; width: 125.062px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orld T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport </span><span style="position: absolute; display: inline-block; left: 216.797px; top: 144.443px; width: 93.2578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Thailand<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 157.178px; width: 66.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Thailand) Ltd.</span><span style="position: absolute; display: inline-block; left: 0px; top: 176.006px; width: 309.645px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.027px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Thailand<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 194.818px; width: 309.516px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Company Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.7324px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Viet Nam<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>99.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 213.615px; width: 309.609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Co., Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.393px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Viet Nam<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 232.428px; width: 118.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics Vietnam </span><span style="position: absolute; display: inline-block; left: 212.484px; top: 232.428px; width: 97.7461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Viet Nam<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 245.178px; width: 61.7109px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Company Ltd</span><span style="position: absolute; display: inline-block; left: 0px; top: 263.99px; width: 309.855px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.211px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Viet Nam<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>71.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 282.803px; width: 310.037px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Vietnam Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Viet Nam<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 301.615px; width: 114.182px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Inventory Management </span><span style="position: absolute; display: inline-block; left: 212.484px; top: 301.615px; width: 97.7461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Viet Nam<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 314.365px; width: 120.252px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Solutions Vietnam Limited</span><span style="position: absolute; display: inline-block; left: 0px; top: 351.791px; width: 60.6504px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">Middle East</span><span style="position: absolute; display: inline-block; left: 0px; top: 370.803px; width: 309.896px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Afghanistan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 389.615px; width: 309.926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV AIR &amp; SEA W.L.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 120.691px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Bahrain<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 408.428px; width: 309.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>entral Asia EC<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Bahrain<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 427.225px; width: 310.061px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions B.S.C Closed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.5429px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Bahrain<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 446.037px; width: 106.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Al-Alb Co. f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>or General </span><span style="position: absolute; display: inline-block; left: 237.5px; top: 446.037px; width: 72.8027px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Iraq<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 458.787px; width: 100.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransportation (PLL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C)</span><span style="position: absolute; display: inline-block; left: 0px; top: 477.6px; width: 142.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Kurdis<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tan Company f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>or </span><span style="position: absolute; display: inline-block; left: 237.5px; top: 477.6px; width: 72.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Iraq<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>67.5%</span><span style="position: absolute; display: inline-block; left: 0px; top: 490.35px; width: 160.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Administration of W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>arehouses and </span><span style="position: absolute; display: inline-block; left: 0px; top: 503.1px; width: 154.184px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Facilitat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e St<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orage P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>roc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ess Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Middle East (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:534.046875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 147.199px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">The W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ehousing Company f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>or </span><span style="position: absolute; display: inline-block; left: 236.938px; top: 0.0058593px; width: 72.8027px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Iraq<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.7559px; width: 159.064px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Shipping, Discharging and Cust<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>om </span><span style="position: absolute; display: inline-block; left: 0px; top: 25.5059px; width: 64.6758px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Clearanc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.3184px; width: 309.949px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 145.125px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Israel<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.1309px; width: 309.908px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Marine Insuranc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e Agency Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3614px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Israel<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 81.9434px; width: 309.984px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV - E-CO<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>MMERCE L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TD.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.9px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Israel<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.756px; width: 310.066px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 147.621px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Israel<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.568px; width: 141.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">U.T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.I.-Invent<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ory Management </span><span style="position: absolute; display: inline-block; left: 230.5px; top: 119.568px; width: 79.4648px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Israel<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 132.318px; width: 134.555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Solutions Limited partnership</span><span style="position: absolute; display: inline-block; left: 0px; top: 151.131px; width: 309.738px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTI IMS Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.707px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Isr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ael<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.943px; width: 309.891px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Jor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>dan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.814px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Jor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>dan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 188.756px; width: 140.021px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Public war<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ehousing Company </span><span style="position: absolute; display: inline-block; left: 224.328px; top: 188.756px; width: 85.7285px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Jordan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 201.49px; width: 57.4688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">-Jordan PSC</span><span style="position: absolute; display: inline-block; left: 0px; top: 220.318px; width: 154.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Public W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ehousing Company f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>or </span><span style="position: absolute; display: inline-block; left: 224.328px; top: 220.318px; width: 85.7285px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Jordan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 233.053px; width: 153.639px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Stor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>age and Distribution Services</span><span style="position: absolute; display: inline-block; left: 0px; top: 251.865px; width: 140.021px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Public war<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ehousing Company </span><span style="position: absolute; display: inline-block; left: 224.328px; top: 251.865px; width: 85.7285px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Jordan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 264.615px; width: 131.227px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">-Jordan PSC - Aqaba Br<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>anch</span><span style="position: absolute; display: inline-block; left: 0px; top: 283.428px; width: 125.514px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Holding for C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ompany </span><span style="position: absolute; display: inline-block; left: 223.266px; top: 283.428px; width: 86.8418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Kuwait<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 296.178px; width: 131.795px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Business Management W.L.L</span><span style="position: absolute; display: inline-block; left: 0px; top: 314.99px; width: 131.549px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Global Logistics f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>or General </span><span style="position: absolute; display: inline-block; left: 223.266px; top: 314.99px; width: 86.8418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Kuwait<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 327.74px; width: 151.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rading and Contr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>acting Co. WLL</span><span style="position: absolute; display: inline-block; left: 0px; top: 346.553px; width: 309.727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Co. W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.904px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>K<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>uwait<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>49.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 365.365px; width: 125.689px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV A&amp;S for Shipping and </span><span style="position: absolute; display: inline-block; left: 223.266px; top: 365.365px; width: 86.8418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Kuwait<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 378.115px; width: 74.9121px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L</span><span style="position: absolute; display: inline-block; left: 0px; top: 396.928px; width: 148.729px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions for W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>arehousing </span><span style="position: absolute; display: inline-block; left: 223.266px; top: 396.912px; width: 86.8418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Kuwait<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 409.678px; width: 146.291px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">and Third P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>arty Inventory Man-</span><span style="position: absolute; display: inline-block; left: 0px; top: 422.412px; width: 83.3496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">agement Co. S.P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.C</span><span style="position: absolute; display: inline-block; left: 0px; top: 441.24px; width: 309.738px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Logistics Cargo T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport W.L.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.742px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Kuwait<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 460.053px; width: 123.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eight Forwarding </span><span style="position: absolute; display: inline-block; left: 214.859px; top: 460.053px; width: 94.2656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Lebanon<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 472.803px; width: 73.7344px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Lebanon) SARL</span><span style="position: absolute; display: inline-block; left: 0px; top: 491.615px; width: 139.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PWC T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rading and c<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ontracting </span><span style="position: absolute; display: inline-block; left: 214.859px; top: 491.615px; width: 94.2656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Lebanon<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 504.35px; width: 105.135px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Lebanon SAL (Holding)</span><span style="position: absolute; display: inline-block; left: 0px; top: 523.178px; width: 309.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PWC Lebanon (Holding) SAL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.9551px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Lebanon<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Middle East (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:540.71875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 309.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">PWC investments (Lebanon) SARL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.625px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Lebanon<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8184px; width: 309.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air and Sea LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.283px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Oman<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>70.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6309px; width: 309.686px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Global Logistics (Oman) LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.7384px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Oman<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>50.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4434px; width: 309.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air and Sea Shipping WLL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.9395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Qatar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>49.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2559px; width: 106.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Panalpina Marine </span><span style="position: absolute; display: inline-block; left: 228.297px; top: 75.2559px; width: 81.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Qatar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.0059px; width: 70.0312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Shipping W.L.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.</span><span style="position: absolute; display: inline-block; left: 0px; top: 106.818px; width: 138.574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air and Sea f<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>or Logistics </span><span style="position: absolute; display: inline-block; left: 199.094px; top: 106.818px; width: 111.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Saudi Arabia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.568px; width: 84.9727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Services Company</span><span style="position: absolute; display: inline-block; left: 0px; top: 138.381px; width: 129.387px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions for L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ogistics </span><span style="position: absolute; display: inline-block; left: 199.094px; top: 138.381px; width: 111.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Saudi Arabia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 151.131px; width: 84.9727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Services Company</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.943px; width: 155.355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL INTERNA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TIONAL HOLDINGS I </span><span style="position: absolute; display: inline-block; left: 200.375px; top: 169.943px; width: 56.6426px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">United Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 169.943px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 182.678px; width: 39.6035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">LIMITED</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 182.678px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 201.506px; width: 158.016px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL INTERNA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TIONAL HOLDINGS II </span><span style="position: absolute; display: inline-block; left: 200.375px; top: 201.506px; width: 56.6426px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">United Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 201.506px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 214.24px; width: 39.6035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">LIMITED</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 214.24px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 233.068px; width: 160.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL INTERNA<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TIONAL HOLDINGS III </span><span style="position: absolute; display: inline-block; left: 200.375px; top: 233.068px; width: 56.6426px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">United Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 233.068px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 245.803px; width: 39.6035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">LIMITED</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 245.803px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 264.615px; width: 257.309px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C)<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.52px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Arab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 264.615px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 277.365px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 296.178px; width: 257.215px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions DWC-LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Arab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 296.178px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 308.928px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 327.74px; width: 256.975px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina Jebel Ali Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2949px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 327.74px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 340.49px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 359.303px; width: 256.969px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Gulf Customs Br<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ok<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>er LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4784px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 279.688px; top: 359.303px; width: 30.668px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">49.0%</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 372.053px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 390.865px; width: 257.051px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air and Sea DWC-LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 390.865px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 403.615px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 422.428px; width: 136.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air and Sea Middle East </span><span style="position: absolute; display: inline-block; left: 200.375px; top: 422.428px; width: 56.6426px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">United Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 422.428px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 435.178px; width: 46.8398px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DWC-LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 435.178px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 453.99px; width: 257.326px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>JSC<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.393px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Unit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed Arab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 279.688px; top: 453.99px; width: 30.668px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">49.0%</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 466.74px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 485.553px; width: 257.203px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.016px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Unit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed Arab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 485.553px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 498.303px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 517.115px; width: 257.291px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions MENA FZE<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.742px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Arab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.078px; top: 517.115px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 529.85px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Middle East (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:532.15625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 257.057px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions - FZE<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.52px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.797px; top: 0.0058593px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 215.156px; top: 12.7559px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 31.5684px; width: 257.168px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">G T M E Logistics LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.535px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United Arab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 272.797px; top: 31.5684px; width: 37.3418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span><span style="position: absolute; display: inline-block; left: 215.156px; top: 44.3184px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 81.7441px; width: 41.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">Oceania</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.756px; width: 309.938px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y. Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.16px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Aus<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tralia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.568px; width: 309.99px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y. Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.16px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ustralia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 138.381px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.N. 116 779 876 PT<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>Y L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TD<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Austr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>alia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 157.193px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.N. 004 265 721 PT<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>Y L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TD<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Austr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>alia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 176.006px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.N. 007 430 935 PT<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>Y L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TD<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Austr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>alia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 194.818px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.N. 078 189 296 PT<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>Y L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TD<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Austr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>alia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 213.615px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.N. 082 751 460 PT<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>Y L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TD<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Austr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>alia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 232.428px; width: 309.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.N. 144 885 156 PT<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>Y L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TD<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Austr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>alia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 251.24px; width: 309.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.4043px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>New Zealand<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 288.666px; width: 32.6367px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">Africa</span><span style="position: absolute; display: inline-block; left: 0px; top: 307.678px; width: 309.557px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Maghreb Sarl<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129.428px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Algeria<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>49.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 326.49px; width: 309.814px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics SARL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.447px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Algeria<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 345.303px; width: 309.574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ans Maas Algerie S.a.r<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.l.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.016px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Algeria<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 364.115px; width: 146.766px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransportes Mundiais </span><span style="position: absolute; display: inline-block; left: 223.484px; top: 364.115px; width: 86.3203px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Angola<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>52.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 376.85px; width: 140.062px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Navegãçao e T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rânsitos S.A.R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.</span><span style="position: absolute; display: inline-block; left: 0px; top: 395.678px; width: 309.773px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Global Integr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ated Logis<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tics Lda<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.9315px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Angola<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 414.475px; width: 309.926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (PTY) Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.9551px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Bo<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tswana<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 433.287px; width: 145.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransports Mondiaux </span><span style="position: absolute; display: inline-block; left: 207.078px; top: 433.287px; width: 102.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Cameroon<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>90.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 446.037px; width: 85.0195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Cameroun S.A.R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.</span><span style="position: absolute; display: inline-block; left: 0px; top: 464.85px; width: 309.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV-UTI Egypt Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 136.242px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Egypt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 483.662px; width: 309.609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orld T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport Eg<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ypt LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Eg<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ypt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 502.475px; width: 309.439px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Egypt Limited Liability Company<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Eg<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ypt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 521.287px; width: 309.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.E<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.283px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Eg<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ypt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Afri<span class="_ _4"/>ca (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:545.53125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 161.051px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Global Options W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orldwide Express </span><span style="position: absolute; display: inline-block; left: 216.219px; top: 0.0058593px; width: 93.3105px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Eswatini<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.7559px; width: 101.689px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Investments (Pty) Ltd</span><span style="position: absolute; display: inline-block; left: 0px; top: 31.5684px; width: 148.236px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransports Mondiaux </span><span style="position: absolute; display: inline-block; left: 224.328px; top: 31.5684px; width: 84.9492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Gabon<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>89.8%</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.3184px; width: 50.3086px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Gabon S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.1309px; width: 309.908px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.939px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Kenya<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 81.9434px; width: 309.984px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina K<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>enya Lt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.283px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Kenya<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.756px; width: 309.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Africa Holdings Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.164px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Mauritius<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.568px; width: 309.867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Panalpina Mor<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>co S.A.R<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.791017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.9395px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.2025px; letter-spacing: -0.2025px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Mo<span style="word-spacing: 0.2025px; letter-spacing: -0.2025px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rocco<span style="word-spacing: 0.2025px; letter-spacing: -0.2025px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span></span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 138.381px; width: 127.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Global Integr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ated Logis<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tics </span><span style="position: absolute; display: inline-block; left: 212.516px; top: 138.381px; width: 96px; white-space: pre; word-spacing: 0.2025px; letter-spacing: -0.2025px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Moro<span style="word-spacing: 0.2025px; letter-spacing: -0.2025px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>cco<span style="word-spacing: 0.2025px; letter-spacing: -0.2025px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">100.0%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 151.131px; width: 86.4141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Company SARL AU</span><span style="position: absolute; display: inline-block; left: 0px; top: 169.943px; width: 309.732px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport Int'l S.A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.904px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span><span style="word-spacing: 0.2025px; letter-spacing: -0.2025px; display: inline-block; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Morocco<span style="word-spacing: 0.2025px; letter-spacing: -0.2025px; display: inline-block; margin-left: 0px; width: 18.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span></span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 188.756px; width: 309.744px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Limitada<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.369px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Mozambique<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 207.568px; width: 309.779px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL Mozambique, LD<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.2832px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Mozambique<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 226.365px; width: 146.906px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Globeflight W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orldwide Express </span><span style="position: absolute; display: inline-block; left: 217.859px; top: 226.365px; width: 91.9512px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Namibia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 239.115px; width: 42.1758px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y) Ltd</span><span style="position: absolute; display: inline-block; left: 0px; top: 257.928px; width: 309.727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Fr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>eight International Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.9082px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Nigeria<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 276.74px; width: 79.5762px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air and Sea </span><span style="position: absolute; display: inline-block; left: 196.719px; top: 276.74px; width: 112.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 289.49px; width: 96.3809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oprietary) Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed</span><span style="position: absolute; display: inline-block; left: 0px; top: 308.303px; width: 309.697px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV South Africa (Pty) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.6991px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>75.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 327.115px; width: 309.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Shared Services (Pty) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.7031px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 345.928px; width: 125.695px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">UTi Logistics (Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oprie<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tary) </span><span style="position: absolute; display: inline-block; left: 196.719px; top: 345.928px; width: 112.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 358.678px; width: 119.783px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Limited - SC OCS Division</span><span style="position: absolute; display: inline-block; left: 0px; top: 377.49px; width: 309.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV AFRIC<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>A HOLDING (Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 396.303px; width: 309.885px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Sky<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>services (P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ty) Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7793px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 415.115px; width: 309.814px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Scorpion Shar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e Block (Pty) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.2752px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 433.928px; width: 144.908px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Real Est<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ate Johannesbur<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>g </span><span style="position: absolute; display: inline-block; left: 196.719px; top: 433.928px; width: 112.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 446.662px; width: 44.6074px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y) Ltd.</span><span style="position: absolute; display: inline-block; left: 0px; top: 465.475px; width: 163.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Fir<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>efly Investments 337 Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>operties </span><span style="position: absolute; display: inline-block; left: 196.719px; top: 465.475px; width: 112.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 478.225px; width: 88.2598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>oprietary Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed</span><span style="position: absolute; display: inline-block; left: 0px; top: 497.037px; width: 309.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Linkit lnvestments (Pty) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.3221px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>80.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 515.85px; width: 309.662px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GIL South Africa 1 (Pty) Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.6017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 534.662px; width: 309.574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Healthcar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e (Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.8418px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Afri<span class="_ _4"/>ca (continued)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:412.578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0058593px; width: 310.066px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Solutions (Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.617px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.8027px; width: 309.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Assembly Ser<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>vices (Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.252px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>65.3%</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.6152px; width: 309.645px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Mounties (Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.742px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.4277px; width: 309.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Road (Pty) Ltd.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.2402px; width: 146.906px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Globeflight W<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>orldwide Express </span><span style="position: absolute; display: inline-block; left: 197.641px; top: 75.2402px; width: 112.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 87.9902px; width: 57.2168px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">(SA) P<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ty Ltd</span><span style="position: absolute; display: inline-block; left: 0px; top: 106.803px; width: 310.008px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Mer<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>cury Couriers (Pt<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>y) Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.4511px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>South Africa<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 125.615px; width: 309.615px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.861px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Uganda<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 144.428px; width: 309.885px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Agility Logistics Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.393px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Uganda<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 163.24px; width: 309.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.326px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Zambia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 182.053px; width: 309.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">DSV Air &amp; Sea (Privat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>e) Limited<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.6759px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Zimbabwe<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 17.8301px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>100.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 219.463px; width: 55.207px; white-space: pre; word-spacing: 0.1125px; letter-spacing: -0.1125px; margin-left: 0px; font-size: 11.25px; font-family: ff2; -webkit-text-stroke-width: 0.16875px;">Associates</span><span style="position: absolute; display: inline-block; left: 0px; top: 238.475px; width: 309.65px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>rans-Link Cambodia Ltd<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.4043px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Cambodia<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>49.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 257.287px; width: 309.639px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">GT Stev<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>edores Oy<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 137.889px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Finland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>25.5%</span><span style="position: absolute; display: inline-block; left: 0px; top: 276.1px; width: 309.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">KM Logistik GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.047px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.6914px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>35.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 294.912px; width: 309.434px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">IDS Logistik GmbH<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.047px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Germany<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>28.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 313.725px; width: 309.545px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">AEP Logistics Pr<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>operties V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>enlo B.V<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.3221px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Netherlands<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>30.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 332.537px; width: 309.598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ristar T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.62px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport (Private) Limit<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.1017px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Pakis<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tan<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>50.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 351.35px; width: 309.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">A<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>TS Air T<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1253px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ransport Service AG<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.752px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>Switz<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>erland<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>48.0%</span><span style="position: absolute; display: inline-block; left: 0px; top: 370.162px; width: 83.2324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Polymer L<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ogistics </span><span style="position: absolute; display: inline-block; left: 200.375px; top: 370.162px; width: 56.6426px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">United Ar<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>ab <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.964px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/> </span><span style="position: absolute; display: inline-block; left: 279.688px; top: 370.162px; width: 30.668px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">36.5%</span><span style="position: absolute; display: inline-block; left: 0px; top: 382.896px; width: 76.875px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Investments LL<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>C</span><span style="position: absolute; display: inline-block; left: 214.719px; top: 382.896px; width: 39.8555px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Emirat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 401.709px; width: 309.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;">Key Logis<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tics, Inc<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 0.386719px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.393px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>United S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>tat<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.432px; width: 0px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"/>es<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.2637px; font-size: 11.25px; font-family: ff1; -webkit-text-stroke-width: 0.16875px;"> </span>49.0%</span></span> Hovedgaden 630